Multicoin Capital predicted that Hyperliquid $HYPE the token could reach $319 by 2028 despite identifying several structural and market risks that could threaten its long-term prospects.
According to a new report from Multicoin Capital, the investment firm expects Hyperliquid ($HYPE) to estimate approximately five times its current price, near $64, based on a base case scenario in which Hyperliquide generates approximately $8 billion in annual profits by 2028 and trades at a multiple of 20 times earnings.
Multicoin also revealed that it has started accumulating $HYPE In February, making it one of the largest positions in its liquidity fund, while adopting a no-trading policy for three days following the release of the report.
Why Multicoin thinks Hyperliquid can justify a higher valuation
Much of the company’s conviction comes from Hyperliquid’s rapid expansion in 2025. According to Multicoin, the decentralized exchange generated approximately $873 million in revenue on a trading volume of approximately $2.9 trillion while growing its user base from approximately 301,000 to 923,000. During the same period, open positions grew from approximately $2 billion to 6 billion dollars.
Current market data cited in the report shows that hyperliquid now accounts for over 59% of perpetual decentralized futures open interest. Its outstanding open interest also reached approximately $9.6 billion, surpassing that of its largest on-chain competitors combined.
Beyond decentralized markets, Multicoin argued that Hyperliquid has continued to narrow the gap with centralized exchanges. Monthly perpetual futures trading volume has reached about 17% of Binance’s level, while open interest stands at about 21% of Binance’s, according to the company’s figures relative to Binance’s initial growth trajectory.
Another pillar of the investment case is HIP-3, an upgrade that allows third-party teams to launch perpetual markets linked to assets such as stocks, commodities and stock indices.
According to Multicoin, open interest tied to real-world assets has already exceeded $2.9 billion, while an officially licensed S&P 500 perpetual contract generated over $100 million in average daily trading volume in its first week.
The report also expects options trading, market forecasting, portfolio margining and deeper integration with HyperEVM applications to expand Hyperliquid’s revenue opportunities in the coming years. Multicoin argued that these additions could help transform the platform into what it describes as an “everything exchange” offering 24-hour access to multiple asset classes.
What risks could prevent the $319 forecast
Even with its optimistic valuation, Multicoin acknowledged that several factors could derail its forecasts. The report identifies decentralization challenges, regulatory uncertainty, governance issues, growing competition and potential bad loans as the key risks facing the protocol.
Value capture remains another reason behind the company’s bullish outlook. According to the report, approximately 99% of Hyperliquid Protocol’s revenue is used to repurchase $HYPEthese tokens being effectively withdrawn from circulation. Multicoin also noted that Hyperliquid has never raised outside capital and operates without a separate equity layer, allowing token holders to directly benefit from the protocol’s economics.
The report estimates that Hyperliquid generated approximately $869 million in current profits for $HYPE holders. Based on a token price close to $63, Multicoin calculated that $HYPE trades at about 36 times trailing earnings, or about 30 times after accounting for revenue associated with Hyperliquid’s Coinbase and USDC deal.
At the same time, technical charts present a more conservative picture than the company’s long-term forecast. On the four hour deadline, $HYPE It forms a bearish double top pattern, with a neckline near the $52.7 support level.
If sellers push the token below this support and confirm the trend, the measured downside target points towards the $28.5 area, suggesting traders could continue to monitor technical risks alongside Multicoin’s long-term fundamental outlook.