Hyperliquid is a decentralized exchange (DEX) with a highly performant, orderbook-supported perpetual trading experience. Its total implied value ranges from a low of $32 up to $49, and up to $38-$59 if you add on a premium. This valuation takes into account Hyperliquid’s activities in perpetual DEX revenue, spot trading revenue, and overall Layer 1 chain value. Recent analysis by DappRader suggests that the HYPE token’s FDV weighted average is about $16.5 billion. Considering an estimated circulating supply of 920-950 million tokens, it can be possibly seen under-valued at current levels.

The billion-dollar valuation isn’t all that surprising, especially given Hyperliquid’s performance in the hot decentralized finance (DeFi) space. Aside from FTX, their biggest competitor dYdX has seen their platform’s daily perpetuals volume climb above $700 million in early 2025. Hyperliquid’s success depends on vibrant trading activity bolstered by new on-chain use cases. This potent combination makes it a major contender in the burgeoning world of decentralized exchanges.

Perpetual DEX Valuation

Hyperliquid’s main product is its perpetual exchange, which runs fully on-chain. Through this design, traders can be assured of transparency and security. For the perpetual DEX value, we expect the per DEX value to be in the range of $11 to $16. This rough calculation assumes a revenues multiple of 15x, a fair benchmark for leading DEXs.

The protocol fees on Hyperliquid are just 0.03% of trading volume. The platform uses a unique revenue-sharing model that mainly focuses on encouraging more users to join and prosper within its ecosystem. Next, analysts use that revenue multiple to the estimated earnings from the perpetual trade. That calculation provides them with a baseline for their projected valuation range.

Our $600m+ valuation takes into account Hyperliquid’s competitive positioning and the overall state of the market. It’s a testament to its ability to drive continued economic development and job creation through its core service — public transportation. This projection suggests that Hyperliquid will maintain its current share of the market. It anticipates that the platform will keep attracting users who are seeking high-performance, on-chain trading experiences.

Spot Trading and Layer 1 Chain Value

Aside from its endless swap, Hyperliquid makes money through spot trading and its proprietary Layer 1 chain. We estimate the spot trading value to be at least $3-$6. We calculated this range by modeling spot volume as a percentage of perpetuals volume. For our analysis, we assumed a conservative estimate of 15% and an aggressive estimate of 30%.

The predicted value of the Layer 1 chain itself is between $18 to $27. This benchmark is against similar sized mid-cap Layer 1 chains. The valuation demonstrates the powerful potential of Hyperliquid’s blockchain-enabled trading infrastructure. Its infrastructural character allows it to more powerfully undergird a larger ecosystem of decentralized applications and services.

Hyperliquid’s strong revenue monetization from a variety of sources adds to its valuation. One of the biggest unique strengths is the combination of a perpetual DEX, spot trading, and Layer 1 chain value providing a diversified revenue stream. This diversification has the dual benefit of reducing risk, while simultaneously making the platform more attractive to investors.

Implied Token Valuation

With a total implied value of $120M, Hyperliquid is the first DEX to raise so much. It averages its always on DEX, spot trade market and Layer 1 chain multiples, averaging $32-$49. Accounting for a premium, the total implied value jumps to between $38 and $59. This premium reflects the upside of future growth, creativity, market-making and of course, leadership.

Based on their analysis, HYPE token is undervalued at present. …comprising 55 projects with a weighted average FDV of >$16.5 billion and with an estimated circulating supply of 920-950 million HYPE tokens. This suggested token valuation range of $38 – $59 still represents a large upside potential for investors. That is no small potential, considering the platform’s current pace and trajectory, as well as future growth opportunities.

That valuation is indeed based on Hyperliquid’s fundamentals and strategic positioning. The platform’s cutting-edge technology, high trading volumes, and diversified revenue streams create a great investment story and thesis. The DeFi world is rapidly developing. Hyperliquid is now well-positioned to capture these new opportunities and deliver significant value back to its $LIQ token holders.