A 62-page report from Cantor Fitzgerald projects that HYPE, from Hyperliquid, will reach a market value of $200 billion in 10 years, based on an estimated annual revenue of $5 billion and a profit multiple of 50 times.
The investment bank initiated coverage with a buy recommendation for two digital asset securities linked to the protocol, indicating a shift in how Wall Street evaluates decentralized exchange infrastructures.
Cantor Fitzgerald released a rare 62-page research report analyzing Hyperliquid and its ecosystem. The group projects a long-term path for HYPE to exceed $200 billion in market value.
The analysis is one of the most detailed assessments ever conducted by a major Wall Street firm on decentralized infrastructure for perpetual contracts.
The report estimates that Hyperliquid generates US$ 5 billion in annual revenue over the next decade, applying a multiple of 50 times to reach a value of US$ 200 billion.
Analysts consider the protocol not as a speculative DeFi, but as a trading infrastructure comparable to the largest global exchanges. This reasoning distinguishes the research from more aggressive hypotheses in the crypto sector.
This is legitimately one of the most measured & reasonable research reports I've seen from Wall Street
A far cry from Van Eck's $3,211 bull case for SOL (or Tom Lee's $40k targets for ETH) pic.twitter.com/lXtQu4u7sA
— Luke Cannon (@lukecannon727) December 16, 2025
Hyperliquid operates a decentralized perpetual futures exchange based on its own layer 1 blockchain. In the total for 2025, the platform traded nearly US$ 3 trillion, generating around US$ 874 million in fees.
About 99% of the protocol's fees return to the ecosystem through buybacks and token burns, directly linking activity on the platform to the asset's value.
Cantor Fitzgerald points to liquidity as a lasting advantage of Hyperliquid
Cantor describes Hyperliquid as a potential “exchange of exchanges.” The company argues that there is realistic room for annual fees to advance to US$ 5 billion as the protocol expands operations in perpetuals, spot trading, and HIP-3 markets.
The report adopts an annual growth rate of 15%, reaching about US$ 12 trillion in traded volume per year over ten years.
The analysis emphasizes that competition remains the main factor affecting the price trajectory of HYPE.
However, Cantor believes that concerns about rival platforms may be exaggerated. The study points out that traders attracted by incentives, called “point tourists,” tend to return to places that offer the highest liquidity and best execution.
Even a 1% gain in market share compared to centralized exchanges could add approximately US$ 600 billion in volume, as well as generate over US$ 270 million in annual fees, according to the report's estimates.
High exposure to DATs, conservative models, and a market that does not perceive the scenario
In addition to HYPE, Cantor has initiated coverage on treasury-related companies tied to Hyperliquid, such as Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). The ratings are Overweight, with a price target of US$ 5 for PURR and US$ 4 for HYPD.
Cantor Fitzgerald covering Hyperliquid in confluence with PURR launch and the coming Bitwise spot ETF.
‘Remains of the of the most attractive protocols across crypto’ pic.twitter.com/yzQtiZZDov
— McKenna (@Crypto_McKenna) December 16, 2025
These companies hold HYPE tokens to gain returns through staking and offer regulated exposure to the Hyperliquid economy. Both are traded at a discount to net asset value, which Cantor sees as an opportunity for traditional investors.
“…Wall Street does not waste 62 pages on protocols it believes are doomed to fail. US$ 26.84 with Cantor’s reputation at stake is the scenario,” commented a user on X.
Still, the market reaction highlights the difference between price and positioning. HYPE remains about 53% below its all-time high.
Beyond market numbers, the report reflects a broader transformation in traditional finance's approach to crypto. By applying revenue modeling similar to equities, cash flow multiples, and infrastructure comparatives, Cantor Fitzgerald treats Hyperliquid less as an experimental DeFi product and more as an essential platform for trading.
Cantor's detailed analysis indicates that decentralized exchanges for perpetual contracts may be migrating from the periphery to the center of the crypto market, especially as regulatory clarity grows and institutions seek compliant alternatives for on-chain exposure.
The article Cantor Fitzgerald bets US$ 200 billion on Hyperliquid was first seen on BeInCrypto Brazil.
