Hyperliquid Model Puts HYPE at $128 on 3% Noncrypto Market Share

A valuation model puts Hyperliquid (HYPE) at $128 per token in 2029 under a base case that assumes a 3% share of the noncrypto market and $4.91 billion in revenue. The model uses $934 trillion as the estimated size of the combined global futures and stock markets in 2029. It assumes crypto trading volume triples, blended fees average 0.006%, the USDC yield falls to 3.6% and HIP-4 contributes $100 million in revenue. Under those inputs, projected revenue rises from $944 million to $4.91 billion. A 40-times valuation multiple produces the $128 base case. A 30-times multiple gives a $98 valuation, while the optimistic case reaches $165.

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