Hyperliquid Perpetual on SpaceX Sees $1.4B Volume; HYPE Forecast Hits $319
SPCX•Multicoin projects Hyperliquid’s HYPE token could reach $319 by 2028, implying over 400% upside based on $8 billion in annual earnings at a 20× multiple. A perpetual contract tied to SpaceX shares processed $1.4 billion in volume on the IPO debut, accounting for 30% of HIP-3 activity.
1. Multicoin Forecasts HYPE Surge
Multicoin values Hyperliquid’s HYPE token using a base case that assumes $8 billion in annual earnings by 2028 and a 20× earnings multiple, resulting in a target price of $319—over 400% above the current ~$63 level.
2. SpaceX Perpetual Drives Derivative Demand
A perpetual futures contract tied to SpaceX shares processed $1.4 billion in trading volume on the company’s IPO debut, representing roughly 30% of total HIP-3 volume and highlighting strong demand for SpaceX derivative exposure.
3. User Growth and Revenue Expansion
Hyperliquid expanded its user base from 300,000 to 923,000 during 2025, tripled open interest from $2 billion to $6 billion, generated $873 million in revenue and processed $2.9 trillion in trading volume over the year, underscoring accelerating platform adoption.
4. Upcoming Catalysts Beyond Perps
Multicoin points to potential upside from planned upgrades including HIP-4, HyperEVM integration, builder-code distribution and portfolio margining, which could drive further platform expansion and revenue diversification.
