TLDR
- Arthur Hayes forecasts HYPE token reaching 126x returns by 2028.
- Hyperliquid could earn $258B annually with a $5.1T token value.
- HYPE trading volume surged 78% to $278M during market correction.
- Hyperliquid’s BTC spot volume outpaced Coinbase and Bybit combined.
Hyperliquid native token, HYPE, could see a 126x increase in value, according to Arthur Hayes, co-founder of BitMEX. Speaking at the WebX Asia conference, Hayes outlined his forecast, linking HYPE’s future growth to the projected $10 trillion stablecoin market by 2028. The decentralized exchange (DEX) is already gaining traction, even surpassing the trading volumes of major centralized exchanges like Coinbase and Bybit.
Hayes Projects $5 Trillion Terminal Value for Hyperliquid
Arthur Hayes believes that the growth of the stablecoin market will drive major gains for Hyperliquid. He expects the global stablecoin supply to hit $10 trillion by 2028. Based on this outlook, Hayes projects that Hyperliquid could secure 26.4% of average daily trading volume across DEXs.
This share of trading volume could push Hyperliquid’s annualized revenue from $1.2 billion to $258 billion. Hayes then applied a 5% discount rate to these projected earnings. Using this method, he estimates the terminal value of HYPE token revenues at $5.161 trillion. According to Hayes, this gives the HYPE token a fully diluted valuation (FDV) of $41.05 billion, creating what he described as a 126x upside potential from current levels.
Saw this at a chat group is this real
Arthur Hayes say 126X on $HYPE
Hyperliquid pic.twitter.com/zqmE13rxas
— mojojojoppg (@0xMojojo) August 25, 2025
Hayes made the case that Hyperliquid is well-positioned to benefit from the broader adoption of decentralized exchanges and the growth in stablecoin usage. His analysis supports the idea that as trading volumes move away from centralized platforms, decentralized platforms like Hyperliquid will gain more users and liquidity.
Hyperliquid Surpasses Major Exchanges in BTC Spot Volume
Hyperliquid is gaining traction in the market, recently surpassing Coinbase and Bybit in 24-hour BTC spot trading volume. This data was shared by Ryan Watkins, co-founder of Syncracy Capital, who stated: “Just now, BTC spot on Hyperliquid did more 24H volume than Coinbase and Bybit combined.”
The exchange has also recorded large transactions including nine-figure BTC deposits and large ETH withdrawals. These trades were processed within minutes, suggesting that Hyperliquid’s infrastructure is operating at scale. The platform has become a key venue for trading BTC, ETH, and SOL in the DeFi space.
“Just now, BTC spot on Hyperliquid did more 24H volume than Coinbase and Bybit combined.”
The market is not pricing in Hyperliquid spot markets ramping alongside perps.
The Everything Exchange™️ https://t.co/BhscwcfqIL pic.twitter.com/vkPyY0KSK0
— Ryan Watkins (@RyanWatkins_) August 24, 2025
Hyperliquid currently has over $6.2 billion in assets under management (AUM). Its recent growth signals increasing user trust and adoption. Even regulated entities like Circle, the issuer of USDC, have moved assets onto the platform. This movement shows growing engagement from established players within the crypto ecosystem.
HYPE Token Volume Rises Amid Strong Price Action
The price of HYPE has climbed by 300% from its April lows and is now trading around $45. The token has entered the top 15 cryptocurrencies by market cap. As of now, the daily trading volume of HYPE is up 78% and stands at $278 million.
This increase in trading volume shows higher market activity and trader interest. Despite a broader correction in the crypto market, HYPE rose 5% on the day Hayes made his remarks. The rise follows a period of price consolidation and indicates strong momentum.
Traders are watching HYPE closely as the token continues to gain attention. Its recent performance and the forecast shared by Hayes are contributing to higher trading volumes and growing market interest.
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