Cantor Fitzgerald, one of the world’s leading asset management firms, has released an in-depth report highlighting the promising future of the decentralized exchange (DEX) Hyperliquid (HYPE). 

The 62-page analysis predicts significant growth for both the platform and its native token over the next decade, painting a bullish outlook for investors. 

Hyperliquid As ‘The Exchange Of All Exchanges’

As detailed in the report, Hyperliquid operates as a decentralized exchange specializing in trading perpetual futures and is built on a custom layer-1 blockchain. Currently, HYPE has a fully diluted market cap of approximately $15.8 billion. 

Year-to-date (YTD) 2025, the platform has generated an impressive $874 million in fees from a staggering $2.947 trillion in trading volume. 

A key feature that makes HYPE particularly attractive, and highlighted in the report, is its unique fee structure: approximately 99% of all fees generated by the protocol are allocated to repurchasing and burning the underlying token. 

This mechanism not only supports the value of HYPE but also reduces its circulating supply. In early 2025 alone, about 2.6% of all HYPE tokens expected to be in circulation, or roughly 5% of the current supply, were repurchased and burned. 

With the anticipation of new product launches, Cantor Fitzgerald views HYPE as “the exchange of all exchanges” and believes there’s a realistic path for annual fees to soar to $5 billion within the next decade.

Why Market Dynamics Favor HYPE

When it comes to the platform’s native token, HYPE has successfully captured considerable market share and emerged as one of the standout products in the cryptocurrency space over the past year. 

In addition to perpetual trading, Hyperliquid has launched spot trading and HIP-3 markets, enabling users to create new markets for a variety of assets including stocks and commodities.

Cantor Fitzgerald’s report emphasizes that the immediate determinant of HYPE’s market price will hinge on industry sentiment regarding competition. The ability of emerging rivals to challenge HYPE and affect its fee-generating capacity is paramount. 

However, the report argues that current fears surrounding competition may be overstated. It posits that “point tourists”—those who shift from platform to platform seeking incentives—are likely to return to the platform offering the deepest liquidity and best execution, which, according to Cantor Fitzgerald, is Hyperliquid.

A mere 1% increase in market share from CEX competitors in the perpetuals sector could translate to approximately $600 billion in trading volume. Based on existing perpetual fee rates, this could result in an additional $272 million in annual fees. 

By applying a conservative 25x valuation multiple to these fees, the potential market capitalization would rise to $6.8 billion.

HYPE Price To Reach $271?

Assuming moderate share gains over the next decade—projecting around 17% in perpetual trades and 18% in spot trading—Hyperliquid’s annual fees could surpass the $5 billion mark. 

A conservative valuation multiple of 25x, this would suggest a future market capitalization of approximately $125 billion. Given that nearly all generated fees will be used to repurchase HYPE tokens, a large portion of the circulating supply could potentially be bought back by the time the platform reaches these fee levels.

With a forecasted expansion of the fully diluted market cap from roughly $15.8 billion today to $125 billion in the future, combined with a declining supply of HYPE tokens, the projected share price is poised to increase at an even faster pace. 

If 20% of the Hyperliquid token float is repurchased—valued at around $3.5 billion today—the report suggests that the HYPE price could reach $271 at a fully diluted valuation of $125 billion.

The projections suggest that if HYPE captures just 1% of the market share annually and maintains consistent trading volumes from CEXs, the price of HYPE could grow substantially. 

By year 10, the asset manager believes that circulating supply could decrease from 577.2 million to approximately 144.9 million, while the market cap could remain around $16.1 billion based on conservative fee estimates excluding spot and HIP-3 revenues.

At the time of writing, Hyperliquid’s native token is trading at $26.49, having recorded major losses of almost 32% over the past month. This represents a 55% gap from the current trading levels and the all-time high of $59.30.

Featured image from DALL-E, chart from TradingView.com 

Hyperliquid (HYPE), one of the largest decentralized exchanges (DEXs) in the industry, has announced the pre-alpha launch of a portfolio margin system on its testnet, marking a significant advance for traders by unifying spot and perpetual (perps) trading to enhance capital efficiency. 

This system supports various trading strategies, such as carry trades, wherein spot balances can collateralize short perps. Additionally, idle assets will automatically earn yield, creating a more dynamic trading environment.

Hyperliquid’s New Upgrade

In this initial rollout, users can only borrow Circle’s USDC stablecoin, with the exchange’s native token HYPE designated as the sole collateral asset. However, Hyperliquid plans to introduce Native Market’s USDH and Bitcoin (BTC) before transitioning to the alpha version. 

The portfolio margin framework is designed to be applicable across all HIP-3 decentralized exchanges and is expected to extend to future asset classes under the HyperCore umbrella. 

An upcoming upgrade will provide smart contract access via CoreWriter, allowing developers to create on-chain strategies using ERC-20-based wrappers, which will further broaden the platform’s functionality.

Market expert Austin King recently articulated the importance of this launch in a post on X (formerly Twitter), noting on the historical significance of portfolio margin, reflecting on its introduction in traditional finance (TradFi) that added an impressive $7.2 trillion to the derivatives market within a few years.

The Essential Role Of Portfolio Margin

The expert recalled that the government had introduced margin requirements in 1934 in response to excessive leverage during the 1929 crash. 

While well-intentioned, these regulations simplified the complex nature of liquidity and often exacerbated volatility in markets. The inability to run delta-neutral strategies efficiently meant that significant margin was required for each position, presenting a challenge for traders.

The introduction of portfolio margin by the Chicago Mercantile Exchange (CME) in 1988 transformed this landscape by reducing margin requirements through a comprehensive analysis of overall risk across combined positions. 

Yet it wasn’t until 2006 that retail customers gained access to these benefits, as they had been historically limited to broker-dealers and market makers.

So, what does this mean for Hyperliquid? According to King’s thesis, the introduction of portfolio margin is poised to significantly enhance liquidity growth on the platform. 

Increased Open Interest and trading volume can be expected for every dollar of margin in the system. Effectively, this will create a substantial liquidity multiplier for every new dollar that enters Hyperliquid. Moreover, portfolio margining serves as an essential tool for large-scale liquidity providers in the traditional financial sector. 

The expert asserted that without this capability, it would be economically challenging for significant TradFi players to participate in providing liquidity on Hyperliquid, as the returns per dollar of margin would be considerably lower compared to traditional exchanges that offer portfolio margin. King concluded the following:

There is more work to be done, but with this rollout one of the biggest issues I repeatedly heard cited will no longer be a blocker.

At the time of writing, HYPE was trading at $28.83, having recorded significant losses of 18% and 25% over the fourteen- and thirty-day time frames, respectively. However, it is one of the few tokens that remains in the green zone on a year-to-date basis, with gains of 60% recorded in this period.

Featured image from DALL-E, chart from TradingView.com 

Key takeaways

• HYPE is down 5% in the last 24 hours and is currently trading at $27.
• The coin could drop to $23 if the bearish trend continues.

Hyperliquid’s staking balance declines

HYPE, the native coin of the Hyperliquid decentralized exchange, is one of the worst performers among the top 20 cryptocurrencies by market cap. The coin is trading above $27 per coin after losing 5.8% of its value in the last 24 hours.

The bearish performance comes after the Federal Reserve delivered a hawkish red cut on Wednesday. According to market analysts, with further rate cuts now off the table for a while, attention will turn to liquidity and the Fed’s balance sheet policy in early 2026. However, despite the Treasury bill purchase announced today, QE isn’t coming until things start breaking – and that always means more volatility and potential pain.

Another major catalyst behind HYPE’s bearish performance is the decline in Hyperliquid’s Total Value Locked (TVL). The protocol’s TVL has dropped to $1.63 billion from $2.42 billion on October 30. 

Investors continue to pull their funds from staking contracts on the Hyperliquid chain, adding more selling pressure on HYPE. Falling TVL suggests that investors are losing confidence in the token and ecosystem, prompting them to reduce their risk exposure.

Furthermore, the demand for Hyperliquid derivatives has declined due to the current market conditions. According to Coinalyze, HYPE’s Open Interest (OI) has dropped to $1.3 billion, down 2.5% from the $1.48 billion recorded on Wednesday. It is also significantly below its record high of $2.59 billion reached in September, suggesting that low retail interest in HYPE could continue to suppress a recovery. 

Will HYPE continue to dip lower?

The HYPE/USD 4-hour chart is bearish and efficient as HYPE has underperformed over the last 24 hours. The Layer-1 blockchain token has dropped below its short-term support at $27.50, underpinning its current bearish outlook.

The Relative Strength Index (RSI) has dropped to 34 on the 4-hour chart, pointing to a strong bearish momentum. If the RSI enters the oversold region, HYPE could dip lower over the coming hours and days. 

If the bearish trend continues, HYPE could retest the low of $23 for the first time since May 13. 

However, if buyers regain control and push the price above the $29 resistance level, HYPE could target the next major liquidity level sitting below the 50-day Exponential Moving Average (EMA) at $36.23.

The post HYPE could dip to $23 amid declining staking balance: Check forecast appeared first on CoinJournal.

Key takeaways

• HYPE is down 8% in the last 24 hours and has dropped below $28.
• Open Interest (OI) declines as retail interest continues to drop.

HYPE dips below the $28 support

HYPE, the native coin of the Hyperliquid decentralized exchange, is down 8% in the last 24 hours, making it the worst performer among the top 20 cryptocurrencies by market cap.

The bearish performance comes as Bitcoin and the other major cryptocurrencies underperform. HYPE could decline towards the $20 psychological level amid a consolidating market. 

HYPE’s bearish performance comes as the coin is losing retail interest due to the current market conditions. Traders are anticipating a rate cut by the Federal Reserve on Monday, but that hasn’t propped up interest in Hyperliquid.

According to CoinGlass, HYPE’s futures Open Interest (OI) is down 5.91% in the last 24 hours to $1.44 billion. The decline suggests a significant liquidity loss in HYPE derivatives as traders adopt a wait-and-watch strategy.

In addition to that, the long liquidations since Monday topped $1.2 million, surpassing short liquidations of $88,160.

HYPE could dip to $20 if the selloff continues

The HYPE/USD 4-hour chart is bearish and efficient as Hyperliquid has lost 8% of its value in the last 24 hours. The coin is currently trading below $28, breaking the support around $29.37.

If the bearish trend continues, HYPE’s daily candle could close below the resistance level at $26.03. An extended selloff will bring the October 10 low of $20.84 into focus. 

The RSI of 29 shows that HYPE is currently in the oversold territory and could record further losses in the near term. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a rise in bearish momentum, with sellers currently in control of the market. 

If the bulls retake control of the market, HYPE could reclaim the $30 psychological level before rallying towards the resistance trendline near $34.00.

The post Hyperliquid dips below the $28 support. Will it bounce back soon? appeared first on CoinJournal.

• Grayscale has launched the first US spot LINK ETF today.
• HYPE rallies after Sonnet shareholders authorize Hyperliquid DAT’s merger.
• ASTER gains more than 13% on a new collaboration with WLFI.

Cryptos rebounded on Tuesday as the value of all tokens increased by more than 6% to $3.06 trillion.

Bitcoin has reclaimed $90,000 as Ethereum trades above $3,000.

This article evaluates three altcoins, Chainlink, HYPE, and ASTER, that remained in the spotlight today for various reasons.

Grayscale’s spot Chainlink ETF goes live

Grayscale has officially converted its Chainlink Trust to an ETF today, introducing the first-ever US exchange-traded fund.

The debut has met considerable anticipation among the cryptocurrency community as many view Chainlink’s oracle infrastructure as crucial to tokenized real-world assets (RWA) and decentralized finance (DeFi).

Commenting on GLINK’s debut, Grayscale’s ETF official Inkoo Kand said:

Chainlink’s decentralized oracle network is setting the market standard for verifiable data and cross-chain connectivity that underpins tokenization and DeFi across public blockchains. With GLINK, investors can gain exposure to this foundational infrastructure in the familiar ETP wrapper.

Meanwhile, GLINK will simplify institutional access to Chainlink, allowing traditional investors to interact with crypto without directly handling the token.

LINK reacted positively to the ETF news, gaining more than 12% to trade at $13.32.

HYPE gains 10% after key milestone

HYPE soared more than 10% over the past 24 hours after Sonnet confirmed a crucial structural breakthrough.

According to today’s, December 2, press release, the company’s shareholders have approved the decision to introduce Hyperliquid Decentralized Autonomous Treasury (DAT).

Sonnet BioTherapeutics Holdings, Inc. Announces Stockholder Approval of Proposed Business Combination with Hyperliquid Strategies Inchttps://t.co/tzF9O6EgSM $SONN pic.twitter.com/cOT6JSp2ai

— Sonnet Bio (@SonnetBio) December 2, 2025

The plan involves Sonnet merging with Rorschach I LLC to form a unified entity called Hyperliquid Strategies.

Most importantly, the new firm plans to raise $1 billion to buy HYPE.

The massive bet signals unwavering institutional trust in the altcoin.

HYPE is hovering at $33.03 after gaining over 10% within the past 24 hours.

ASTER rallies after WLFI alliance

Aster’s native coin also recorded impressive price actions, gaining over 13% within the last 24 hours.

The upside momentum coincided with a strategic collaboration with Donald Trump-affiliated World Liberty Financial.

Aster founder and CEO Leonard announced the alliance at the fintech and crypto conference in Dubai.

Under this agreement, the decentralized exchange will integrate WLFI’s USD1 – a move designed to enrich the stablecoin’s adoption.

The altcoin is trading above the $1 psychological level after gaining over 13% on its daily price chart.

ASTER eyes further rallies, but declining 24-hour trading volumes highlight weakness.

Meanwhile, the broader crypto market remained elevated today, recovering from sharp dips in the past few sessions.

Bitcoin has gained over 7% on its daily price chart, while Ethereum increased by 10%.

Quantitative tightening ending and renewed ETFs interest fuel the current upside momentum.

The post Altcoins today: Grayscale’s LINK ETF debuts; HYPE and ASTER soar up to 13% appeared first on CoinJournal.