Hyperliquid HYPE
ProtocolDerivativesRank 11
$84.87
−1.6% over 24h
Data as of Nov 4, 07:30 PM
Layer 1 blockchain known mainly for its decentralized exchange for perpetual futures and spot trading. HYPE is staked to secure the network and used to pay fees.
Estimated fair value
Current price
Gap to fair value
Hyperliquid is well above its estimated fair value. The full analysis adds the range, what the price assumes about its revenue, the metrics compared with the sector and the €10,000 simulator.
Reliable estimate
Estimate reliability: 83/100
This is not a project grade: it measures how solid the data behind the number is.
- ✗ Multiple history: 19 months
- ✓ Steady revenue (not dominated by a few days)
- ✓ Public sources: protocol revenue and market data
Descriptive estimate based on past data. Not a recommendation to buy or sell, nor a price target.
Price and fair value
€10,000 simulator: in the full analysis.Create a free account
Scenario (an assumption, not a forecast)
The scenario extends the estimated value along its trend and Bitcoin’s 4-year cycle, over 1 to 5 years. It is included in the free account for the 10 largest cryptos.
- Since Nov 2024
- ×13
- All-time high (Sep 2026)
- $96.54 · −12%
- Time spent below its fair value
- 32% of days
- Usual gap (median)
- +30%
Green dots at the start: the first months of revenue, annualised (history still short).
Chart: TradingView Lightweight Charts™ · Fair value drawn since Nov 29, 2024
Where the money goes
Over the last 12 months.
- Fees paid by users$894M
- Revenue kept by the protocol$687M
- Passed on to token holders$687M
Holders receive 100% of revenue, through token buybacks, burns or distributions to stakers.
Key metrics
Compared with the median of its sector (Derivatives).
| Metric | HYPE | Median | Rank |
|---|---|---|---|
| Price / annual revenue | 30× | 14× | 8 of 8 |
| 1-year revenue growth | Reserved for the full analysis | −77% | Reserved for the full analysis |
| Net holder yield | Reserved for the full analysis | +3.3% | Reserved for the full analysis |
| 12-month dilution | Reserved for the full analysis | +6.9% | Reserved for the full analysis |
| 1-year volatility | Reserved for the full analysis | 98% | Reserved for the full analysis |
| Worst drop over 2 years | Reserved for the full analysis | — | Reserved for the full analysis |
| 12-month revenue | $687M | — | — |
| Current pace (3 months annualised) | Reserved for the full analysis | — | Reserved for the full analysis |
| Market cap | $20.3B | — | — |
Growth, net yield, dilution, volatility and rank in the sector: in the full analysis. Create a free account
BProject qualityStrong · 68/100 · regardless of priceSee details
- Real revenue35/35
$687M over 12 months
- Supply and dilution0/25
25% of tokens already in circulation
- Maturity10/15
1.9 years of history
- Liquidity and size15/15
Daily volume 7.0% of market cap, rank 11
- Price stability8/10
79 / 100
Revenue health
In the full analysis
In the full analysis
Price risk
In the full analysis
In the full analysis
Grade from A (very strong) to E (speculative) for Hyperliquid. How it is calculated
Comparables
See the rankingSame sector (Derivatives), similar size.
Its place on the map
Hyperliquid sits in “Strong but expensive”: quality B (strong), price +170% from its estimated value.
To the right the strongest projects, at the top the lowest prices relative to their value. Dots: the 158 largest rated cryptos, excluding memecoins.
Explore the market map →Methodology and sources
Hyperliquid’s fair value: normalised annual revenue × usual multiple (its own, blended with its sector’s if its history is short) ÷ circulating tokens.
Gap = price ÷ value − 1. Hot above +40%, warm above +15%, mild between −15% and +15%, cold below −15%, freezing below −40%.
Project summary written by Dibagger with the help of AI, from its public descriptions (CoinGecko, DefiLlama); official links taken from the same sources.
Prices updated every 30 minutes, revenue daily, computed on Nov 4, 07:30 PM. Methodology v3. Full methodology
This information describes a situation; it is not investment advice.