Cantor Fitzgerald Models Hyperliquid Valuation at Over $200 Billion Based on Fee Economics
Cantor Fitzgerald has initiated coverage of Hyperliquid DeFi (HYPD) and Hyperliquid Strategies (PURR), positioning Hyperliquid as a layer-1 trading infrastructure beyond just speculative DeFi. The firm's valuation thesis models Hyperliquid at over $200 billion with a 50x multiple, driven by more than $5 billion in annual fees in a 10-year scenario.
HYPD and PURR tokens offer exposure to Hyperliquid's upside through active balance-sheet deployment via staking, validation, and market-building, as opposed to simple token custody. Approximately 99% of trading revenue is recycled into token buybacks, linking volume growth directly to supply reduction rather than shareholder dilution.
The addressable market is dominated by centralized exchanges, with perpetual futures volumes exceeding $60 trillion in 2025, suggesting large potential incremental fees from modest market-share gains for Hyperliquid. Aster, a Binance-backed rival perpetual DEX, is identified as a competitive risk, characterized by incentive-driven volume that Cantor argues may fade, eventually returning liquidity to deeper, more sustainable venues.
This valuation debate parallels Solana's cycle, indicating that Hyperliquid could be perceived as durable financial infrastructure rather than a speculative throughput play, though the 50x multiple remains subject to market judgment.
