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 obese protection on two digital asset treasuries linked to the protocol, marking a shift in how Wall Road values decentralized alternate infrastructure.
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Cantor Fitzgerald Initiatives $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 some of the detailed examinations but by a significant Wall Road 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 similar to world exchanges. This method units the analysis other than extra aggressive crypto bull circumstances.
That is legitimately some of the measured & cheap analysis experiences I’ve seen from Wall Road
A far cry from Van Eck’s $3,211 bull case for SOL (or Tom Lee’s $40k targets for ETH) pic.twitter.com/lXtQu4u7sA
— Luke Cannon (@lukecannon727) December 16, 2025
Hyperliquid operates a decentralized perpetual futures alternate constructed on a customized layer-1 blockchain. 12 months-to-date 2025, the platform has processed almost $3 trillion in buying and selling quantity, producing roughly $874 million in charges.
Cantor Fitzgerald’s initiation overview for HYPE, PURR, and HYPD. Supply: Luke Cannon on XSponsored
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Round 99% of protocol charges are returned to the ecosystem through token buybacks and burns, immediately linking platform exercise to token worth.
Cantor Fitzgerald Sees Liquidity as Hyperliquid’s Sturdy Benefit
Cantor describes Hyperliquid as a possible “exchange of all exchanges.” The agency argues there’s a reasonable path for annual charges to scale towards $5 billion. That is because the protocol expands throughout perpetuals, spot buying and selling, and HIP-3 markets.
The report assumes a 15% annual quantity development fee, reaching roughly $12 trillion in annual buying and selling quantity inside ten years.
The evaluation emphasizes that competitors stays the first variable influencing HYPE’s value trajectory.
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Nonetheless, Cantor argues that issues over rival platforms could also be overstated. The agency notes that merchants searching for incentives, known as “point tourists,” are inclined to migrate again towards venues providing the deepest liquidity and greatest execution.
Even a 1% market share achieve from centralized exchanges may add roughly $600 billion in quantity. It may additionally result in greater than $270 million in annual charges, based on the report’s estimates.
Chubby DATs, Conservative Fashions, and a Market Lacking the Setup
Alongside HYPE, Cantor initiated protection on Hyperliquid-focused digital asset treasury firms Hyperliquid Methods (PURR) and Hyperion DeFi (HYPD). It assigns Chubby scores with value targets of $5 and $4, respectively.
Cantor Fitzgerald overlaying Hyperliquid in confluence with PURR launch and the approaching Bitwise spot ETF.
‘Remains of the of the most attractive protocols across crypto’ pic.twitter.com/yzQtiZZDov
— McKenna (@Crypto_McKenna) December 16, 2025
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These entities maintain HYPE tokens to generate staking yields whereas providing regulated fairness publicity to the protocol’s economics. Each 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 think will die. $26.84 with Cantor’s reputation behind it is the setup,” one consumer quipped.
Nonetheless, market response highlights the disconnect between value and positioning. HYPE stays roughly 53% beneath its highs.
Past valuation, the report displays a broader shift in how conventional 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 transferring from the periphery of crypto markets towards their core. That is as regulatory readability improves and establishments search compliant publicity to on-chain markets.
