Cantor Fitzgerald’s $200 Billion Hyperliquid Call Just Rebuilds Hype Trading

Cantor Fitzgerald’s 62-page report models Hyperliquid’s HYPE token to reach a market cap of $200 billion within 10 years, based on projected annual revenue of $5 billion and a 50x revenue multiple.

The investment bank has begun overweight coverage of two digital asset bonds linked to the protocol, marking a shift in the way Wall Street values ​​decentralized exchange infrastructure.

Cantor Fitzgerald plans $200 billion valuation for ultra-liquid HYPE token

Cantor Fitzgerald has published a rare 62-page research report that begins coverage of Hyperliquid and its surrounding ecosystem. The financial services company predicts a long-term path for the HYPE token to reach a market capitalization of over $200 billion.

This analysis marks one of the most detailed examinations of decentralized perpetual futures infrastructure by a major Wall Street firm to date.

The report models Hyperliquid to generate $5 billion in annual revenue over the next 10 years, and applying a 50x multiple would result in a valuation of $200 billion.

Analysts frame the protocol not as speculative DeFi, but as a trading infrastructure comparable to global exchanges. This approach sets this study apart from the more aggressive case of crypto bulls.

Hyperliquid operates a decentralized perpetual futures exchange built on a custom layer 1 blockchain. From 2025 to date, the platform has processed approximately $3 trillion in transaction volume and generated approximately $874 million in fees.

An overview of starting HYPE, PURR, and HYPD by Cantor Fitzgerald. Source: Luke Cannon of X

Approximately 99% of protocol fees are returned to the ecosystem through token buybacks and burns, directly tying platform activity to token value.

Cantor Fitzgerald believes liquidity is HyperLiquid’s enduring advantage

Kanter describes HyperLiquid as potentially “the exchange of all exchanges.” The company insists it has a realistic path to growing annual fees to $5 billion. This is because the protocol expands across perpetual markets, spot trading, and HIP-3 markets.

The report assumes that annual trading volume will increase by 15%, reaching approximately $12 trillion in annual trading volume within 10 years.

This analysis highlights that competition remains the main variable influencing HYPE’s price trajectory.

But Kanter argues that concerns about rival platforms may be overblown. The company notes that incentive-seeking traders, known as “point tourists,” tend to return to exchanges that offer the deepest liquidity and best execution.

Even a 1% increase in market share from a centralized exchange could increase trading volume by approximately $600 billion. The report estimates that annual fees could cost more than $270 million.

Cantor’s HYPE 10-year scenario modeling and volume and rate forecasting. Source: Wok Jones of X

Markets with excess DATs, conservative models, and lack of setup

Alongside HYPE, Kantar has begun covering HyperLiquid Strategies (PURR) and Hyperion Defy (HYPD), digital asset treasury companies focused on Hyperliquid. We assign an Overweight rating with price targets of $5 and $4, respectively.

These entities hold HYPE tokens to generate staking yields while providing regulated equity exposure to the economics of the protocol. Both companies are currently trading at a discount to their net asset values, which Kantar sees as an opportunity for traditional investors.

“…Wall Street doesn’t waste 62 pages on a protocol that’s supposed to be dead. $26.84 is the price point on Kantar’s reputation,” one user quipped.

Nevertheless, the market reaction highlights the disconnect between price and positioning. HYPE remains about 53% below its high.

Hyper Liquid (HYPE) Price Performance. Source: BeInCrypto

Beyond valuations, this report reflects broader changes in how traditional finance approaches cryptocurrencies. By applying equity-style return modeling, cash flow multiples, and infrastructure comparisons, Cantor Fitzgerald treats Hyperliquid as a foundational trading venue rather than an experimental DeFi product.

Kanter’s deep dive suggests that decentralized perpetual exchanges may be moving from the periphery of the crypto market toward its core. This is due to increased regulatory clarity and institutions seeking compliant exposure to on-chain markets.

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