A 62-page report from Cantor Fitzgerald models Hyperliquid's HYPE token to reach a market value of $200 billion within ten years, based on an estimated annual revenue of $5 billion and an earnings multiple of 50x.
Investment Bank started overweight coverage on two digital assets - treasuries linked to the protocol, marking a shift in how Wall Street values decentralized exchange infrastructure.
Cantor Fitzgerald predicts a $200 billion valuation for Hyperliquid HYPE Token
Cantor Fitzgerald has published a rare, 62-page research report introducing coverage of Hyperliquid and its associated ecosystem. The financial firm envisions a long-term development leading to a market cap of over $200 billion for the HYPE token.
The analysis marks one of the most detailed examinations to date from a major Wall Street firm on decentralized perpetual futures infrastructure.
The report models that Hyperliquid will generate $5 billion in annual revenue over the next ten years and applies a multiple of 50x, corresponding to a valuation of $200 billion.
Analysts highlight the protocol not as speculative DeFi, but as trading infrastructure on par with global exchanges. This approach differentiates the research from more aggressive bullish cases for crypto.
Hyperliquid operates a decentralized perpetual futures exchange built on a custom layer-1 blockchain. So far in 2025, the platform has processed nearly $3 trillion in trading volume and generated approximately $874 million in fees.
Around 99% of protocol fees are returned to the ecosystem via buybacks and token burning, directly linking platform activity to token value.
Cantor Fitzgerald believes liquidity is Hyperliquid's lasting advantage
Cantor refers to Hyperliquid as a potential 'exchange of exchanges.' The firm claims there is a realistic path for annual fee revenues towards $5 billion as the protocol expands into perpetuals, spot trading, and HIP-3 markets.
The report assumes an annual volume growth of 15%, allowing it to reach approximately $12 trillion in annual trading volume in ten years.
The analysis emphasizes that competition remains the most important factor influencing HYPE's price development.
Nevertheless, Cantor believes that concerns about competitors may be overstated. The firm points out that traders seeking incentives, also known as 'point tourists', often return to platforms with the deepest liquidity and best execution.
Even a 1% increase in market share from centralized exchanges could contribute around $600 billion in volumes and over $270 million in annual fees, according to the report's estimates.
In addition to HYPE, Cantor has begun coverage of Hyperliquid-focused digital asset treasuries, namely Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). The company provides Overweight ratings with price targets of $5 and $4, respectively.
These companies hold HYPE tokens to generate staking yield, while also offering regulated equity exposure to the protocol's economy. Both are currently trading at a discount to net asset value, which Cantor sees as an opportunity for traditional investors.
“…Wall Street doesn’t spend 62 pages on protocols they think will die. $26.84 with Cantor's reputation behind it is the backdrop,” joked a user on X.
Nevertheless, the market reaction shows a gap between price and positioning. HYPE is approximately 53% below its peak levels.
Beyond valuation, the report reflects a broader shift in how traditional finance approaches crypto. By using equity-style revenue modeling, cash flow multiples, and infrastructure comparisons, Cantor Fitzgerald treats Hyperliquid less as an experimental DeFi product and more as a fundamental trading platform.
Cantor's deep analysis suggests that decentralized perpetual exchanges are moving from the periphery to the core of the crypto market. This is happening alongside increased regulatory clarity and institutions' desire for compliance and exposure to on-chain markets.
