Arthur Hayes Makes Bullish Case for 126x Surge in HYPE Token

Hayes Maps 126x Potential for Hyperliquid’s HYPE as Stablecoin Boom Accelerates

Arthur Hayes, the BitMEX co-founder now leading crypto VC firm Maelstrom, has set one of the boldest targets in the market: a 126x potential upside for Hyperliquid’s HYPE token.

Hyperliquid’s Position

Hyperliquid is a decentralized exchange built entirely on its own blockchain, specializing in perpetual futures. Unlike Binance or Coinbase, it operates without centralized servers, offering speed comparable to top-tier CEXs but with all execution and settlement happening transparently on-chain.

Its HYPE token functions as the backbone of the platform, granting governance rights, staking rewards, and direct exposure to trading fee growth. Hayes calls the project a “decentralized Binance” — noting its two-thirds market share in decentralized perpetuals and rapid feature rollout under founder Jeff Yan’s leadership.

Macro Thesis

Hayes ties his bullish view to fiat debasement. As global currencies erode, more savers turn to stablecoins like USDT and USDC. Once they hold stablecoins, the path of least resistance for yield and speculation lies within crypto — and, in his view, on platforms like Hyperliquid.

The Math Behind 126x

• Stablecoin supply could reach $10 trillion by 2028, according to Maelstrom’s model.
• Using Binance’s historical ratio, daily volumes could equal ~26% of supply, or $2.6 trillion in trades per day.
• With a 0.03% fee rate, Hyperliquid could generate about $258 billion in annual revenues.
• Discounted at 5%, that implies a present value near $5.16 trillion — against HYPE’s current fully diluted value of ~$41 billion.

The difference points to the 126x upside headline figure.

Big Assumptions, Big Claim

The projection relies on several key conditions: sustained stablecoin growth, Hyperliquid maintaining dominance, and trading fees holding steady. Hayes acknowledges the risks but frames Hyperliquid as the natural venue for a world where saving flows through stablecoins and speculation happens on-chain.

His conclusion is clear: “The king is dead. Long live the king.” Hayes suggests Binance’s dominance could one day give way to Hyperliquid — with HYPE capturing the economics of that shift.