Hyperliquid valuation framework: path to $100B+ on the Everything Exchange
Introduces the A1 Research and Redacted report valuing Hyperliquid on its Everything Exchange narrative. Cites 66% perp DEX share, over $1.5T cumulative volume and millions in daily revenue as the base for a $100B+ valuation within a year.
Why do we think @HyperliquidX could reach $120B FDV within one year? We thoroughly examined the data, crunched the numbers, and built a valuation framework around Hyperliquid's "Everything Exchange" narrative. All details in our latest report ↓ t.co/dZqTdm848f
How the call played out · since 04 Jun 2025
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
With 66% of perp DEX share and millions in daily revenue, the Everything Exchange path could take Hyperliquid to a $100B+ valuation.
- At publication
- $36.20
- Now
- $77.88
- vs BTC
- +178%
- After 1 month
- +11%
- After 3 months
- +24%
- After 1 year
- +106%
- High since
- +168% 23 Sep 2026
- Low since
- −42% 21 Jan 2026
Zero has written 34 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueBullish call on $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueBullish call on $HYPE
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.