HYPE, the native asset of Hyperliquid, could rise to $150 if the platform maintains its dominance in decentralized perpetual futures and unlocks new revenue streams through permissionless markets, according to Arthur Hayes, chief investment officer at Maelstrom and co-founder of BitMEX.
In a blog posted on March 9, Hayes stated that HYPE is currently undervalued relative to the revenue generated by its parent platform.
Data from DefiLlama compiled on March 7 shows the protocol generates more revenue than any other DEX project outside stablecoin issuers. Approximately 97% of that revenue flows directly to token buybacks, creating a mechanical bid for HYPE in the secondary markets.
Maelstrom’s financial model projects that Hyperliquid could achieve an annualized revenue run rate of $1.4 billion by August, matching its previous peak, with only a small shift in trading volume from centralized exchanges.
Combined with strong buybacks, this not only creates a supply squeeze but also provides a direct mechanism for translating platform revenue into token value, according to Hayes.
“No other project in all of crypto hands as much money back to token holders as Hyperliquid,” Hayes wrote in the memo.
Trading above $32, the token has risen 7% in the last day, though it remains 45% below its record $59 set in September, per on-chain data. A surge to $150 would multiply the price by five.
Maelstrom’s updated assessment suggests that HYPE’s earlier valuation pressures from competing low- and zero-fee DEXs are less of a concern.
Hyperliquid demonstrates the highest-quality trading activity among the top decentralized perpetual platforms, with a low daily volume to open interest ratio that reflects real capital-backed trading rather than incentivized or wash volumes.
Coupled with industry-leading execution, where slippage is low even on large trades, Hyperliquid is positioned to retain and attract serious traders despite competitor token incentive programs.
If the platform continues to expand its offerings and attract real trading volume, Hayes believes the token could see a rapid repricing over the next several months.
