Pantera Capital published a lengthy article about Hyperliquid, and to be honest after reading it—this article has precisely strengthened the confidence of the bulls.
What did Pantera say?
The core conclusion is just one sentence: Hyperliquid's future revenue potential is five times current levels, with annual platform revenue reaching $3.7 billion.
Translated into terms retail investors can understand: if revenue can increase by five times, the price of $HYPE can at least increase by five times.
Is it really that amazing? Or is it just bias? Let's break it down.
The data is indeed solid.
First, let's talk about the facts. Hyperliquid's current annual fees are about $1.073 billion, annual revenue around $829 million, with 30-day revenue approximately $47.42 million. This is a cash cow at a money printing machine level, finding few competitors in the entire DeFi sector.
More importantly, the value capture of HYPE is much clearer than that of most DeFi governance tokens. The market is generally focused on its Assistance Fund buyback mechanism—analysis from CF Benchmarks indicates that the Assistance Fund will absorb about 97%-99% of the net protocol fees, continuously purchasing HYPE on the open market.
This is completely different from traditional DeFi governance tokens like UNI or AAVE. Many DeFi protocols have "strong protocols, awkward tokens"; Hyperliquid at least solves part of this issue: protocol earning → revenue buybacks → HYPE → token holders can directly feel the value capture.
So from a fundamental standpoint, $HYPE is definitely one of the few assets in Crypto worthy of serious research, even worth allocation.
But here's the problem: good assets do not equal good prices.
The biggest issue with Pantera's article is that it talks about future ceilings, so don't take it as a current buy signal.
Hyperliquid's future revenue could potentially reach five times the current amount, but there are several major premises behind this:
Premise One: Hyperliquid must truly expand from Crypto perp to traditional assets like stocks, commodities, forex, indices, and pre-IPO companies. Pantera broke the TAM into three parts—$200 billion in 0DTE options, $2 trillion in commodity derivatives, and $8 trillion in forex derivatives, totaling a $10 trillion daily market. However, currently, HL's daily trading volume is typically between $3 billion and $5 billion, leaving a gap of three orders of magnitude.
Premise Two: HIP-3 must continuously attract high-quality builders and high-quality markets, rather than relying solely on a few hot assets for short-term volume.
Premise Three: Traditional finance users must be willing to trade these assets on-chain, rather than finally moving to compliant platforms like Coinbase, CME, ICE, or Robinhood.
Premise Four: Regulation won't become a fatal variable.
Premise Five: The valuation of HYPE does not front-load all future growth.
If any of these premises fail, the so-called "5 times revenue" story will need to be discounted.
Regulation is the biggest double-edged sword.
Especially concerning regulation. Pantera interprets the U.S. regulatory acceptance of perp as a great positive, and this direction is correct, but it may not be entirely advantageous for Hyperliquid. Because once the U.S. compliant perp market opens up, true giants will enter.
Coinbase, CME, ICE, Kalshi, Robinhood—these players have licenses, institutional relationships, compliant channels, and traditional users. By that time, Hyperliquid will not just be facing a few on-chain DEXs, but the regular armies of traditional finance.
This could both expand the overall pie of the perp category (a positive) and siphon off Hyperliquid's users and trading volume (a negative).
There's also an easily overlooked risk.
Traditional asset perps sound very attractive, but the actual difficulty is much higher than Crypto perps.
BTC and ETH are traded continuously 24/7 with spot prices being consistent. But stocks, commodities, and private companies do not behave this way. Especially for pre-IPO perps like SpaceX, OpenAI, and Anthropic; often, it isn't about "investing in this company," but trading a synthetic price. There is no real equity, no shareholder rights, no dividends, and no legal claims. If price discovery works well, it's innovation; if not, it's a large emotional casino.
Perspectives from retail investors.
So the view on $HYPE is quite simple:
It is definitely a good asset in this round, even one of the best kinds. The buyback flywheel is turning, revenue growth is visible, and ecosystem expansion speed is astonishing (the founder of ICE said it "is bigger than Nasdaq," and on the day of the Cerebras IPO, a bank was monitoring HL prices).
But don't deify it. Pantera, as a party with vested interests, aims for you to see the potential in HYPE and buy in. After reading, don’t get overly excited; coolly assess your entry position and allocation.
Good asset + good price + good position = profit. All three conditions are indispensable.
If you decide to participate, how to ensure "seeing clearly and keeping up?"
After all this talk about fundamentals, it ultimately has to do with practical operations. What is Hyperliquid's biggest advantage? Full-chain transparency. Every major whale's opening, adding, or closing positions is publicly traceable.
This means you don't need to guess "what the institutions are doing," you can see it directly.
The on-chain smart money tracking feature recently launched by AiCoin amplifies this advantage to the extreme:
From discovery to verification to tracking, a complete chain:
If you come across a major whale address on Twitter, copy and paste it into AiCoin's smart money search box, and you'll instantly see all its historical trades, profit and loss curves, and position distribution. Then click "show on chart"—this feature is the real killer—every trade action of the whale will be directly marked on the price chart. Is he precisely bottoming out, or getting stuck at the top? The chart does not lie.
If you confirm that a certain smart money indeed has skill, you can directly set up copy trading. AiCoin connects directly to Hyperliquid’s on-chain data, so when a whale opens a position, you open a position simultaneously, and when a whale exits, you exit too. Of course, leverage and position should be set according to your own risk tolerance; another's base position is not yours.
When the market is hard to understand, you can also use the AI interpretation feature. It combines chart structures, long-short pressures, capital flows, and liquidation distributions to help you condense the chaotic market information into a clear summary. It won’t make decisions for you but will help you filter out the noise.
In a potential market of $10 trillion daily, seeing what smart money is doing is the biggest alpha.
👉 AiCoin's smart money feature is fully launched, supporting full asset tracking and copy trading on Hyperliquid. Enter invitation code AICOIN88 when registering to enjoy a 4% permanent fee rebate.
🔗 Exclusive registration link
https://app.hyperliquid.xyz/join/AICOIN88
📖 Beginner's tutorial:
- "AiCoin PC Hyperliquid Authorization Trading Tutorial":
https://www.aicoin.com/zh-Hans/article/514197
- "AiCoin Mobile Hyperliquid Authorization Trading Tutorial":
https://www.aicoin.com/zh-Hans/article/541383
- "Beginner's Guide! Hyperliquid First Trade Ultra-Detailed Text and Image Tutorial":
https://www.aicoin.com/zh-Hans/article/510225
The content of this article only represents the author's personal views and does not reflect the platform's stance. The views, conclusions, and suggestions in the text are for investor reference only and do not constitute any investment advice related to this platform. Investing in U.S. stocks still requires one to bear market risks, regulatory risks, and compliance risks related to local laws and regulations (especially foreign exchange controls, offshore investment declarations, etc.).
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