HYPE Token Forecast: Potential Surge Amidst Rising Competition in Perpetual Futures Trading

Emerging Rivals Challenge Hyperliquid’s Dominance in Perpetual Futures Trading

As the decentralized finance (DeFi) landscape continues to evolve, emerging rival platforms with lucrative reward farming systems are posing a significant threat to Hyperliquid’s dominance in perpetual futures trading. Recent forecasts from Cantor Fitzgerald suggest that Hyperliquid’s HYPE token could soar to $200 by 2035, driven by the anticipated impact of the Hyperliquid Improvement Proposal 3 (HIP-3) and the growing adoption of decentralized exchanges (DEXs). However, the rise of competitive platforms is raising questions about whether Hyperliquid can maintain its edge.

Hyunsu Jung, CEO of Hyperion DeFi, which manages the HYPE treasury, has identified HIP-3 as a pivotal factor in Hyperliquid’s next growth phase. According to Jung, this proposal is integral to Cantor Fitzgerald’s valuation framework, which predicts a 15% compound annual growth rate for the HYPE token. The forecast also hinges on the Assistance Fund’s strategy to repurchase approximately 291 million HYPE tokens, effectively reducing the total supply to 666 million and bolstering demand.

Cantor Fitzgerald’s optimistic outlook assumes that centralized exchanges will gradually lose market share to DEXs, with an estimated $600 billion in trading volume shifting over the next decade. The market share of perpetual futures DEXs has already seen a remarkable increase, rising from 2.1% in January 2023 to an all-time high of 11.7% by November 2025, according to Cointelegraph.

However, the emergence of rival DEXs, particularly the upcoming token generation event (TGE) of Lighter DEX, poses a formidable challenge to Hyperliquid’s growth trajectory. Lighter DEX has gained traction with its zero-fee trading model and an innovative points-based yield farming system, reporting daily trading volumes exceeding $8 billion. The anticipation surrounding its TGE, rumored for late 2025, has ignited trader interest, with Lighter points trading at around $12 in over-the-counter markets.

Perpetual swaps, which are futures derivative contracts that track the price of an underlying asset without an expiration date, have become increasingly popular among traders seeking leveraged positions. These contracts maintain their price close to spot assets through a funding mechanism that transfers payments between long and short position holders.

Cantor Fitzgerald argues that, with all fees returned to token holders via buybacks, HYPE should trade at a valuation closer to 50 times earnings by 2035. This projection underscores the importance of sustained DEX adoption and Hyperliquid’s ability to fend off emerging rivals in the competitive DeFi perpetual futures market.

As the landscape shifts, traders and investors alike will be watching closely to see if Hyperliquid can navigate the challenges posed by new entrants and capitalize on its growth potential. The coming years will be crucial in determining whether HYPE can indeed reach the ambitious $200 mark, or if rival platforms will redefine the future of perpetual futures trading.