Hyperliquid's $200 Billion Valuation Thesis and Its Solana-Style Growth Potential: DeFi Infrastructure as a Cash-Generating Asset Class

The evolution of decentralized finance (DeFi) has shifted from speculative hype to a focus on durable infrastructure capable of generating consistent cash flows. At the forefront of this transition is Hyperliquid, a decentralized perpetual futures exchange whose growth metrics and tokenomics mirror the trajectory of Solana in its early years. With a $200 billion valuation thesis underpinned by Cantor Fitzgerald's modeling and a revenue model that prioritizes buybacks and supply reduction, Hyperliquid is redefining how DeFi platforms are valued-not as speculative assets, but as cash-generating infrastructure.

Hyperliquid's Revenue Engine and Tokenomics

Hyperliquid's 2025 performance has been nothing short of explosive. Year-to-date, the platform generated $874 million in fees from $2.947 trillion in trading volume, with July alone recording $320 billion in perpetuals volume and $86.6 million in protocol revenue according to FastBull. This growth is driven by a custom layer-1 blockchain optimized for high-frequency trading, enabling sub-second execution times and 200,000 orders per second according to DWF Labs.

The platform's tokenomics further amplify its appeal. 99% of fees are allocated to repurchasing and burning the native HYPE token, creating a direct link between volume growth and supply contraction. By early 2025, 2.6% of the expected annual supply had already been burned according to FastBull. Cantor Fitzgerald projects that if Hyperliquid captures 17% of perpetual trading and 18% of spot trading, annual fees could surpass $5 billion, supporting a $125 billion market cap using a conservative 25x multiple according to NewsBTC. However, the firm's bullish thesis extends this to $200 billion, assuming a 50x multiple on $5 billion in revenue according to Yellow.

Solana's Historical Growth: A Parallel Path

To contextualize Hyperliquid's potential, consider Solana's rise. From 2020 to 2025, Solana's revenue surged from $1.44 billion in 2024 to $2.85 billion in 2025, driven by trading platforms and low-fee infrastructure according to SQ Magazine. Its market cap grew from $88.1 billion in April 2025 to a fully diluted valuation (FDV) exceeding $120 billion according to SQ Magazine. Solana's success hinged on low transaction costs (as low as $0.00025 per transaction) and a developer ecosystem that scaled to 2,100 dApps by Q1 2025 according to SQ Magazine.

Cantor Fitzgerald's investment in Solana via the Volatility Shares Solana ETF (SOLZ) underscores its belief in blockchain networks that generate sustainable economic activity according to Cryptopian News. Similarly, Hyperliquid's fee structure-where 99% of revenue is recycled into buybacks-creates a self-reinforcing cycle of value accrual, akin to Solana's validator rewards model.

DeFi Infrastructure as a Cash-Generating Asset Class

The key distinction between DeFi and traditional finance lies in tokenomics. Unlike centralized exchanges, where profits are retained by corporate entities, DeFi platforms like Hyperliquid and Solana distribute value to token holders through buybacks and staking rewards. This model transforms tokens into equity-like assets with intrinsic value tied to network usage.

Hyperliquid's $15.8 billion fully diluted market cap in 2025 already outpaces Ethereum's $332 million in fees over the same period according to Messari. Its $3.5 million daily fee revenue and $102.4 million per employee efficiency (with just 12 staff) highlight its operational scalability according to Messari. Meanwhile, Solana's $240 million average monthly revenue and 2.2 million daily active wallets demonstrate how low-cost infrastructure can capture mass-market adoption according to SQ Magazine.

Challenges and Risks

Despite its strengths, Hyperliquid faces headwinds. The monthly token unlock schedule-releasing 10 million HYPE tokens until October 2027-has already caused a 17% price drop post-November 2025 unlock according to FastBull. Institutional adoption, however, may mitigate this. The listing of a Hyperliquid ETP on SIX Swiss Exchange by 21Shares marks a critical step toward institutional legitimacy according to FastBull.

Valuation Thesis: A $200 Billion Future

Cantor Fitzgerald's $200 billion thesis for Hyperliquid hinges on scaling fee revenue and capital efficiency. Applying a 50x multiple to $5 billion in annual fees mirrors Solana's peak valuation multiples during its 2024–2025 growth phase according to Yellow. If Hyperliquid maintains its 80% share of decentralized perpetual futures trading and expands into spot markets, the platform could replicate Solana's trajectory of 30x revenue growth according to SQ Magazine.

Conclusion

Hyperliquid's ascent reflects a broader shift in DeFi: infrastructure is no longer a speculative experiment but a cash-generating asset class. By combining Solana's scalability with a fee model that prioritizes token holders, Hyperliquid is positioned to redefine how blockchain networks are valued. While short-term volatility persists, the long-term thesis-backed by Cantor Fitzgerald and institutional adoption-points to a future where DeFi platforms rival traditional financial infrastructure in both utility and valuation.