A report released by research firm Decentralised.co stated that Hyperliquid's non-crypto asset trading volume accounted for approximately 30% in October, and 40% of its $7.2 billion trading volume on October 27th. The report uses the projected global futures and stock market size of $934 trillion in 2029 as a base, assuming revenue increases from $944 million to $4.91 billion in 2029. A 40x valuation corresponds to a HYPE price of $128, a 30x valuation to $98, and an optimistic scenario to $165; the current HYPE price is approximately $77. If non-crypto fees drop to 0.0004% of CME's, the benchmark valuation drops to $66. Binance launched 229 TradFi perpetual contracts this year, with an average daily trading volume of $13.4 billion, higher than Hyperliquid's $2.3 billion.
