Hyperliquid HYPE Rallies After Arthur Hayes Predicts 126x Upside
Hyperliquid’s native token HYPE climbed after former BitMEX co‑founder Arthur Hayes told an audience in Tokyo he expects the token to rise roughly 126x over the next three years. The token was one of the few altcoins to post a 24‑hour gain, trading around $45.64 and briefly topping $47 during the day.
Hayes made the forecast while speaking at the WebX 2025 conference, arguing that continued stablecoin growth could dramatically expand decentralized exchange fee pools — a scenario he said would push the DEX’s potential annualized fees into the hundreds of billions compared with its current annualized revenue level.
Hyperliquid is a decentralized exchange focused on perpetual futures — derivative contracts without expiry that let traders take leveraged positions without owning the underlying assets. On the same day as Hayes’ comments, several on‑chain activity metrics for the protocol hit new highs: total open positions reached roughly 198,400, open interest rose above $15 billion, and total wallet equity peaked near $31 billion.
Independent data aggregators show heavy trading throughput on the protocol. DefiLlama records Hyperliquid DEX volume in the billions (with recent daily and weekly volume spikes), and Cointelegraph reported the exchange posted weekend volumes that were among its highest to date while transaction fees and other usage metrics also climbed. The protocol’s total value locked was reported just under its February peak, at about $685 million.
Separately, an in‑depth industry report described Hyperliquid’s rapid growth and market capture: within a short timeframe the platform has taken a dominant share of the decentralized perpetuals market and at times processes tens of billions in daily trading volume, a level that the report says approaches centralized exchange volumes on some pairs. The same analysis highlights the protocol’s engineering and builder‑focused design choices — including permissionless market creation proposals and revenue‑sharing mechanics — as drivers of that expansion.
On token price history, HYPE reached an all‑time intraday high just below $50 on July 14 and remains within striking distance of that peak, roughly 7% below at the time of reporting. The broader narrative around HYPE’s outlook is being shaped both by rising on‑chain activity and by developer proposals that could expand how markets are created and monetized on the platform.
