Multicoin Capital predicts HYPE will reach $319 by 2028 as Hyperliquid takes share from CEXs

Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.

The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.

The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.

Hyperliquid gains ground on centralized exchanges

Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.

The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.

Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.

The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.

Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.

Expansion beyond crypto supports the target

HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.

Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.

Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.

The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.

HYPE buybacks strengthen value capture

Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.

Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.

The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.

Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.