Pantera: Hyperliquid's future revenue potential is 5 times its current value, with the platform's annual revenue projected to reach $3.7 billion.

BlockBeats News, July 9th. Cryptocurrency venture capital fund Pantera Capital stated that the potential addressable market size of Hyperliquid is approximately $100 trillion in daily nominal trading volume, including around $200 billion in 0DTE options and leverage ETF trading, around $2 trillion in commodity derivative trading, and around $8 trillion in forex derivative trading. If Hyperliquid can sustainably capture a low single-digit percentage share of the aforementioned markets, its revenue potential could reach 5 times its current level.

According to estimates, if HIP-3 market's annualized nominal trading volume reaches $365 trillion and gains a 1% market share, assuming a combined fee rate of 2 basis points and a 50% economic split for Hyperliquid, the platform's revenue could reach around $37 billion. However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Perpetual contracts are not yet fully open in the U.S., and if the U.S. promotes the legalization of related products in the future and introduces regulated platforms, Hyperliquid may face more intense competition, and some U.S. user trading volumes may shift to compliant trading venues. Pantera believes that in the future, Hyperliquid may also launch a regulated version targeting the U.S. market.