At the WebX Asia 2025 conference in Tokyo, Arthur Hayes, co-founder of BitMEX, presented his forecasts for the future of the HYPE token and the Hyperliquid platform, which he believes has significant growth potential amid the rapidly expanding stablecoin market.
Hyperliquid Dominates the DEX Market
Hyperliquid has quickly risen to the top of the decentralized exchange world. Data shows it processes up to $30 billion daily, coming close to matching volumes seen on Binance for certain pairs. More importantly, the DEX now consistently holds over 75% of the decentralized perpetual exchange market, overtaking rivals like dYdX. Its spot markets are also making waves, with recent data indicating that Hyperliquid’s 24-hour BTC spot volume recently surpassed both Coinbase and Bybit combined.
HYPE Token Gains Momentum
The native HYPE token is riding this wave of success. Over the last 24 hours, HYPE gained nearly 4%, trading around $45 while briefly touching above $47. Daily trading volume surged 78% to $278 million, showing strong bullish demand despite broader market weakness. Since April, HYPE has already rallied more than 300%, putting it among the top 15 crypto assets by market cap.
Forecasts and Future of Hyperliquid
Hayes' Tokyo presentation included detailed calculations, applying a 5% discount rate to estimate the future terminal value of Hyperliquid’s revenue. His model pointed to a fully diluted valuation of $5.161 trillion for HYPE. Compared to the current $41 billion, that represents the potential 126x growth he described. Although Hayes admitted that his forecast is aggressive, he argued that Hyperliquid’s unique position in the DEX market makes such growth achievable.
The statistics around Hyperliquid are impressive, with open interest climbing above $15 billion and wallet equity peaking at $31 billion this week. Despite the high volatility of the cryptocurrency market, Hayes' predictions affirm Hyperliquid's significance as a serious competitor reshaping crypto trading.
