Multicoin Capital forecasts HYPE to rise to $319 by 2028.

Multicoin Capital has published a detailed report on Hyperliquid. The fund initiated a large position at the beginning of the year and continues to accumulate—HYPE has become one of the largest assets in its portfolio.

Key figures from the report: revenue of $873 million in 2025, open interest of $9.6 billion—more than all DeFi competitors combined, and a 59% market share in Perp contracts within DeFi. Monthly Perp volume already accounts for 17% of Binance’s, whereas two years ago it was zero.

Three scenarios at a 20x multiple:

• Bearish: profit of $2.73 billion—valuation of $55 billion—$109 per token
• Base case: profit of $8 billion—valuation of $160 billion—$319 per token
• Bullish: profit of $17.3 billion—valuation of $346 billion—$689 per token

In the bullish scenario, the derivatives market is expected to grow at a CAGR of 50%, and DEXs are projected to capture 50% of the entire crypto derivatives market.