Arthur Hayes Projects 126x Hype Token Gains Driven by Stablecoin Market Growth

Arthur Hayes, co-founder of the former cryptocurrency exchange BitMEX, has projected a 126x increase in the price of Hyperliquid’s native token, HYPE, predicting it could reach $5,000 by 2028. This forecast, made during a speech at the WebX 2025 conference in Tokyo on August 25, is based on Hayes’ expectation that the global stablecoin market will expand to $10 trillion by that time [1]. If realized, this projection would mean the token’s value could rise from its current price of approximately $45 to over $5,000, representing a dramatic 126x gain [2].

Hyperliquid, a high-performance decentralized exchange (DEX), has already demonstrated significant market traction. The platform currently holds an estimated 80% of the decentralized perpetual futures trading market within a year of its launch [3]. Following Hayes’ announcement, HYPE surged nearly 9% in a single day, rising from $43 to around $47.4 before retreating slightly to around $45 [4]. The token’s strong performance in 2025 includes a 300% rally from its lowest point earlier in the year and a current market capitalization of approximately $15.05 billion [5].

Hayes’ analysis is grounded in the assumption that Hyperliquid will capture a substantial portion of the growing stablecoin trading volume. He estimates the platform could command roughly 26.4% of the market, translating into annualized revenues of $258 billion by 2028—up from $1.2 billion today [6]. This potential for significant revenue growth is seen as a key driver for the token’s valuation. Additionally, Hyperliquid’s business model, which includes burning 97% of trading fees and offering zero-gas trading through a deflationary token structure, has contributed to its appeal among traders and investors [7].

Market metrics further support the platform’s rapid growth. Total open positions reached an all-time high of 198,397 in recent days, while total open interest exceeded $15 billion [8]. Over the past 24 hours, trading volume surged 112% to $295 million, reflecting heightened activity and interest following Hayes’ remarks [9]. Meanwhile, Hyperliquid ranks second in monthly trading volume among DEXs, trailing only Uniswap [10]. According to DefiLlama data, the platform processed over $17 billion in trades during this period [11].

Despite the strong performance and bullish forecasts, investors are cautioned to approach such projections with prudence. The 126x price target is speculative and dependent on a range of factors, including broader cryptocurrency market conditions, regulatory developments, and the adoption of decentralized finance infrastructure [12]. While Hayes’ vision for Hyperliquid is ambitious, it is not guaranteed, and market volatility remains a key risk for investors.

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Source:

[1] AInvest — [https://www.ainvest.com/news/hyperliquid-hype-token-126x-bull-case-driven-stablecoin-market-domination-2508/](https://www.ainvest.com/news/hyperliquid-hype-token-126x-bull-case-driven-stablecoin-market-domination-2508/)

[2] CoinGape — [https://coingape.com/arthur-hayes-gives-126x-upside-potential-for-hyperliquid-at-a-massive-5-trillion-fdv/](https://coingape.com/arthur-hayes-gives-126x-upside-potential-for-hyperliquid-at-a-massive-5-trillion-fdv/)

[3] Blockonomi — [https://blockonomi.com/hyperliquid-hype-price-arthur-hayes-projects-126x-increase-to-5000-by-2028/](https://blockonomi.com/hyperliquid-hype-price-arthur-hayes-projects-126x-increase-to-5000-by-2028/)

[6] XT.com — [https://www.xt.com/en/blog/community-news/2025-08-25T17:40:10.000Z](https://www.xt.com/en/blog/community-news/2025-08-25T17:40:10.000Z)

[10] DefiLlama — [https://defillama.com/](https://defillama.com/)

[12] CryptoDnes.bg — [https://cryptodnes.bg/en/news/altcoins/](https://cryptodnes.bg/en/news/altcoins/)