Bitwise Says Hyperliquid Is Among the Most Important Crypto Projects in Years

TL;DR:

• Bitwise called Hyperliquid one of the most undervalued assets in the crypto market, even though HYPE has gained 77% so far in 2026.
• Matt Hougan argues the market makes a category error by valuing it only as a perpetual futures exchange rather than a global super-app.
• Hyperliquid generates between $800 million and $1 billion annually in revenue. Its market cap sits between $10 billion and $11 billion.

Hyperliquid, the decentralized trading platform that leads the perpetual futures market in the crypto industry, was called “one of the most undervalued assets in the crypto market today” by Bitwise despite its native token, HYPE, having gained 77% so far in 2026. Those statements were made by Matt Hougan, the firm’s chief investment officer.

Hougan identified two errors that explain the platform’s undervaluation. The first is a category error: the market values Hyperliquid as a crypto perpetual futures exchange, when it should be compared to a global financial super-app encompassing equities, commodities, prediction markets, and currencies. The second is an anchoring error: crypto investors, conditioned by years of tokens that generated no real value, tend to equate HYPE with governance tokens like UNI, ignoring that 99% of the platform’s fees go toward token buybacks.

Hyperliquid is not a crypto app. It's a super app.

It's not targeting the $3 trillion crypto economy. It's targeting the $600 trillion global asset market.

Investors are valuing it as one thing. It's the other. https://t.co/DTdYf7FpGb

— Matt Hougan (@Matt_Hougan) May 19, 2026

Half of Hyperliquid’s Volume Is Non-Crypto Assets

Hougan noted that nearly half of Hyperliquid‘s volume already corresponds to non-crypto assets, including S&P 500 futures, pre-IPO stocks, and commodities. Volume traded in the last month reached $170 billion, making it one of the fastest-growing financial businesses the executive says he has ever seen.

The platform also aligns with the vision of SEC Chair Paul Atkins, who called for the creation of “super-apps” capable of custodying and trading multiple asset classes under a single regulatory license. Hougan argued that Hyperliquid already is that super-app, though he cautioned that it still needs to mature: it is not available to users in the United States and has yet to be integrated into the country’s regulatory framework.

In terms of valuation, the platform’s annual revenues are estimated at between $800 million and $1 billion. With a market cap of between $10 billion and $11 billion, the price-to-revenue ratio hovers between 10 and 14 times that buyback flow, a figure considerably lower than that of Robinhood, which trades at 37 times earnings, or CME, at 24 times, neither of which grows at Hyperliquid’s pace.