Crypto asset manager Bitwise has identified Hyperliquid's HYPE token as significantly undervalued, arguing investors are treating the platform like a niche derivatives exchange rather than a broader financial trading 'super-app.' According to a Tuesday blog post by Bitwise CIO Matt Hougan, the market is making 'two errors' in valuing Hyperliquid, underestimating the size of the market it is targeting and failing to appreciate how the token captures value from platform activity. HYPE was more than 8% higher over 24 hours, trading around $48.70 at publication time, as reported by Bitwise. Despite this strong performance, Hougan believes the token remains undervalued, calling it "the most mispriced cryptocurrency" in the current market. In his latest weekly memo, Hougan described Hyperliquid as "one of the most important crypto projects to emerge in years," arguing that investors are still underestimating both the platform's impact and the value of its native HYPE token. Hougan said Hyperliquid should be viewed as a global trading platform covering crypto, equities, commodities, foreign exchange and prediction markets rather than simply a crypto derivatives exchange.
Hyperliquid has demonstrated exceptional growth momentum, with real world asset (RWA) trading reaching a new record high of $2.6 billion in open interest, double the amount from just two months ago, as reported by Bitwise. The platform's $2.9 trillion in trading volume in 2025 represents a more than 400% annual jump, commanding 60% of all on-chain derivative open interest globally. This performance has been further accelerated by the U.S.-Iran war situation, where traders turned to the decentralized exchange for price discovery in off-market hours. HYPE has emerged as the best-performing large-cap crypto asset of 2026, gaining over 77% year-to-date from January to December, with the token rising 7.6% in the last 24 hours to over $48, significantly outperforming Bitcoin's modest 0.3% gain. The platform has expanded beyond its crypto perpetual futures origins into equities, commodities, FX and prediction markets, helping drive a surge in trading activity and investor interest. According to Bitwise, non-crypto assets already account for almost half of trading activity and predicted that proportion could increase to 70% before the end of the year, positioning Hyperliquid as a comprehensive financial trading platform rather than a specialized derivatives venue.
According to Hougan, Hyperliquid represents a new generation of crypto projects designed to directly accrue value to token holders. 99% of trading fees on the platform are used to buy back HYPE tokens, creating what he described as a more direct relationship between platform growth and token value. This token buyback model makes HYPE more comparable to firms like Robinhood or CME than traditional DeFi projects, as reported by Bitwise. The platform's recent launch of its own HYPE-ETF on the New York Stock Exchange demonstrates its evolution into a comprehensive financial trading venue. Hougan framed HYPE as an example of what he called "second-generation crypto tokens" - unlike earlier DeFi governance tokens that had little economic connection to the platforms they represented, HYPE was designed to capture value from the start. Bitwise estimates that Hyperliquid is producing between $800 million and $1 billion in annualised revenue while trading at lower valuation multiples than firms such as Robinhood and CME Group.
The HYPE token has demonstrated strong momentum, rising over 20% in the past week according to CoinMarketCap, with the digital asset trading at $48.50 at the time of writing, up nearly 2% on the day and more than 20% over the past week, according to CoinGecko data. The token now ranks tenth in the list of cryptocurrencies by market capitalization, reflecting its growing prominence in the crypto ecosystem. The platform recorded approximately $170 billion (AU$239.7 billion) in monthly trading volume, according to Bitwise, with Hougan describing Hyperliquid as one of the fastest-growing businesses in finance. Nearly half of the platform's trading volume comes from non-crypto assets including stocks and prediction markets, positioning Hyperliquid as a comprehensive financial trading platform rather than a specialized derivatives venue. The platform is not currently available to US users and still needs to integrate into the US regulatory system, leaving regulatory execution as a key test for the business. Retail sentiment around HYPE turned 'extremely bullish' from 'bullish' on Stocktwits, with chatter at 'extremely high' levels, while Bitcoin sentiment trended in 'bearish' territory.
Bitwise noted that Hyperliquid is benefiting from a more favorable U.S. regulatory environment under SEC Chair Paul Atkins, whose recent comments have supported the idea of financial 'super-apps' that can offer multiple asset classes under a single framework. The platform's new partnership with Coinbase (COIN) and Circle (CRCL) is redirecting stablecoin economics away from issuers and toward crypto trading venues, a shift analysts say could fuel sustained demand for the HYPE token while pressuring Circle's margins. The momentum has been further supported by Maelstrom CIO Arthur Hayes' $150 year-end price target on Hyperliquid, with the token among his biggest positions in altcoins amid the 'crypto winter' alongside ZCash (ZEC) and Near Protocol (NEAR). The memo comes as Bitwise's Hyperliquid-focused ETF debuted last week, extending institutional access to HYPE as the token continues to rally, with Hougan framing Hyperliquid as an early example of what crypto projects can become under a clearer regulatory environment.
