- Grayscale Research projects Hyperliquid could generate $1 billion in annual revenue by 2027, using a new “earnings per token” (EPT) framework that values HYPE between $3.25 and $3.75 per token.
- HYPE’s circulating supply is estimated at 270–310 million tokens by 2027, with monthly unlocks of 550,000 tokens, leading Grayscale to call the token “cheap” at a 15–18x forward earnings multiple.
- Platform risks emerged after a SK Hynix-linked perpetual futures contract triggered over $80 million in liquidations due to a pricing anomaly, though the operator Trade.xyz said it would cover losses from the anomalous move.
Grayscale Research has developed an “earnings per token” (EPT) framework, valuing Hyperliquid‘s native token HYPE as cheap despite its massive rally this year. The firm projects the decentralized derivatives exchange could generate roughly $1 billion in annual revenue by 2027, driven by a rebound in crypto trading volumes and a new stablecoin partnership linked to AQAv2 infrastructure.
Hyperliquid does not issue shares but instead rewards token holders through fee burns, creating an earnings-per-token metric similar to traditional stocks. Grayscale estimates HYPE’s circulating supply will range between 270 million and 310 million tokens by the end of 2027, with monthly unlocks of 550,000 HYPE from core contributors. “On that basis, we think it looks cheap,” the firm said, citing a forward earnings multiple of 15 to 18 times at HYPE’s current price of $54.
However, the platform’s recent market volatility highlighted risks in Hyperliquid‘s perpetual futures market. A pricing anomaly in an SK Hynix-linked contract built by Trade.xyz triggered over $80 million in liquidations across nearly 1,000 accounts, according to on-chain analyst LookOnChain. The incident began after a single SK Hynix share traded at a 30% discount in South Korea’s pre-market session, sending the contract down nearly 18% within minutes.
Trade.xyz, the market operator under Hyperliquid‘s HIP-3 framework, said on X it would cover liquidation losses attributable to the anomalous portion of the move. Meanwhile, retail sentiment on Stocktwits remained bearish on HYPE, with one user arguing that selling the token is like selling Apple stock into a buyback, as it flows back to Hyperliquid.
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