dex

Cantor Fitzgerald has dropped a rare, 62-page initiation report on Hyperliquid, laying out a long-term case for HYPE reaching a $200 billion market cap within the next decade. The valuation is built on a model that assumes $5 billion in annual revenue and applies a 50x earnings multiple.
More than a price target, the report signals a shift in how Wall Street views decentralized exchange infrastructure. Cantor initiated overweight coverage on two Hyperliquid-linked digital asset treasuries, underscoring growing institutional confidence in the protocol’s economics.
From DeFi Speculation to Market Infrastructure
Cantor frames Hyperliquid not as a high-risk DeFi experiment, but as core trading infrastructure comparable to global exchanges. That framing sets this analysis apart from typical crypto bull cases.
Hyperliquid runs a decentralized perpetual futures exchange on its own custom layer-1. In 2025 year-to-date, it has processed nearly $3 trillion in volume and generated roughly $874 million in fees. About 99% of those fees flow back to the ecosystem through token buybacks and burns, tightly coupling platform usage with HYPE’s value.
Liquidity as the Moat
Cantor describes Hyperliquid as a potential “exchange of all exchanges,” arguing there’s a credible path to $5 billion in annual fees as the platform expands across perpetuals, spot markets, and HIP-3 products.
The model assumes 15% annual volume growth, reaching approximately $12 trillion in yearly trading volume within ten years. While competition is cited as the main risk to HYPE’s upside, Cantor believes those fears are overstated. The report notes that incentive-driven traders often rotate back to venues with the deepest liquidity and best execution.
Even a 1% share gain from centralized exchanges could translate into roughly $600 billion in additional volume and more than $270 million in annual fees.
Equity-Style Exposure to HYPE
Alongside the token, Cantor initiated coverage on Hyperliquid-focused treasury vehicles Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD), assigning Overweight ratings with price targets of $5 and $4. Both companies hold HYPE to generate staking yield and provide regulated equity exposure to the protocol, and both currently trade at discounts to NAV—something Cantor views as an opportunity for traditional investors.
As one observer put it: “Wall Street doesn’t spend 62 pages on protocols it thinks will disappear.”
Still, the market hasn’t caught up to the narrative. HYPE remains about 53% below its prior highs, highlighting the gap between price action and institutional positioning.
A Broader Signal
Beyond Hyperliquid itself, the report reflects a wider change in how traditional finance approaches crypto—using revenue forecasts, cash-flow multiples, and infrastructure comparisons instead of purely speculative frameworks.
Cantor’s deep dive suggests decentralized perpetual exchanges may be moving from the edges of crypto markets toward the center, especially as regulatory clarity improves and institutions look for compliant, on-chain exposure.
#DEX

Uniswap holds steady above $5 as the market eagerly awaits the efficiency upgrades of V4.
What's Happening:
$UNI trades at $5.08, up nearly 1%. Uniswap Labs continues to push for better mobile wallet penetration.Fees generated remain industry-leading, though value accrue to token is still a governance "coming soon" hope.Regulatory heat seems to have cooled slightly for DeFi front-ends.
Why It Matters: Uniswap is the king of DEXs. Where it goes, DeFi follows. Holding $5 is a psychological win for the sector.
Technical View: $5.00 is huge support. We are bouncing off it. Resistance at $5.50. Market structure neutral-bullish on short term.
🎯 Key Levels:
Support: $5.00 | Resistance: $5.50 24h Range: $5.02 - $5.15
💡 Liquidity is the lifeblood of crypto, and Uniswap is the heart.
What's your take? Drop a 🔥 for bullish, ❄️ for bearish 👇
#Uniswap #UNI #DeFi #DEX #V4
Disclaimer: This content is for educational purposes only and should not be considered financial advice. Always do your own research (DYOR) before making any investment decisions.

A 62-page report from Cantor Fitzgerald models Hyperliquid’s HYPE token reaching a $200 billion market cap in 10 years, based on $5 billion in projected annual revenue and a 50x earnings multiple.
The investment bank began overweight coverage on two digital asset treasuries linked to the protocol, marking a shift in how Wall Street values decentralized exchange infrastructure.
Cantor Fitzgerald Projects $200 Billion Valuation for Hyperliquid HYPE Token
Cantor Fitzgerald has released a rare, 62-page research report initiating coverage on Hyperliquid and its surrounding ecosystem. The financial services company projects a long-term path toward a market capitalization of over $200 billion for the HYPE token.
The analysis marks one of the most detailed examinations yet by a major Wall Street firm into decentralized perpetual futures infrastructure.
The report models Hyperliquid generating $5 billion in annual revenue over the next decade, applying a 50x multiple to arrive at a $200 billion valuation.
Analysts frame the protocol not as speculative DeFi, but as trading infrastructure comparable to global exchanges. This approach sets the research apart from more aggressive crypto bull cases.
Hyperliquid operates a decentralized perpetual futures exchange built on a custom layer-1 blockchain. Year-to-date 2025, the platform has processed nearly $3 trillion in trading volume, generating approximately $874 million in fees.
Around 99% of protocol fees are returned to the ecosystem via token buybacks and burns, directly linking platform activity to token value.
Cantor Fitzgerald Sees Liquidity as Hyperliquid’s Durable Advantage
Cantor describes Hyperliquid as a potential “exchange of all exchanges.” The firm argues there is a realistic path for annual fees to scale toward $5 billion. This is as the protocol expands across perpetuals, spot trading, and HIP-3 markets.
The report assumes a 15% annual volume growth rate, reaching roughly $12 trillion in annual trading volume within ten years.
The analysis emphasizes that competition remains the primary variable influencing HYPE’s price trajectory.
However, Cantor argues that concerns over rival platforms may be overstated. The firm notes that traders seeking incentives, referred to as “point tourists,” tend to migrate back toward venues offering the deepest liquidity and best execution.
Even a 1% market share gain from centralized exchanges could add approximately $600 billion in volume. It could also lead to more than $270 million in annual fees, according to the report’s estimates.
Alongside HYPE, Cantor initiated coverage on Hyperliquid-focused digital asset treasury companies Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD). It assigns Overweight ratings with price targets of $5 and $4, respectively.
These entities hold HYPE tokens to generate staking yields while offering regulated equity exposure to the protocol’s economics. Both currently trade at discounts to net asset value, which Cantor views as an opportunity for traditional investors.
“…Wall Street doesn’t waste 62 pages on protocols they think will die. $26.84 with Cantor’s reputation behind it is the setup,” one user quipped.
Nonetheless, market reaction highlights the disconnect between price and positioning. HYPE remains roughly 53% below its highs.
Beyond valuation, the report reflects a broader shift in how traditional finance approaches crypto. By applying equity-style revenue modeling, cash-flow multiples, and infrastructure comparisons, Cantor Fitzgerald is treating Hyperliquid less as an experimental DeFi product and more as a foundational trading venue.
Cantor’s deep dive suggests decentralized perpetual exchanges may be moving from the periphery of crypto markets toward their core. This is as regulatory clarity improves and institutions seek compliant exposure to on-chain markets.
#DEX