Cantor Fitzgerald Predicts Hyperliquid’s Market Cap to Hit $125 Billion

Cantor Fitzgerald's report highlights the potential growth for the decentralized exchange (DEX) Hyperliquid (HYPE), projecting significant development over the next decade.

Key Highlights

Hyperliquid operates as a DEX focusing on perpetual futures, built on a custom layer-1 blockchain.
The platform generated $874 million in fees YTD 2025 from $2.947 trillion in trading volume.
HYPE has a fully diluted market cap of approximately $15.8 billion.
Approximately 99% of fees go towards repurchasing and burning HYPE tokens, reducing supply.
In early 2025, about 2.6% of all HYPE tokens were repurchased and burned.
Cantor Fitzgerald anticipates annual fees could reach $5 billion within the decade.

Market Dynamics

HYPE has gained significant market share, launching spot trading and HIP-3 markets.
Concerns over competition may be overstated; liquidity and execution quality are key advantages.
A potential 1% increase in market share could add $600 billion in trading volume and $272 million in annual fees.

Future Projections

Assuming moderate market share gains, annual fees could surpass $5 billion.
With continued token repurchases, the fully diluted market cap could grow to $125 billion.
If 20% of HYPE tokens are repurchased, the price could reach $271 at full market valuation.
Projected decrease in circulating supply from 577.2 million to approximately 144.9 million over ten years.

Currently, HYPE is trading at $26.49, with a 32% loss over the past month and a 55% drop from its all-time high of $59.30.