- Multicoin Capital projected that Hyperliquid’s HYPE token could climb to about US$319 by 2028, implying more than 400% upside from its current price near US$63.
- The firm’s base case assumes Hyperliquid generates roughly US$8 billion in annual profit by 2028, valued at about 20 times earnings.
- Multicoin disclosed it has been buying HYPE aggressively since February, making it one of the largest positions in its liquid hedge fund.
Multicoin Capital says the market is significantly undervaluing Hyperliquid’s HYPE token, projecting it could reach about US$319 (AU$462.55) by 2028, a gain of more than 400% from its current price near US$63 (AU$91.35).
The forecast rests on a view that Hyperliquid is evolving from a decentralised perpetual futures venue into what the firm calls an “everything exchange,” a broader on-chain financial ecosystem.
In its base case, Multicoin estimates the protocol could generate roughly US$8 billion (AU$11.6 billion) in annual profit by 2028; applying a multiple of about 20 times earnings produces the US$319 (AU$462.55) figure.
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Drivers Behind the Call
Multicoin points to strong protocol revenues, aggressive token buybacks and growing demand from exchange-traded funds as the main engines of long-term growth. Buybacks reduce circulating supply as fees accrue, while ETF inflows would widen the pool of buyers beyond crypto-native traders.
Hyperliquid has built its position as one of the most heavily used on-chain derivatives venues, and the firm argues that its revenue base gives it the foundation to expand into spot trading, lending and other services.
HYPE recently traded near US$63 (AU$91.35) after peaking above US$76 (AU$110.20) earlier in the year, leaving Multicoin’s target well above current levels and well above where most other forecasters see the token by 2028. Reaching it would require sustained growth in both usage and earnings over several years, rather than a short-term repricing.
The firm disclosed it has been buying HYPE aggressively since February, building one of the largest positions in its liquid hedge fund, so its outlook doubles as a defence of a bet it has already placed.
The US$319 (AU$462.55) target is also a notable outlier, sitting well above rival 2028 estimates, and it depends on Hyperliquid successfully broadening from derivatives into a wider financial platform, a long-dated and still-unproven path.
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