Multicoin Capital has published a price forecast for HYPE, Hyperliquid's exchange token, predicting it will trade at $319 by 2028. The projection hinges on the platform's expansion beyond its current focus on perpetual futures into spot trading, lending, and other products.
Hyperliquid's user base grew from roughly 300,000 to 923,000 during 2025, according to Multicoin's analysis. That threefold expansion signals traction, though a move into adjacent products carries execution risk. Spot trading and lending services are already crowded, and Hyperliquid would be competing against established platforms with deeper liquidity and longer operating histories.
The forecast also assumes HYPE holders capture revenue from these new products. Multicoin's thesis appears to rest on the idea that as transaction volumes grow across multiple asset classes, protocol or token fee revenue will scale accordingly. No specific volume projections or revenue figures were disclosed in their analysis.
Hyperliquid has built a reputation for low-latency futures trading and minimal slippage, advantages that may not translate directly to spot or lending markets, where competition is fiercer and products are largely commoditized. The platform's move into adjacent services is rational from a retention standpoint—users already comfortable with the interface might hold deposits and trade multiple products there. Whether that creates token upside depends on the fee structure Hyperliquid chooses and how much of that revenue flows to HYPE stakers or holders.
Multicoin is known for making bold long-term forecasts tied to specific thesis narratives. A $319 price target two years out is a directional bet, not a commitment. HYPE traded around $24–$26 in early 2025, meaning Multicoin's forecast implies roughly a 12x gain from mid-range levels, a return that would depend on both product execution and broader market appetite for exchange tokens.