July 28, 2026
Hyperliquid, the breakout success story in perpetual futures, is not a traditional business and does not issue shares. However, trading activity on the platform accrues value to the HYPE token and, like many other crypto assets, the token can be valued with cash flows. On that basis, we think it looks cheap.
Traditional equities can be valued based on earnings per share (EPS). Blockchain protocols like Hyperliquid can be valued based on “earnings per token” (EPT).
For earnings, we assume the platform will make ~$1bn in 2027, up ~20% from 2025 on the back of an expected recovery in crypto trading volume and a new stablecoin partnership.1
The supply of HYPE tokens is dynamic and depends on network activity. Staking emissions and contributor unlocks (i.e., vesting) add to HYPE supply, while fee burns reduce HYPE supply. There are currently about 270 million HYPE tokens in circulation. We project that circulating supply will total between 270 and 310 million tokens by the end of 2027, based on our baseline expectations for earnings and a range of assumptions for team unlocks.2
Together these estimates equate to roughly $3.25 to $3.75 in EPT, and, at the current HYPE price of $54, a forward “earnings multiple” for HYPE of roughly 15 to 18x, suggesting the token may be undervalued compared to fintech equities (Exhibit 1). Risks to our forecasts include lower than expected network revenue growth and/or higher than expected token supply growth.
Key Takeaway: Despite the gains in Hyperliquid’s HYPE token this year, it still looks cheap compared to fintech equities.
Exhibit 1: HYPE multiple can be compared to traditional fintechs
