Arthur Hayes predicts that $HYPE could reach $150 by August 2026.

Arthur Hayes recently published an analysis of the decentralized derivatives exchange Hyperliquid and its token, $HYPE, projecting a target price of $150 by August 2026—approximately five times higher than the current price of around $30 at the time of writing. Hayes noted that, during periods of crypto market consolidation or decline, exchange tokens have historically outperformed. Hyperliquid is currently the largest source of non-stablecoin revenue in the entire crypto ecosystem and allocates 97% of its revenue to repurchasing $HYPE. Its core growth assumption hinges on the HIP-3 protocol, which enables permissionless creation of perpetual futures markets and has already integrated traditional assets such as gold, silver, and the Nasdaq index, contributing approximately 10% of the platform’s revenue within four months of launch. Hayes’s model forecasts a 160% increase in HIP-3 revenue over the next six months, with the upcoming HIP-4 prediction market protocol also viewed as a potential additional revenue stream. In terms of valuation, $HYPE currently trades at a P/E ratio of approximately 12x, below CME (around 26x) and Coinbase (around 40x). Hayes’s target price model implies a P/E ratio of roughly 25x, assuming the platform’s annualized revenue returns to its historical peak of $1.4 billion.