Cantor Fitzgerald’s $200 Billion Hyperliquid Call Just Reframed the HYPE Trade
A 62-page report from Cantor Fitzgerald fashions Hyperliquid’s HYPE token reaching a $200 billion market cap in 10 years, primarily based on $5 billion in projected annual income and a 50x earnings a number of.
The funding financial institution started chubby protection on two digital asset treasuries linked to the protocol, marking a shift in how Wall Street values decentralized trade infrastructure.
Cantor Fitzgerald Projects $200 Billion Valuation for Hyperliquid HYPE Token
Cantor Fitzgerald has launched a uncommon, 62-page analysis report initiating protection on Hyperliquid and its surrounding ecosystem. The monetary providers firm tasks a long-term path towards a market capitalization of over $200 billion for the HYPE token.
The evaluation marks considered one of the most detailed examinations but by a significant Wall Street agency into decentralized perpetual futures infrastructure.
The report fashions Hyperliquid producing $5 billion in annual income over the subsequent decade, making use of a 50x a number of to reach at a $200 billion valuation.
Analysts body the protocol not as speculative DeFi, however as buying and selling infrastructure akin to world exchanges. This strategy units the analysis aside from extra aggressive crypto bull instances.
Hyperliquid operates a decentralized perpetual futures exchange constructed on a customized layer-1 blockchain. Year-to-date 2025, the platform has processed almost $3 trillion in buying and selling quantity, producing roughly $874 million in charges.
Around 99% of protocol charges are returned to the ecosystem through token buybacks and burns, straight linking platform exercise to token worth.
Cantor Fitzgerald Sees Liquidity as Hyperliquid’s Durable Advantage
Cantor describes Hyperliquid as a possible “trade of all exchanges.” The agency argues there’s a real looking path for annual charges to scale towards $5 billion. This is as the protocol expands throughout perpetuals, spot buying and selling, and HIP-3 markets.
The report assumes a 15% annual quantity progress charge, reaching roughly $12 trillion in annual buying and selling quantity inside ten years.
The evaluation emphasizes that competitors stays the major variable influencing HYPE’s worth trajectory.
However, Cantor argues that concerns over rival platforms could also be overstated. The agency notes that merchants in search of incentives, known as “level vacationers,” are likely to migrate again towards venues providing the deepest liquidity and greatest execution.
Even a 1% market share acquire from centralized exchanges might add roughly $600 billion in quantity. It might additionally result in greater than $270 million in annual charges, in line with the report’s estimates.
Overweight DATs, Conservative Models, and a Market Missing the Setup
Alongside HYPE, Cantor initiated protection on Hyperliquid-focused digital asset treasury corporations Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). It assigns Overweight rankings with worth targets of $5 and $4, respectively.
These entities maintain HYPE tokens to generate staking yields whereas providing regulated fairness publicity to the protocol’s economics. Both at the moment commerce at reductions to internet asset worth, which Cantor views as a chance for conventional buyers.
“…Wall Street doesn’t waste 62 pages on protocols they suppose will die. $26.84 with Cantor’s popularity behind it’s the setup,” one person quipped.
Nonetheless, market response highlights the disconnect between worth and positioning. HYPE stays roughly 53% beneath its highs.
Beyond valuation, the report displays a broader shift in how traditional finance approaches crypto. By making use of equity-style income modeling, cash-flow multiples, and infrastructure comparisons, Cantor Fitzgerald is treating Hyperliquid much less as an experimental DeFi product and extra as a foundational buying and selling venue.
Cantor’s deep dive suggests decentralized perpetual exchanges could also be shifting from the periphery of crypto markets towards their core. This is as regulatory readability improves and establishments search compliant publicity to on-chain markets.
The submit Cantor Fitzgerald’s $200 Billion Hyperliquid Call Just Reframed the HYPE Trade appeared first on BeInCrypto.
