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- Cantor Fitzgerald projects that Hyperliquid’s HYPE token will surge 2,000% to hit $200 billion in market cap.
- The Wall Street giant bases its projection on Hyperliquid hitting $5 billion in revenue annually over the next decade.
In one of the most bullish crypto projections from a Wall Street giant, Cantor Fitzgerald has predicted that Hyperliquid will hit $200 billion in market cap in the next decade.
In an equity research paper published Tuesday, Cantor Fitzgerald touted Hyperliquid as the “exchange of all exchanges,” describing it as one of the most attractive crypto projects in the market.
While most crypto projects depend on hype, Hyperliquid is built on offering a high-performance decentralized exchange and Layer 1 blockchain for perpetual futures. However, according to Cantor, the network’s most unique feature is that it channels 99% of all the fees generated to repurchase and burn the HYPE token. This year, the network has generated over $850 million in fees and used it to burn nearly 5% of all the tokens in circulation.
Cantor projects that the annual revenues will surge over 10x over the next ten years, stating:
We see HYPE, particularly given recent product launches, as being “the exchange of all exchanges”, and with that, we believe there is a path for HYPE to grow annual fees to $5bn within a decade.
The investment bank maps out a path for Hyperliquid to generate at least $5 billion annually in fees by the end of the next decade. It believes that HYPE should trade at a multiple of 50x to surge past $200.
HYPE currently changes hands at $27.4 for a $9.2 billion market cap, dipping 5% in the past week as its trading volume dropped 40%. To hit $200, the token would need a 630% rise in the next ten years.
The only notable risk to Hyperliquid’s domination is competition, both from the centralized and decentralized exchanges. CEXs like Binance still control the market for perpetual futures, processing $60 trillion in trading volume last year, up from $53 trillion the year prior. Cantor says that these CEXs have also partnered with decentralized platforms to compete against Hyperliquid.
Hyperliquid is attempting to become the exchange of all exchanges, which means it is expecting to continue to take share from CEXs. Inability to do so would likely weigh on future volume growth on HYPE.
Hyperliquid ETF Imminent? Bitwise Amends HYPE ETF Filing With SEC
While Cantor hails Hyperliquid as the best investment for the next decade, Bitwise is edging closer to launching the first spot HYPE ETF in the US.
The asset manager amended its filing with the Securities and Exchange Commission, updating the ticker symbol to BHYP. It also revealed that it would charge 0.67% annual management fee for the ETF, which it plans to list on NYSE Arca. According to Bloomberg’s ETF specialist Eric Balchunas, this “usually means that the launch is imminent.”
Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. pic.twitter.com/uNXwlIrkga
— Eric Balchunas (@EricBalchunas) December 15, 2025
The company first filed the ETF prospectus with the SEC in September, aiming to become the first to offer a HYPE ETF in the US. Existing ETFs have focused on Bitcoin, Ethereum, and a few other well-established altcoins like XRP and Solana, as we have reported.
While Bitwise may be the frontrunner, an approval for the first HYPE ETF would likely open the floodgates for competing products. 21Shares, which offers ETH, BTC and SOL products, has already filed with the SEC to offer a HYPE ETF, although its proposal is further down in the approval pipeline.
