Pantera Capital: Hyperliquid's Potential Addressable Market Reaches $10 Trillion in Daily Volume

ChainCatcher report: According to a post by crypto venture capital firm Pantera Capital, Hyperliquid’s potential addressable market size is approximately $10 trillion in daily notional trading volume, including about $200 billion in 0DTE options and leveraged ETF trading, about $2 trillion in commodities derivatives trading, and about $8 trillion in foreign exchange derivatives—currently almost entirely off-chain. Pantera notes that if Hyperliquid can consistently capture a low single-digit share of this combined trading volume, its revenue potential could reach five times its current level. According to estimates, if the HIP-3 market achieves an annualized notional trading volume of $36.5 trillion and captures a 1% market share, with a combined fee rate of 2 basis points and a 50% economic split to Hyperliquid, the platform could generate approximately $3.7 billion in revenue. However, Pantera also highlights regulation as Hyperliquid’s greatest risk. Perpetual contracts are not yet fully available in the United States; if the U.S. were to legalize and launch regulated platforms for these products in the future, Hyperliquid could face intensified competition, with some U.S. trading volume potentially shifting to compliant venues. Pantera also believes that Hyperliquid may, like other platforms, eventually launch a regulated version targeting the U.S. market.