Arthur Hayes’ 126x HYPE Prediction Rides the Stablecoin Tsunami

Hyperliquid, a decentralized derivatives exchange, has attracted significant attention following bold projections by Arthur Hayes, co-founder of BitMEX. Speaking at the WebX 2025 conference in Tokyo, Hayes forecasted a 126x increase in the price of HYPE, the native token of Hyperliquid, over the next three years. This projection is based on the expectation that the global stablecoin market will grow to $10 trillion by 2028, with Hyperliquid capturing 26.4% of the associated trading volume [1]. Currently, HYPE trades at approximately $45.64, having briefly reached $47 earlier in the day [1].

The exchange, which operates on a decentralized infrastructure optimized for high throughput and sub-second finality, has demonstrated rapid growth. As of the latest data, Hyperliquid's open interest exceeded $15 billion, and total wallet equity reached $31 billion [1]. Open positions on the platform hit an all-time high of 198,397, further underscoring its expanding user base and trading activity. Additionally, the DEX reported a record $1.56 billion in 24-hour trading volume, with transaction fees reaching $93 million this month [1].

Hyperliquid’s rise in volume has positioned it as a major player in the decentralized finance (DeFi) space. According to Redstone, the exchange has captured over 75% of the decentralized perpetual futures market in less than two years, surpassing previous leaders like dYdX [1]. The platform now processes daily trading volumes approaching $30 billion on certain pairs, bringing it closer to the scale of centralized exchanges like Binance [1].

The token’s performance has mirrored the platform’s growth. HYPE’s market cap currently stands at $14.76 billion, with a fully diluted valuation of $44.21 billion and a circulating supply of 334 million tokens [2]. The token hit an all-time high of $49.84 in mid-July 2025 and has surged 263% over the past year [2]. Recent on-chain activity further supports the bullish narrative, with a 3% rise in open interest for HYPE in the last 24 hours [3].

Hayes, known for his sharp market insights, emphasized Hyperliquid’s potential to leverage the expanding stablecoin ecosystem. He outlined a scenario in which the DEX’s annualized fees could rise from $1.2 billion today to $258 billion by 2028. Applying a 5% discount rate, Hayes calculated a terminal value of $5.161 trillion for HYPE token revenues, supporting the 126x upside forecast [4]. This projection significantly exceeds his earlier $100 target for the token [4].

While the market remains volatile, early indicators suggest growing confidence in Hyperliquid’s long-term potential. The platform has attracted institutional interest, with large-scale transactions and regulated entities moving assets onto its decentralized infrastructure [4]. Hayes’ personal investment of 58,631 HYPE tokens further signals his conviction in the project’s trajectory [5].

Source:

[1] Hyperliquid spikes as Arthur Hayes predicts 126x upside in ... (https://cointelegraph.com/news/hyperliquid-hype-spikes-arthur-hayes-predicts-126x-upside)

[2] Hyperliquid Price, HYPE Price, Live Charts, and Marketcap (https://www.coinbase.com/price/hyperliquid)

[3] Bitcoin Dominance Slip While Hyperliquid's Volume Soars ... (https://www.coindesk.com/markets/2025/08/25/crypto-markets-today-bitcoin-dominance-slip-while-hyperliquid-s-volume-soars-to-usd3-4b)

[4] Arthur Hayes Gives 126x Upside Potential for Hyperliquid ... (https://coingape.com/arthur-hayes-gives-126x-upside-potential-for-hyperliquid-at-a-massive-5-trillion-fdv/)

[5] Here is Why Arthur Hayes Predicts 126x Surge for ... (https://cryptodnes.bg/en/here-is-why-arthur-hayes-predicts-126x-surge-for-hyperliquid-by-2028/)