A report of 62 pages from Cantor Fitzgerald shows with a model that the HYPE token from Hyperliquid can reach a market capitalization of $200 billion in 10 years, based on an estimated annual revenue of $5 billion and a 50x profit factor.
The investment bank initiated a cautious recommendation on two digital asset treasuries linked to the protocol. This indicates a shift in the valuation of decentralized exchange infrastructure on Wall Street.
Cantor Fitzgerald expects a $200 billion valuation for the Hyperliquid HYPE token
Cantor Fitzgerald has released a rare research report of 62 pages that starts coverage on Hyperliquid and its associated ecosystem. The financial service provider forecasts a long-term path towards a market capitalization of more than $200 billion for the HYPE token.
The analysis is one of the most detailed studies by a major Wall Street firm on decentralized perpetual futures infrastructure to date.
The report predicts that Hyperliquid will earn $5 billion per year in the coming decade. By applying a 50x factor, that results in a valuation of $200 billion.
According to analysts, the protocol does not belong to speculative DeFi, but rather to trading infrastructure, similar to global exchanges. This approach distinguishes the research from more pronounced crypto bull scenarios.
Hyperliquid is a decentralized perpetual futures exchange on its own layer-1 blockchain. So far in 2025, the platform has processed nearly $3 trillion in trading volume, with about $874 million in revenue from fees.
About 99% of the protocol's revenue is returned to the ecosystem via token buybacks and burns, linking activity on the platform directly to token value.
Cantor Fitzgerald sees liquidity as a lasting advantage for Hyperliquid
Cantor describes Hyperliquid as a potential "exchange of all exchanges." According to the firm, it is realistic that annual revenues could grow to $5 billion. This would be after expanding the protocol to perpetuals, spot trading, and HIP-3 markets.
The report assumes an annual volume growth of 15%, suggesting that trading volume could reach approximately $12 trillion within ten years.
According to the analysis, competition remains the primary factor determining the price path of HYPE.
But Cantor believes that concerns about competitors may be exaggerated. The firm notes that traders, often referred to as 'point tourists', eventually return to platforms with the most liquidity and the best execution.
Even a market share of 1% from central exchanges could generate an additional $600 billion in trading volume, plus more than $270 million per year in fees, according to estimates from the report.
In addition to HYPE, Cantor also highlighted Hyperliquid-related digital asset treasury companies: Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). Both receive an Overweight rating with price targets of $5 and $4 respectively.
These companies hold HYPE tokens to generate revenue through staking, while providing regulated equity exposure to the protocol's economy. Both stocks are currently trading at a discount to their net assets, which Cantor sees as an opportunity for traditional investors.
"...Wall Street doesn't waste 62 pages on protocols they think will disappear. $26.84 with Cantor's reputation behind it is the baseline," joked a user.
Yet the market shows that the price and positions can diverge. HYPE is still about 53% below its high.
The report also shows a broader change in the way traditional financial institutions view crypto. By applying models from the stock market, cash flow multiples, and infrastructure comparisons, Cantor Fitzgerald sees Hyperliquid less as an experimental DeFi product and more as a fundamental trading exchange.
Cantor's in-depth research suggests that decentralized perpetual exchanges are moving from the sidelines of the crypto market to the forefront. This is happening as regulations become clearer and large institutions seek regulated exposure to on-chain markets.
