A 62-page report written by Cantor Fitzgerald predicts that Hyperliquid's HYPE token could reach a market capitalization of $200 billion within 10 years. This forecast is based on Hyperliquid's projected annual revenue of $5 billion.
This investment bank has presented an investment opinion of 'increase allocation' for two digital asset treasuries linked to the protocol (Hyperliquid Strategies and Hyperion DeFi). It shows that there are changes in the criteria by which Wall Street evaluates decentralized exchange infrastructure.
Cantor Fitzgerald, Hyperliquid HYPE token valued at $200 billion
Cantor Fitzgerald has published a rare 62-page research report on Hyperliquid and its entire ecosystem. This financial services company forecasts that the HYPE token will reach a market capitalization of over $200 billion in the long term.
This analysis is one of the first instances where major Wall Street firms have investigated decentralized perpetual futures infrastructure in such detail.
Analysts view this protocol not as speculative DeFi but as a trading infrastructure similar to global exchanges. This approach distinguishes itself from more aggressive cryptocurrency optimism.
Hyperliquid operates a decentralized perpetual futures exchange built on a customized layer 1 blockchain. By 2025, the platform's trading volume is expected to reach nearly $3 trillion, generating $874 million in fees.
About 99% of protocol fees are returned to the ecosystem through token buybacks and burns. This means that the platform's activities are directly linked to token value.
Cantor Fitzgerald, the strength of Hyperliquid liquidity
Cantor describes Hyperliquid as a potential 'exchange of all exchanges.' The company claims that annual fees could actually grow to $5 billion. This is because the protocol is expanding into perpetual futures, spot trading, and the HIP-3 market.
The report assumes an annual average trading volume growth rate of about 15%. It is expected that annual trading volume will reach approximately $12 trillion within 10 years.
This analysis emphasizes that competition is a key variable determining the direction of HYPE prices.
However, Cantor believes that concerns about competing platforms may be exaggerated. So-called 'point tourists' traders looking for incentives eventually return to the exchanges with the deepest liquidity and the best buy-sell executions.
According to the report's estimates, even capturing just an additional 1% market share from centralized exchanges could lead to an additional annual trading volume of $600 billion and $270 million in fees.
Cantor has also released evaluations of Hyperliquid Strategy (PURR), a digital asset management company focusing on Hyperliquid, and Hyperion DeFi (HYPD), in addition to HYPE. They have assigned target prices of $5 and $4 for these two companies, respectively, recommending an increase in positions.
These firms provide regulated stake-like indirect investments in protocol revenues by holding HYPE tokens to earn staking returns. Both companies are currently trading at discounted prices compared to their net asset value (NAV), which Cantor sees as an opportunity for traditional investors.
'Wall Street doesn't waste a 62-page report on a dying protocol. Adding to Cantor's reputation, $26.84 is a condition for growth.' – A user
However, the market reveals a disconnect between price and positioning. HYPE is about 53% lower than its peak.
Beyond the valuation, this report shows a shift in how traditional finance views cryptocurrencies. Cantor Fitzgerald considers Hyperliquid not as an experimental DeFi product, but as a foundational trading platform through comparisons of equity-based revenue models, cash flow multiples, and infrastructure.
Cantor's in-depth analysis suggests that decentralized perpetual futures exchanges are moving from the fringes of the cryptocurrency market to the center. This is due to improved regulatory clarity and institutional investors seeking legal exposure to on-chain markets.
