Hyperliquid (HYPE) Price: Arthur Hayes Sets $150 Target As HYPE Surges 11%

TLDR

• Arthur Hayes of Maelstrom named HYPE his firm’s largest altcoin position and set a $150 price target
• HYPE rose 11.3% in 24 hours to around $35, outperforming Bitcoin’s 3.1% gain
• Hayes says 97% of Hyperliquid’s revenue is used to buy back HYPE tokens from the market
• To hit $150, Hyperliquid needs to reach $1.4 billion in annualized revenue — a level it hit in August 2025
• Even in a stress case, Hayes values HYPE at around $58, roughly 75% above current levels

Hyperliquid’s native token HYPE surged more than 11% on Monday after Arthur Hayes, chief investment officer at Maelstrom, disclosed it is now his firm’s largest altcoin position.

Hayes published a detailed essay setting a $150 price target on HYPE, calling Hyperliquid the dominant decentralized exchange (DEX) for perpetuals trading.

HYPE climbed to around $35 in the last 24 hours. Bitcoin rose around 3.1% in the same period, briefly attempting a breakout above $70,000 before pulling back.

HYPE has more than doubled over the past year. Bitcoin, by contrast, has fallen nearly 15% in that time. HYPE remains more than 40% below its all-time high of $59, reached in September 2025.

Why Hayes Is Bullish On HYPE

Hayes says Hyperliquid is the largest revenue-generating crypto project that is not a stablecoin. He says 97% of protocol revenue goes toward buying back HYPE tokens from the open market.

His $150 target requires Hyperliquid to grow 30-day annualized revenue to $1.4 billion — a level the platform previously reached in August 2025. It also assumes the market re-rates the token from around 12x earnings to roughly 25x.

Hayes argues Hyperliquid does not need overall crypto derivatives growth to get there. A 3.97 percentage-point increase in market share from centralized exchanges would be enough.

HIP-3 and New Revenue Drivers

Hayes points to HIP-3, Hyperliquid’s permissionless perpetuals listing framework, as a key growth driver. Users who stake 500,000 HYPE can launch new markets using the platform’s engine.

Early markets include silver, gold, the Nasdaq 100, and the S&P 500. Hayes says HIP-3 volumes already account for close to 10% of total Hyperliquid revenues within four months of launch.

His model assumes HIP-3 revenue grows 160% over six months. He also flags HIP-4, a permissionless prediction market feature, as a potential upside catalyst not included in his base case.

On token supply concerns, Hayes notes the team distributed roughly 20% of awarded tokens in November and December 2025, but cut that to about 1% in January and February 2026.

In a stress scenario — where the market applies only a 12x earnings multiple — Hayes still values HYPE at around $58. At press time, HYPE traded at $33.24.

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