Well, butter my biscuit and call me a wizard, Arthur Hayes is at it again, waving his crystal ball around like it’s a magic wand. This time, he’s got his eye on Hyperliquid, claiming HYPE will soar to $150 by August 2026, even if the crypto market moves slower than a tortoise on a Sunday stroll. In a new essay that’s more optimistic than a clown at a birthday party, Hayes argues that Hyperliquid’s got the moxie to outshine the rest, even in a market as exciting as watching paint dry.
Why Hayes Thinks Hyperliquid’s the Bee’s Knees
According to Hayes, Hyperliquid’s the belle of the ball because exchanges, bless their little cotton socks, keep raking in fees no matter which way the wind blows. And Hyperliquid? Oh, it’s got a trick up its sleeve-97% of its protocol revenue goes straight into buying back HYPE. “Hyperliquid’s the golden goose of perp DEXs,” he quipped, “handing out more cash to token holders than a generous uncle at Christmas.”
His target? A whopping 5x jump from $30 to $150. To get there, Hyperliquid just needs to bump its 30-day annualized revenue to $1.4 billion-a feat it pulled off last August, back when the world was young and crypto was still a shiny new toy. Hayes also reckons the market will give the token a fancy new valuation, from 12 times earnings to 25.2 times. Still less than those stuffy traditional exchanges, mind you.
The secret sauce? Hyperliquid doesn’t need crypto derivatives to throw a party-it just needs to steal the guests from centralized exchanges. A mere 3.97% market share increase, and bingo, it’s back to that $1.4 billion revenue. Easy peasy, lemon squeezy.
The real star of the show, though, is HIP-3, Hyperliquid’s permissionless perpetuals listing framework. Stake 500,000 HYPE, and you’re off to the races, launching markets like it’s going out of fashion. Hayes points to early wins in silver, gold, and even the Nasdaq 100. “In just four months, HIP-3’s nabbed nearly 10% of Hyperliquid’s revenue,” he wrote, “proving that permissionless listings are the DEX holy grail. Hyperliquid’s not just in the race-it’s got the fastest horse.”
And if HIP-3 wasn’t enough, Hayes is already eyeing HIP-4, which promises permissionless prediction markets. Upside kicker? You bet. Competition? Pfft. Hayes waves it off like a fly at a picnic, arguing that raw volume figures are about as reliable as a politician’s promise. His metric of choice? ADV-to-OI, because open interest means real money’s on the line. By that measure, Hyperliquid’s the real deal, with the most “genuine” volume among the top perp DEXs. Plus, it’s the cheapest place to trade once you factor in slippage-bargain hunters, rejoice!
Token supply overhang? Hayes admits it was a thorn in his side last year, but the team’s cut back on distributions, giving HYPE a fighting chance to rebound. Even his worst-case scenario’s looking rosy: if the market’s stingy with a 12x earnings multiple, the token’s still worth $58-a 75% jump from current levels. Not too shabby for a stress test.
At press time, HYPE was trading at $33.237, but Hayes is betting the farm on it hitting the big time. Whether he’s a prophet or just a bloke with a lucky guess, one thing’s for sure: the crypto world’s never short on drama. So grab your popcorn, folks-this ride’s just getting started.

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2026-03-10 09:58