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Hyperliquid

Hyperliquid

$HYPETokenPerp Trading
$42.43+2.62%
Updated hourly · via CoinGecko

About

Onchain perpetuals DEX with native order book and custom L1. Fee capture ranks with top CEXs despite being a single application.

Website →Whitepaper →GitHub →

Top analysts on $HYPE

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Fundamental takes

Filtered: Fundamental · last 30d

3 takes
David Duong
David Duong@DavidDuong·9d

Hyperliquid’s Edge Expands

Update to Coinbase's earlier Hyperliquid deep-dive — HYPE +48% since. Oil perps exceeded $1B in a weekend during geopolitical tension; HIP-3 now ~30% of HL volume, with S&P 500 and oil contracts in the top-5. 500K HYPE staked per HIP-3 market tightens float. The feared April unlock of 9.9M HYPE came in at only 330K (3% of expected) — the dilution event was mostly phantom overhang. Bitwise Europe launched a HYPE staking ETP; US BHYP filing passes 85% of staking rewards to shareholders. Grayscale and 21Shares also filing.

$HYPEFundamentalPerp Trading
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Shubham Jain
Shubham Jain@jainshubham2707·12d

Building the Intelligence Layer for Hyperliquid

Analysis of 33K HL wallets: 24.4% of HIP-3 OI ($402M) belongs to 318 wallets that didn't exist 3 months ago. HIP-3 OI hit $2.05B (28% of total $7.12B). Argues that HL becoming a 'house of all finance' needs a TradFi-grade intelligence layer for vaults — Sharpe, Sortino, Brinson-Fachler attribution against BTC. Introducing Unlocked: 80+ metrics, decomposing vault returns into exposure / token selection / funding alpha. The rest of CT still picks vaults by Twitter and APR — this is the allocator tool that should exist.

$HYPEFundamentalPerp Trading
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Donovan
Donovan@donovanchoy·26d

Is HYPE still cheap?

Donovan argues HYPE at a $9 billion valuation looks expensive. A reverse DCF assuming 30% returns over four years requires $11.5 billion in revenues by 2030—implying 110% CAGR from the current $601 million annualized run-rate, growth rates with no historical precedent in exchange history. His bottom-up analysis suggests base case revenues of $4.7 billion by 2030, creating a $6.8 billion shortfall; only the bull case of $14 billion in revenues justifies today's price, but that requires DEXs capturing 60% of a vastly expanded perps market while Hyperliquid holds 45% share—assumptions pricing in most of the upside already.

$HYPEFundamentalPerp Trading
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