Multicoin Predicts Hyperliquid Crypto Could Cross $300 By 2028

Key Insights

• Multicoin Capital believes Hyperliquid could reach over $300 by 2028.
• The perpetual DEX platform has emerged as a major winner in the current market situation.
• Hyperliquid has become a dominant platform for RWA Perps trading, drawing comparison with Binance’s early days.

Crypto investment firm Multicoin Capital has predicted that Hyperliquid crypto HYPE can reach $320 by 2028. The firm shared this prediction in its latest report on the decentralized perps exchange. This suggested its performance and growth potential.

Multicoin also disclosed that it has been accumulating HYPE since the start of the year. They noted that the token is now one of its biggest positions. With Hyperliquid crypto trading around $63, the firm is targeting an almost 5x gain over the next two years.

Multicoin Highlights Hyperliquid Catalysts for Growth

According to Multicoin, HYPE is currently undervalued because investors are mispricing it. It noted that blockchain, which started as a perpetual DEX, is already evolving into an everything exchange.

Hyperliquid has seen massive growth since 2025. With this, DEX saw $2.9 trillion in trading volume and generated $873 million in revenue. Its user base also increased from 301,000 to 923,000.

That growth has continued into 2026, with open interest rising to $9.6 billion this year from $6 billion last year. Hyperliquid alone controls more than 59% of open interest for the DeFi perps market.

Hyperliqud has seen sizable activity in the perps market. However, it’s enough to dominate other DEXs and eggs competing with CEXs, Multicoin Capital believes this is only the beginning.

The firm stated that this growth will compound in the short term as Hyperliquid gradually becomes the everything exchange. It noted that HIP-3, which enables real-world asset (RWA)-linked perps, and HIP-4, which brings prediction markets, are the two catalysts.

With HIP-3, Hyperliquid activity is moving past crypto with RWA-linked perps, while HIP-4 brings prediction markets and options. Together, Multicoin believes that the platform now has its opportunity for growth.

It noted that there will be “vertical expansion into new markets like options, prediction markets.” There would also be a horizontal expansion into traditional financial asset classes such as equities, commodities, rates, and FX.

Hyperliquid Compared to Binance Early Days

Interestingly, the Multicoin report compared Hyperliquid’s trajectory to Binance’s. This suggested that the exchange became the dominant CEX within six months in 2017.

Its 2019 report noted that it valued BNB’s potential when the token was worth $10. The firm now expects Hyperliquid to follow a similar trajectory. At the same time, it also adds that the DEX might offer greater structural advantages.

These include noncustodial, fully onchain execution for Hyperliquid and the fact that revenue is used to buy back HYPE. 99% of Hyperliquid revenue is spent buying back and burning HYPE.

This means supply continues to reduce even as fundamentals improve. With Multicoin projected to reach $8 billion in Hyperliquid revenue by 2028, the token trading at $319 would imply a 20x multiple.

The bullish prediction had a positive impact on HYPE, with the token gaining slightly today amid a broader market bloodbath. HYPE remains the best-performing token this year, with a 150% year-to-date gain, despite a broader decline in other digital assets.

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