Hyperion CEO Says HYPE Rally Still Undervalues Hyperliquid's Ecosystem Shift

2026-06-18 16:11:00 ET

Hyperliquid’s HYPE token (CRYPTO: ) has already become one of crypto’s strongest trades of the year, but Hyperion DeFi (NASDAQ: ) CEO Hyunsu Jung says the market may still be valuing the network too narrowly.

Jung argued that investors are treating Hyperliquid mainly as a decentralized exchange, even as the platform begins to look more like a broader blockchain ecosystem with its own revenue base, capital inflows and application layer. He compared HYPE’s fully diluted valuation, which approached $75 billion before its latest pullback, with the market capitalizations of CME Group, (NASDAQ: ) Interactive Brokers and Robinhood (NASDAQ: ), then said Hyperliquid is “moving beyond that.”

HYPE recently touched an all-time high above $76 before falling 10% on Thursday to $67.14 as of 1:55 p.m. ET. The token is still up more than 150% this year, a sharp contrast with bitcoin’s nearly 30% year-to-date decline.

The rally has been supported by several catalysts, including strong inflows into newly launched exchange-traded funds tracking HYPE, robust revenue generation and Hyperliquid’s aggressive buyback program. Citrini Research pointed to the exchange’s ability to produce significant cash flow while funding large-scale token repurchases.

Hyperliquid’s market structure is also expanding beyond crypto-native perps. Its HIP-3 perpetual contract tied to SpaceX shares recorded $1.4 billion in volume on its IPO debut day, accounting for 30% of all HIP-3 volume during that session.

Jung said Hyperliquid could follow a path closer to major Layer 1 networks, where applications such as Uniswap, Aave and Lido generate daily revenue on top of Ethereum. He also pointed to a possible regulatory opening under the Clarity Act, which could allow registered investment advisers, insurers and pension funds to participate more directly.

Hyperion holds two million HYPE tokens and earns additional revenue from staking and options-related activity.

Hyperliquid (CRYPTO: HYPE) was trading at $67.96 U.S. per digital token.