Cantor Fitzgerald is bullish on Hyperliquid, expecting HYPE's market cap to reach $200 billion within ten years.

Wall Street investment bank Cantor Fitzgerald recently released a 62-page in-depth research report, providing a rare high-level valuation analysis of the decentralized perpetual contract platform Hyperliquid. The report predicts that the HYPE token could reach a potential market cap of $200 billion within the next 10 years. This forecast quickly attracted market attention and is seen as an important signal that traditional financial institutions are re-evaluating DeFi infrastructure.

Cantor Fitzgerald’s valuation logic is based on a “exchange-level” business model rather than traditional speculative crypto narratives. The report assumes that Hyperliquid can achieve approximately $5 billion in annual revenue at a mature stage and applies a 50x P/E ratio, deriving a long-term valuation target of $200 billion. Analysts explicitly state that Hyperliquid is closer to an on-chain version of a global derivatives exchange rather than an ordinary DeFi protocol.

Data shows that by 2025, Hyperliquid will have processed nearly $3 trillion in trading volume and generated about $87.4 million in fee income. More importantly, approximately 99% of protocol fees are returned to the ecosystem through buyback and burn mechanisms, directly linking platform activity to the value of the HYPE token. Cantor views this as one of its core moat.

Regarding growth assumptions, Cantor expects Hyperliquid’s annual trading volume to maintain a compound annual growth rate of about 15% over the next decade, ultimately reaching an annual trading scale of $12 trillion. The report believes that liquidity and execution efficiency will continue to attract high-frequency and professional traders. Even with market competition, traders will ultimately return to the most liquid platforms.

In addition to the HYPE token, Cantor Fitzgerald also provided initial coverage of two related digital asset management companies, Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD), giving them an “overweight” rating. The report notes that these compliant vehicles offer traditional investors an equity-like channel to participate in the HYPE ecosystem, with current valuations still below net asset value.

It is worth noting that despite the highly optimistic long-term outlook, the HYPE price has fallen about 53% from its historical high, reflecting that the market has not fully priced in its valuation. Overall, this report not only bullishly views Hyperliquid but also demonstrates that traditional finance is gradually redefining the value of decentralized exchanges from the perspectives of revenue, cash flow, and infrastructure.