HYPE is trading at $39.29, giving it a market capitalization of about $10.06 billion and a global rank of No. 10. The token has gained nearly 35% over the past month. Even at that level, Hyperliquid Strategies CEO David Schamis said in an interview with The Rollup that the market may still be valuing it incorrectly, especially if investors compare it with the frameworks commonly applied to Ethereum and Solana.
Fees, open interest, and volume sit at the center of the thesis
Schamis based his case on operating figures rather than sentiment. Hyperliquid generated $14 million in protocol fees last week, up 56% from the prior week. March is tracking toward $53 million in monthly fees, which implies an annualized run rate above $600 million. Over the last 30 days, the platform processed $208 billion in trading volume.
In perpetual futures DEX trading, Hyperliquid holds more than 70% of the market by open interest. That scale is a major part of the argument. The platform is being framed less as a niche crypto venue and more as one of the most actively used financial protocols in the sector.
Three markets shape the upside argument
Schamis split the bull case into three addressable markets. The first is perpetuals, where he believes Hyperliquid is taking share from centralized exchanges. Activity on the platform is also broadening beyond crypto-only markets. Of the top 30 markets by open interest, only 7 are crypto pairs, while the rest include commodities and equities.
He pointed to trading flows during the Iran-related tensions earlier this month, when market participants moved to Hyperliquid because it operates without closing hours. During that period, the platform’s crude oil perpetual reached a peak daily volume of $1.7 billion. That example is being used to show how onchain derivatives can capture demand tied to traditional asset exposure.
RWA growth and HIP-4 add another layer
The second market is real-world assets. Schamis said any asset that can be priced through an oracle could be listed on Hyperliquid onchain. The article notes that Hyperliquid’s trading volume increased 100x in six months, with rising interest from RWA traders described as a major driver.
The third piece is HIP-4, which is now live on testnet. It is designed to introduce prediction markets and options-style instruments without leverage and without liquidations. Schamis, who has more than 25 years of insurance experience, said structured products and insurance represent a multi-trillion-dollar market that crypto has barely entered. The piece also notes that three ETF filings tied to the theme, from Grayscale, Bitwise, and 21Shares, are still pending.
Why the debate over valuation remains open
The article also laid out the bear case. Regulatory uncertainty could slow expansion, and competition in financial services can quickly erode advantages because users often move to the venue with the best pricing and deepest liquidity. On that basis, whether HYPE is cheap at around $40 depends on what version of Hyperliquid the market believes it is pricing today.