Renowned trader Arthur Hayes has recently expressed strong confidence in the HYPE token, predicting its price could reach $150. He bases this prediction on the core functionality of the Hyperliquid protocol, HIP-3. This feature allows anyone to launch perpetual contracts without permission, and within just a few months, it has successfully introduced trading pairs for several financial assets, including silver, gold, Nasdaq 100, and S&P 500, contributing about 10% of the platform's total revenue. Hayes expects the revenue generated by HIP-3 to grow by 160% over the next six months.
What’s even more noteworthy is that Hyperliquid allocates up to 97% of its revenue for HYPE token buybacks, a ratio that is extremely rare in the crypto space, providing strong support for the token's price. According to disclosures from Hayes' fund, Maelstrom, the fund began accumulating HYPE when its price was in the $20 range and has since developed it into the largest liquidity altcoin position in the fund, while reducing holdings in other assets to further increase its HYPE stake.
In terms of analytical framework, Hayes has discarded traditional trading volume metrics in favor of a more authentic indicator: the ratio of average daily volume to open interest (ADV/OI). Data shows that Hyperliquid has the lowest ADV/OI ratio among the top five decentralized perpetual contract platforms, indicating that its trading volume is less reliant on wash trading or liquidity mining, and has a stronger foundation of substantive trading. Additionally, order book snapshots reveal that whether for orders of $1 million or $10 million, Hyperliquid's execution costs are generally lower than its competitors. Even though its fees are not the lowest, its deep liquidity still presents a strong attraction for real traders.