The $200 billions super-liquid bullish options released by Cantor Fitzgerald have redefined hype trading.

A 62-page report released by Cantor Fitzgerald predicts that Hyperliquid's HYPE token will reach a market capitalization of $200 billions within 10 years, with projected annual revenue of $5 billions and a price-to-earnings multiple of 50.

This investment bank has begun increasing its holdings in two digital asset funds related to the protocol, marking a shift in how Wall Street values decentralized trading infrastructure.

Cantor Fitzgerald Expects Hyperliquid's HYPE Token Valuation to Reach $200 Billions

Cantor Fitzgerald has released a rare 62-page research report initiating coverage on Hyperliquid and its surrounding ecosystem. The financial services company predicts that the HYPE token's long-term market cap will exceed $200 billions.

This analysis marks one of the most detailed investigations by a major Wall Street firm to date into decentralized perpetual futures infrastructure.

The report forecasts that Hyperliquid could generate $5 billions in annual revenue over the next decade, and, using a 50x multiple, arrives at a $200 billions valuation.

The analysts do not view the protocol as a speculative decentralized finance (DeFi) project, but rather as trading infrastructure comparable to global exchanges. This perspective distinguishes the research from other, more aggressive bullish crypto theses.

Hyperliquid operates a decentralized perpetual futures exchange. The platform is built on a custom Layer-1 blockchain. As of 2025, the platform has processed nearly $3 trillions in trading volume, generating approximately $874 millions in fees.

About 99% of protocol fees are returned to the ecosystem through token buybacks and burns, directly linking platform activity to token value.

Cantor Fitzgerald Sees Liquidity as Hyperliquid's Enduring Advantage

Cantor describes Hyperliquid as a potential "exchange of all exchanges." The company believes that as the protocol expands into perpetual contracts, spot trading, and other areas, its annual fees could reach $5 billions. HIP-3 market.

The report assumes an annual trading volume growth rate of 15%, projecting annual trading volume to reach approximately $12 trillions within ten years.

The analysis emphasizes that competition remains the main variable affecting HYPE's price performance.

However, Cantor believes that concerns about competing platforms may be somewhat exaggerated. The company points out that traders seeking incentives (known as "points tourists") tend to migrate back to the most liquid and fastest-executing venues.

Even if centralized exchanges capture only 1% of the market share, this could add about $600 billions in trading volume. The report estimates this could also generate over $270 millions in annual fee income.

Overreliance on DAT, Conservative Models, and a Market Missing Opportunities

In addition to HYPE, Cantor has for the first time rated two companies focused on Hyperliquid digital asset management: Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). Cantor gave both companies an "Overweight" rating, with target prices of $5 and $4, respectively.

These institutions hold HYPE tokens to generate staking yields while providing regulated equity investment opportunities to participate in the protocol's economic activity. Currently, they are trading below net asset value, which Cantor sees as an opportunity for traditional investors.

"...Wall Street wouldn't spend 62 pages researching a protocol they think will become obsolete. The $26.84 price, combined with Cantor's reputation, is just bait," one user joked.

However, the market reaction highlights a disconnect between price and market positioning. HYPE is still down about 53% from its peak.

Beyond valuation, the report also reflects a broader shift in how crypto assets are analyzed using traditional financial methodologies. By applying equity-style income models, cash flow multiples, and infrastructure comparisons, Cantor Fitzgerald views Hyperliquid as a foundational trading venue rather than an experimental DeFi product.

Cantor's in-depth research suggests that decentralized perpetual exchanges may be moving from the fringes of the crypto market to its core. This is due to a clearer regulatory environment and institutional investors beginning to seek compliant on-chain market investment opportunities.