As competition in the decentralized derivatives (Perp DEX) sector intensifies, the market's focus has completely shifted from "points issuance" to genuine fundamentals, cash flow generation ability, and token value capture.
As of August 2026, despite the $HYPE price being in a retracement and consolidation phase, Hyperliquid, with its independent L1 architecture and a 97%–99% automatic fee buyback and burn mechanism, as well as HIP-3 / RWA / HyperEVM's counter-cyclical expansion, is still regarded by top institutions and KOLs like Multicoin Capital and Arthur Hayes as a "chain-based money printer" capable of withstanding market cycles.
Today, we will review the long-term valuation logic of various institutions and KOLs regarding $HYPE and take a look at how to seize recent opportunities.
1. Core Long-term Valuation Perspectives from Institutions and KOLs
1. Multicoin Capital: The Most Systematic Institutional Long-term Valuation Model
The market should not view HYPE merely as a traditional growth perpetual DEX. Its vertically integrated L1 + exchange architecture, combined with a token model that uses almost all revenue for automatic buybacks and burns, creates a very deep moat.
Price Expectations (by 2028):
Base Case: The protocol's annual revenue is expected to reach $8 billion by 2028, with a target price of around $319 based on a 20x P/E ratio.
Optimistic Case: The target price could reach $689.
Pessimistic Case: The bottom line is around $109.
Long-term Drivers: HIP-3 permissionless market, Portfolio Margin, prediction markets, and the "buyback flywheel" formed by continuous deflation.
2. Arthur Hayes (Co-founder of BitMEX): "HYPE Man" is Bullish Long-term
Hyperliquid is one of the very few top projects in the market that "can truly make money and return it to holders."
With extremely high real liquidity and an exceptionally low ADV/OI (trading volume/open interest) ratio, it demonstrates the high quality of its trading volume. The 97% revenue buyback mechanism gives it innate resilience and value capture advantages even in sideways or bear markets.
3. Keisan.hl: Cash Flow and P/E Dissection
Positioned as the "AWS of perpetual contracts."
If it captures 25% of the total CEX perpetual contract share in the future, daily revenue will surge to around $15 million, and the current mixed P/E is clearly undervalued.
2. Overview of Core Indicators for Mainstream Perp DEX (30-day Data Comparison)
Data indicates that Hyperliquid has gained an overwhelming advantage in open interest (OI) and buyback strength, making it the absolute leader in the decentralized derivatives market:
Dimension Interpretation: Open interest (OI) reflects actual capital retention better than pure trading volume. Hyperliquid's absolute advantage in OI means that large orders have the lowest impact costs on the platform, showing very strong liquidity stickiness.
3. Trading Benefits: Join the Bybit HYPE Options Launch Event to Share 70,000+ USDT!
To celebrate the official launch of HYPE options, Bybit is launching its first dedicated HYPE options event! Whether you are hedging with options or speculating on market fluctuations, you can simultaneously receive triple rewards:
📅 Event Duration:
From August 6, 2026, 8:00 to September 6, 2026, 7:59 (UTC)
🎁 Overview of the Triple Prize Pool:
Prize Pool A: New User Coupons (10,000 USDT Prize Pool)
Users who trade HYPE options for the first time with a cumulative trading amount > 10,000 USDT will directly receive a 5 USDT Bybit Pay voucher (first come, first served).
Prize Pool B: Lucky Draw (20,000 USDT Prize Pool)
Trading HYPE options grants eligibility for a lucky draw based on effective trading volume, winning additional airdrops.
Prize Pool C: Trading Volume Ranking (40,800 USDT Prize Pool)
Trade any options and unlock different levels of prize pools based on the community's accumulated effective trading volume over 30 days. The top 20 personal rankings will share the corresponding prizes!
There is also a 5050U for newcomers waiting for you!!!
4. Three Steps to Participate and Start Trading HYPE
1. Exclusive Direct Access:
https://jump.do/zh-Hans/xlink-proxy?id=15
2. Chinese-speaking Exclusive Privilege Invite Code: 34429
3. Participation Steps: Go to the event page and click [Sign Up Now] ➡️ Complete Level 1 identity verification ➡️ Trade HYPE options or perpetual contracts ➡️ Use options to hedge risks and automatically accumulate lucky draw/ranking qualifications!
💡 Veteran Summary
The core flywheel of $HYPE lies in: "Increase in trading volume ➔ Surge in protocol revenue ➔ 97%+ of revenue used for buybacks and burns ➔ Dramatic reduction in market supply."
During the market's consolidation phase, "the lower the price, the more HYPE can be destroyed for the same revenue." This strong counter-cyclical deflation mechanism provides extremely high data-based support. Long-term investors may want to pay more attention to its daily buyback and burn data and options hedging opportunities!
Official Telegram Community:
AiCoin Chinese Twitter:
Bybit Benefits Group:
https://aicoin.com/link/chat?cid=7JmRjnl3w
Disclaimer: This article only organizes public market information and viewpoints from KOLs/institutions and does not constitute any investment advice. Options and derivatives trading carries high risks. Please make rational decisions based on your own risk tolerance.
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