The native token of decentralized derivatives exchange Hyperliquid (HYPE) rose on Monday after BitMEX co-founder Arthur Hayes projected massive upside for the platform.
Speaking at the WebX 2025 conference in Tokyo, Hayes told attendees he expects HYPE to increase 126-fold over the next three years, citing rapid growth in stablecoin adoption as the catalyst.
Watching @CryptoHayes predict HYPE pumping 126x in Tokyo.
Hyperliquid. pic.twitter.com/PL8xI0gcsB
— Alex Svanevik 🐧 (@ASvanevik) August 25, 2025
Hayes argued that the expansion of stablecoins would drive Hyperliquid’s annualized fees to $258 billion, up from its current $1.2 billion. The forecast came as HYPE traded near $46, according to CoinMarketCap, and $47 on CoinGecko — about 7% below its July all-time high of $50.
Hyperliquid has quickly emerged as a dominant force in decentralized perpetual futures, contracts that allow leveraged trading without expiry. Data from analytics platform Hypertracker showed total open positions hit a record 198,397 on Monday, while open interest climbed above $15 billion. Total wallet equity also reached an all-time high of $31 billion.
Trading activity has surged in recent weeks. Hyperliquid processed $1.56 billion in volume over the weekend, according to DefiLlama, while transaction fees so far in August have matched July’s record $93 million. The exchange now handles up to $30 billion in daily volume, nearing Binance’s scale on certain pairs.
A recent report from data provider Redstone underscored the platform’s rapid ascent.
“In less than two years, Hyperliquid went from zero to consistently capturing over 75% of the decentralized perpetual exchange market,”
the report noted, a position once held by rival dYdX.
With user activity at all-time highs and its token hovering near peak levels, Hayes’ bold prediction places Hyperliquid at the centre of the debate over whether decentralized exchanges can rival centralized giants in scale and liquidity.
Hayes also reiterated his bullish stance on Ethereum (ETH), predicting it could climb to $20,000 before the end of the current cycle. He revealed he has re-entered the market by repurchasing ETH he previously sold, citing strong upward momentum in the broader crypto sector.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
