HYPE Is It Really Worth Betting On? Looking Into the Core Values and Future of Hyperliquid

In the crypto market, there’s a fairly “brutal” truth that’s also extremely accurate: the value of a token isn’t in the story—it’s in the cash flow. With HYPE, the core story revolves around one very clear question: whether the platform can make money and whether it will return and share that value with token holders.

The Essence of HYPE: Following the Platform’s Revenue If you look at it closely, holding HYPE is no different from owning a portion of a “share of profits” from Hyperliquid’s revenue.

This model has similarities to BNB: Avenue earns money from trading feesUse part of the profits to buy back (repurchase)Indirectly creates price support for the token The difference is: BNB represents a mature centralized exchange (CEX)HYPE represents a decentralized exchange (DEX)—with plenty of room to grow

Real Value Isn’t in the Token, It’s in the Cash Flow What makes HYPE valuable isn’t the token itself, but: The amount of money and users sitting on Hyperliquid

Why does this matter? More money → more liquidityMore liquidity → more tradingMore trading → more feesMore fees → more revenue → more buyback This is an extremely “clean” and direct value loop.

Current Valuation: Still Depends on Buybacks Recent data shows: Hyperliquid generates about $1 billion in trading fees per yearHas used part of that to buy back ~8 million HYPECurrent market capitalization is around $100 billion (FDV) This indicates: 👉 The current price has some of its support coming from buyback activity Especially in a weak market: No new inflowsBuyback becomes the primary source of demand

Two Phases of HYPE

1. Bad market phase (Bear Market): Price is kept up by: revenue + buybacksLimited upside growth range
2. Good market phase (Bull Market): Volume surgesFees increase exponentiallyBuybacks are stronger 👉 At that time, new growth leverage truly kicks in

User Quality: A Hidden Edge, But a Very Big One One notable point: Hyperliquid is sharing a user base with Polymarket These aren’t everyday users, but instead: Traders with large capitalHigh-frequency tradersBetter market awareness 👉 These people: Don’t trade just for funInstead, they trade continuously → generating stable fees This is “smart money” cash flow—highly valuable

Expansion Potential: Prediction Market One potential direction: Hyperliquid could develop its own prediction market If it succeeds: Attract more new inflowsIncrease trading frequencyExpand use cases 👉 Then the valuation of HYPE could be “re-rated” to a higher level

Clear Investment Thesis Short term: Relies on buybacks to keep the price up Long term: Depends on:Ability to expand trading volumeAbility to attract liquidity from CEXAbility to retain large traders

Price Strategy: Not Always Something You Should Buy One factor you can’t ignore: HYPE still has a large amount of unlocks in the second half of the year 👉 This creates pressure: DilutionSelling pressure So: Price zones below 30 are the only reasonable areas to consider for accumulation

Conclusion HYPE isn’t a “faith-based” story—it’s a very practical equation: It will move up if Hyperliquid keeps making more money—and returns that value to holders When the market is bad → it survives on buybacksWhen the market is good → it explodes thanks to volume If you understand this, you won’t view HYPE as a mere “speculation coin” anymore, but as: a cash-flow machine—and you’re buying the right to share in its returns