Cantor Fitzgerald thinks that HYPE will rise to $200 by 2035, although other DEXs are getting more and more crypto traders as they come up with profitable reward farming techniques.
Exchange for decentralised perpetuals Hyperliquid has been one of the most successful crypto projects in 2025, but other companies with better incentive systems are trying to steal investors.
Cantor Fitzgerald says that Hyperliquid’s HYPE HYPE$25.25 coin will rise to $200 by 2035. Hyunsu Jung, CEO of the HYPE treasury company Hyperion DeFi, said that the rise will be caused by the Hyperliquid Improvement Proposal 3 (HIP-3).
Perpetual swaps are futures contracts that follow the price of an underlying asset but don’t have an end date. A funding mechanism keeps the price of contracts close to the price of spot assets by moving payments between people who are long and short on the contracts.
According to a research by data aggregator CoinGecko, the market share of perpetual futures DEXs went from 2.1% in January 2023 to 11.7% in November 2025, which is the highest level ever.
Price of HYPE tokens will reach $200 by 2035
Cantor Fitzgerald’s research note from earlier this month said that the HYPE token would rise to over $200 in the next 10 years, since more and more people are using decentralised trading venues.
Because all fees are returned to token holders through buybacks, we think HYPE should trade at closer to 50x,” the company wrote in a research note on December 16. They also said, “Using this method, we see a way for HYPE to go over $200.
The company’s forecast was based on the idea that the token’s price would rise at a compound annual growth rate (CAGR) of 15% and that the Assistance Fund would buy back around 291 million HYPE tokens, bringing the total supply down to 666 million tokens.
The AF is an on-chain organisation that spends 99% of protocol trading fees to buy back HYPE tokens in order to make demand for the token seem higher than it really is.
The positive prognosis also says that CEXs will lose around 1% of their market share each year to DEXs, which is about $600 billion in trading volume.
Rival perpetual DEXs and incentive farming pose key risks
Emerging competitor DEXs are still the biggest danger to Hyperliquid’s expected growth, especially the upcoming token generation event (TGE) of Lighter DEX.
Lighter, a decentralised exchange (DEX) built on Ethereum rollups, started to gain traction thanks to its no-fee trading strategy and unique points-based yield farming system. It now has daily trade volumes of over $8 billion.
Lighter’s incentive farming method made traders think a TGE would happen soon, with rumours saying it would happen at the end of 2025. According to the airdrop farming account Legends Trade, Lighter points have been selling for about $12 in over-the-counter marketplaces since December 20, even though the network hasn’t officially announced a coin yet.