Forecasting HYPE's Worth: Determining a Justified Value for Hyperliquid in 2025

In the rapidly evolving world of cryptocurrency, Hyperliquid, a new Layer 1 blockchain specifically designed for trading, is making waves. The performance-optimized platform has been garnering attention due to its high-performance perpetual exchange, which delivers execution speeds rivaling those of centralized exchanges.

Recently, Hyperliquid forayed into spot markets as a strategic step towards becoming a full-stack trading venue. This move has further boosted its potential value.

A Sum-of-the-Parts (SOTP) valuation model, commonly used in equity research for conglomerates with distinctive business lines, is employed to value Hyperliquid. The model considers the platform's operations across three key dimensions: Perpetual DEX revenue, Spot trading revenue, and Layer 1 chain value.

The revenue multiple used in the valuation is 15x, which is standard for top DEXs. The spot-to-perps ratio in the valuation models ranges from 15-30%. With a 20% scarcity premium added to reflect demand concentration, the HYPE token, Hyperliquid's native token, appears undervalued at current levels.

The projected fair value range for HYPE is $38 to $59, and with a 20% premium, the total implied valuations range from $38 to $59. Notably, the final implied token valuation for HYPE, considering all three streams, aligns with current circulating supply estimates, providing a full-picture assessment of value.

Hyperliquid's core product, the high-performance perpetual exchange, could potentially justify double-digit valuations from the Perpetuals vertical alone. The platform's daily perps volume reached more than $700 million in early 2025, making it one of the highest-volume DEXs.

Hyperliquid's positioning as a lean, self-financed DeFi platform with a Total Value Locked of approximately $2.2 billion sets it up to capture significant market share as crypto matures and more trading activity moves on-chain. The protocol's native token, HYPE, is generating increasing interest due to soaring trading volume and ecosystem diversification.

However, the valuation assumes unclear token unlock schedules, volume sustainability uncertainty, growing ecosystem depth, regulatory ambiguity, and competitive pressure as risks. Despite these challenges, Hyperliquid is building a programmable, modular L1 blockchain - HyperEVM - to attract builders and apps, further bolstering its potential value.

As Hyperliquid continues to grow and evolve, it remains a compelling player in the cryptocurrency landscape, offering a high-performance, versatile trading platform for the future.