TheBlock
Hyperion DeFi CEO Hyunsu Jung told The Block that Hyperliquid's native token HYPE remains undervalued relative to where the network is heading, drawing a direct comparison to listed exchange operators. Jung noted that the protocol's fully diluted valuation approached $75 billion at its recent peak, putting it in the same conversation as CME Group, Interactive Brokers, and Robinhood on a market-cap basis. HYPE hit an all-time high above $76 this week before pulling back to $67.14 at 1:55 p.m. ET on Thursday, down roughly 10% on the session.
Jung's core thesis is that Hyperliquid is no longer just a decentralized perpetual futures exchange — it's on track to become a broader blockchain ecosystem, the same way Ethereum hosts Uniswap, Aave, and Lido as multi-million-dollar daily revenue generators. He expects a comparable L1 premium to accrue to HYPE as more capital and applications settle on the network.
Why it matters
The bull case has stacked up fast. Newly launched spot HYPE ETFs have already pulled in roughly $900 million in early volume, signaling institutional demand. Citrini Research has separately highlighted the protocol's cash-flow profile and a buyback program that meaningfully tightens float. And the HIP-3 SpaceX perp posted $1.4 billion in volume on its IPO debut, accounting for 30% of all HIP-3 activity that session — a launchpad the incumbents don't have.
The macro overlay also matters: HYPE is up more than 150% year-to-date, while Bitcoin is down nearly 30% over the same period, a divergence that frames Hyperliquid as a relative-strength trade rather than a beta play on BTC.
Market impact
Jung pointed to the Clarity Act as a path for registered investment advisers, insurance funds, and pension funds to eventually access the Hyperliquid ecosystem, a regulatory tailwind the chain is now actively lobbying for via its DeFi policy center. On the corporate side, Hyperion itself holds 2 million HYPE tokens and has begun using that stockpile as collateral to write and settle options, layering premium income on top of staking revenue.
Frequently asked questions
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Why does Hyperion's CEO think HYPE is still undervalued?
Hyunsu Jung told The Block that Hyperliquid's fully diluted valuation, which approached $75 billion at the recent peak, puts it in the same conversation as CME Group, Interactive Brokers, and Robinhood on a market-cap basis — and that the network is still early in evolving from a perps DEX into a broader blockchain…
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How much have spot HYPE ETFs pulled in since launch?
Newly launched spot HYPE ETFs have recorded roughly $900 million in early volume, which Jung cited as evidence of building institutional demand for the token.
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What is the HIP-3 SpaceX perpetual and why does it matter?
The HIP-3 SpaceX perp is Hyperliquid's tokenized perpetual contract tracking pre-IPO SpaceX shares. It posted $1.4 billion in trading volume on its debut session, accounting for 30% of all HIP-3 activity that day.
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How is HYPE performing relative to Bitcoin in 2026?
HYPE is up more than 150% year-to-date while Bitcoin is down nearly 30% over the same period, framing Hyperliquid as a relative-strength trade rather than a beta play on BTC.
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What is Hyperion DeFi doing with its HYPE holdings?
Hyperion holds 2 million HYPE tokens and has begun deploying that stockpile as collateral to write and settle options, generating premium and fee income on top of revenue from staking the tokens.
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