In a striking revelation at Tokyo’s WebX 2025, Arthur Hayes, co-founder of BitMEX and a prominent figure in the crypto sphere, made a compelling case for Hyperliquid’s HYPE token. He boldly predicted an astronomical 12,500% rise by 2028, capturing the attention of investors and enthusiasts alike. With the crypto market ever-dynamic, Hayes’ forecast has sparked widespread discourse.
A Bold Projection
Hayes, speaking before an attentive audience, laid out a numbers-driven argument for HYPE. A slide titled “Hyperliquid: 126x Upside” painted a vivid picture: annualized fees could skyrocket to $258 billion, driven by an expanding stablecoin ecosystem. This growth, Hayes suggested, would propel the decentralized perpetuals exchange’s value to new heights, with a terminal value projection of $5.161 trillion. The current fully diluted valuation stands near $41.05 billion, highlighting the enormous upside potential. This optimism is echoed in recent reports of Hyperliquid’s volume soaring to $3.4B, showcasing the platform’s growing influence.
The timing of Hayes’ optimistic forecast is not coincidental. Hyperliquid has been hitting significant milestones, with open interest peaking above $15 billion and weekend trading volumes reaching an all-time high of approximately $19.46 billion, according to DefiLlama. “The path to 126x is paved with stablecoin growth,” Hayes declared, emphasizing the potential for a $10 trillion stablecoin market by 2028.
The Stablecoin Connection
What makes Hayes’ projection especially intriguing is his focus on stablecoins. The robust logic underpinning his thesis is that as the stablecoin market expands, so too will Hyperliquid’s share of daily trading volumes, potentially reaching 26.4%. This volume surge would translate into staggering annualized fees for the protocol, fundamentally altering the landscape of decentralized exchanges.
A recent research note from Redstone affirms this trajectory, noting that Hyperliquid has captured over 75% of the decentralized perpetual exchange market in just two years, challenging giants like dYdX and occasionally rivaling Binance on select trading pairs. Hayes’ macro-to-micro bridge connects the dots: stablecoins fuel trading activity, and HYPE capitalizes on this boom, reflecting the protocol’s economic growth.
Hayes’ Personal Investment
Not merely a bystander, Hayes has put his money where his mouth is. On August 15, on-chain analysis from Lookonchain revealed Hayes’ significant purchases of HYPE, alongside other tokens like LDO and ENA, totaling around $15.9 million. This move underscores his conviction in the long-term viability and potential of Hyperliquid and its native token.
Hyperliquid’s model—a decentralized venue for perpetual futures—enables traders to engage in leveraged exposure without expiry. Operating on its own Layer 1 blockchain, the platform has seen consistent growth in open interest and fee generation throughout 2025. Hayes has previously hinted at HYPE reaching a $100 price point, but this recent presentation is his most detailed attempt to quantify a 2028 outcome. His bullish stance on the crypto market is further highlighted in his prediction of Ethereum reaching $20,000 this cycle, which could fuel interest in altcoins like HYPE.
Looking Ahead
As HYPE currently trades at $45.84, the potential for growth remains a topic of heated debate. Critics question whether the stablecoin market can indeed reach the $10 trillion mark and whether Hyperliquid can maintain a quarter-share of decentralized perpetuals average daily volume. However, the mechanism Hayes highlights—where fee throughput scales with stablecoin adoption and is captured in token value—resonates with many analysts who view HYPE’s design as inherently linked to venue performance.
The crypto community now finds itself at a crossroads, pondering the feasibility of Hayes’ vision. As the broader market continues to evolve, the next few years will be critical in determining whether Hyperliquid’s ambitious trajectory can be realized. For now, all eyes are on the interplay between stablecoins and decentralized exchanges, with HYPE at the center of this burgeoning narrative.
Source
This article is based on: This Altcoin Is A 12,500% Crypto Bet Until 2028, Says Arthur Hayes
Further Reading
Deepen your understanding with these related articles:
- Arthur Hayes Sees $20K ETH Ahead, Why He’s Backing Ethereum Over Solana
- Crypto Price Analysis August-22: ETH, XRP, ADA, BNB, and HYPE
- Stablecoin Market Could Hit $1.2T by 2028, Maybe Affecting U.S. Government Debt Yields: Coinbase
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
