A report published Thursday by the research firm Decentralised.co projects a base-case price of $128 for Hyperliquid's native token, HYPE, by 2029. In research terminology, a base case is the scenario an analyst treats as the central expectation over the stated horizon. The valuation work is anchored by a marked shift in the composition of trading activity on the platform.

According to the report, roughly 30% of the volume traded on Hyperliquid (HYPE) in October sat outside crypto markets. That share reached 40% in a single session on October 27. Decentralised.co frames the change as a structural shift in trading activity rather than a temporary fluctuation, a characterization underpinned by both the month-long share and the single-session peak.

Volume Extending Beyond Crypto Markets

The headline finding of the report is the scale of Hyperliquid's non-crypto volume. While cryptocurrency perpetual contracts — derivatives with no set expiry that let traders hold leveraged long or short positions continuously — remain the core of the platform's activity, trading tied to markets that do not reference digital assets has grown into a substantial portion of total volume, peaking at 40% of a single October session.

Platform Background

Hyperliquid is a decentralized exchange specializing in perpetual futures, operating on its own purpose-built Layer-1 blockchain. The protocol has ranked among the most active venues for on-chain derivatives trading, combining order-book execution — the continuous matching of bids and offers familiar from centralized venues — with self-custody of user funds, meaning traders retain control of their assets while trading on-chain. Its native token, HYPE, was distributed to early users through a widely followed airdrop in November 2024, a direct grant of tokens to existing users.

Decentralised.co presents the $128 figure as its base case for HYPE by 2029, with the diversification of the platform's trading base across markets beyond cryptocurrency cited as a structural feature of its October activity. For readers weighing that projection, the share of non-crypto volume in sessions beyond October is the metric that indicates whether the structural framing holds.

This content was first published on COINOTAG: https://en.coinotag.com/decentralised-co-sets-2029-hyperliquid-hype-base-case-128