Arthur Hayes Forecasts 126x Surge for Hyperliquid’s HYPE Token

BitMEX co-founder Arthur Hayes has ignited bullish sentiment around Hyperliquid's HYPE token, projecting a staggering 126-fold appreciation potential during his keynote at Tokyo's WebX 2025 conference. The decentralized exchange's governance token currently trades at $46, merely 7% below its July peak of $50, following a 4% intraday rally.

Hyperliquid's market dominance is crystallizing with $15 billion in open interest and $1.56 billion daily trading volume - metrics rivaling top-tier centralized platforms. The protocol now commands 75% of the decentralized perpetual swaps market, with wallet equity surpassing $31 billion as institutional participation grows.

Hayes' valuation thesis hinges on derivatives demand acceleration, predicting annualized fees could explode from $1.2 billion to $258 billion by 2028. This forecast comes as stablecoin adoption creates fertile ground for sophisticated crypto derivatives products.