HYPE Surges 3.2% as Hayes Predicts 126x Return, Driven by Growing DEX Activity

Hyperliquid’s native token, HYPE, experienced a sharp price increase following a bold forecast from Arthur Hayes, co-founder of BitMEX. During a conference in Tokyo, Hayes projected a potential 126x return on the token over the next three years, sparking immediate market action. At the time, HYPE traded near $45.64, with intraday highs briefly surpassing $47, reflecting a surge in investor sentiment driven by the narrative of expanding decentralized derivatives markets [1].

The price movement was supported by strong on-chain metrics, which indicated growing demand for Hyperliquid’s decentralized perpetuals platform. Total open positions hit an all-time high of 198,397, while open interest exceeded $15 billion and total wallet equity reached $31 billion. These figures highlight a substantial increase in capital deployment and user activity on the platform [1]. Additionally, DEX trading volume surged, with weekend activity peaking at $1.56 billion and July fees nearing $93 million, according to tracking data [1].

Arthur Hayes’ forecast was tied to the potential for stablecoin-driven growth in decentralized derivatives trading. He argued that annualized DEX fee revenue could expand from the current $1.2 billion to as much as $258 billion, underpinning the valuation rationale for HYPE. Traders and investors responded by pushing the token higher in the short term, as the narrative of fee-capturing potential gained traction [1].

Hyperliquid’s rapid growth has also translated into significant market share gains. Data from Redstone suggests the exchange has captured over 75% of decentralized perpetuals trading volume in less than two years, with daily volumes on select pairs reaching up to $30 billion. This performance places Hyperliquid in a strong competitive position against other decentralized perpetual platforms, approaching the liquidity levels of some centralized exchanges [1].

From a valuation perspective, the token’s structure allows HYPE holders to benefit from a share of platform fees. As protocol revenue scales, so too does the intrinsic value tied to the token. However, the long-term success of HYPE will depend on the sustainability of fee growth, the security of the protocol, and broader market conditions. Investors are advised to closely monitor on-chain metrics and revenue trends to better assess the token’s potential [1].

HYPE reached its peak near $50 on July 14, 2025, before retreating to around $45.64 in subsequent trading. Short-term resistance levels were observed near $47 and $50, indicating key psychological price points for traders to watch [1]. The token’s price trajectory and on-chain activity suggest that the market remains optimistic about Hyperliquid’s long-term prospects, though volatility and macroeconomic factors could influence its path forward.

The narrative around HYPE has been amplified by rising open interest and trading volume, which are driven by increased user adoption and leverage usage. The confluence of these factors has created a positive feedback loop, encouraging further capital inflows and activity on the platform [1]. As the derivatives market continues to evolve, Hyperliquid’s ability to maintain its market leadership and expand its fee base will be critical to its future performance.

Source: [1] HYPE Could See 126x Upside, Hayes Forecasts, as Hyperliquid Metrics Reach New Highs (https://en.coinotag.com/hype-could-see-126x-upside-hayes-forecasts-as-hyperliquid-metrics-reach-new-highs/)