Multicoin Capital has broken its silence with a prediction that’s turning heads: $319 for the HYPE token by 2028, representing a significant multiple from current levels. Behind that figure lies a structural thesis on Hyperliquid‘s potential to become far more than a simple perpetuals DEX.
The investment firm backs its case with user growth that’s hard to dismiss and a strategic pivot that could redefine the platform’s positioning across the broader DeFi ecosystem. Here’s what the data reveals.
User Growth That Validates Multicoin’s Thesis
The figures put forward by Multicoin Capital speak for themselves: Hyperliquid‘s user base grew from 300,000 to 923,000 over the course of 2025, a rise of more than 200% in just a few months. That kind of organic traction, in an ultra-competitive DEX market, sends a strong signal to institutional investors.
This momentum is anything but incidental. Hyperliquid has established itself as the go-to platform for on-chain perpetuals trading, capturing market share that traditional CEXs like Binance and Bybit once considered their exclusive territory. Daily volume processed on the platform now rivals that of several second-tier centralized exchanges, which lends further credibility to Multicoin‘s long-term projection.
To reach $319, HYPE would need to multiply its current valuation by a considerable factor. Multicoin anchors this projection on the assumption that the platform will continue capturing significant trading flows while expanding its product offering — a necessary condition, though far from guaranteed in a sector where competition is intensifying.
Hyperliquid as an ‘Everything Exchange’: The Real Strategic Shift
The concept of an ‘everything exchange’ sits at the heart of Multicoin‘s thesis. The idea: Hyperliquid would no longer be limited to perpetual contracts, but would progressively integrate spot trading, structured products, tokenized RWAs, and potentially other financial verticals. A positioning that echoes the original ambition of platforms like FTX, but this time entirely on-chain and non-custodial.
This expansion strategy is built on HyperEVM, the Ethereum-compatible virtual machine deployed by Hyperliquid, which opens the door to a full application ecosystem. Third-party DeFi protocols can now plug directly into the platform’s native liquidity, creating a network effect that is difficult to replicate. It is precisely this kind of technological moat that Multicoin is pricing into its 2028 model.
The HYPE token plays a central role in this mechanic: it captures fees generated across the entire ecosystem through a buyback and burn mechanism, while also serving as a staking asset to secure the network. The more activity grows on Hyperliquid, the greater the structural buying pressure on HYPE — at least in theory.
The Risks Multicoin Cannot Ignore
A projection of $319 implies optimistic market assumptions that deserve scrutiny. The primary risk remains direct competition: dYdX, GMX, Drift Protocol, and other DeFi players will not stand idle as Hyperliquid continues its ascent. A single smart contract exploit or a vulnerability in HyperEVM could erode user confidence and derail the growth trajectory entirely.
Regulation is also a critical variable. An on-chain universal exchange that integrates derivatives, spot trading, and potentially RWAs is exposed to a far broader regulatory spectrum than a straightforward perpetuals DEX. Legislative developments in the United States and Europe could restrict access or impose significant operational friction.
Finally, HYPE‘s current valuation already prices in a substantial growth premium. Investors entering today are paying for a future scenario whose realization depends on flawless execution over multiple years — a long-term bet that demands both high conviction and a strong tolerance for risk.
