Hyperliquid has introduced a transformative upgrade, HIP-4, which expands its ecosystem beyond price-driven trading into event-based markets. Simultaneously, venture firm Multicoin Capital released a highly optimistic valuation report projecting the platform's native token, HYPE, could reach $319 by 2028—representing a fivefold increase from current levels.
HIP-4: Outcome Contracts Redefine On-Chain Trading
The HIP-4 upgrade integrates fully collateralized outcome contracts directly into HyperCore, Hyperliquid's high-performance Layer-1 trading engine. These binary instruments settle between 0 and 1, with prices encoding the market's implied probability of a specific event. Unlike perpetuals, they eliminate leverage and liquidation risk: traders post collateral upfront, capping maximum loss while defining a fixed payoff. Multi-outcome questions are supported, with mutually exclusive outcomes priced independently on linked order books.
The design enables prediction markets for macro events, protocol milestones, sports, and governance, as well as bounded option-like instruments. By embedding these markets within HyperCore's unified account system, traders can combine outcome exposure with spot and perpetual positions. Settlement occurs deterministically at expiry via an authorized broadcaster, with correct-side holders receiving quote assets and incorrect holders receiving less or none.
Multicoin’s $319 HYPE Price Target and Platform Valuation
In a separate but thematically aligned development, Multicoin Capital published a detailed base-case scenario for HYPE. The firm projects Hyperliquid could generate $8 billion in annual earnings by 2028 and trade at a 20-times multiple, leading to a fully diluted valuation near $160 billion. With the token around $63 at the time of the report, the $319 target implies substantial upside.
Multicoin highlighted Hyperliquid’s evolution into an “everything exchange” that captures market share from centralized venues. The platform already commands over 7% of global perpetuals volume and has seen growing traction from its Coinbase and USDC integration. The firm disclosed a large HYPE position in its liquid fund, citing consistent execution and a robust growth trajectory, while acknowledging risks from competition, regulation, and market volatility.
Together, the HIP-4 upgrade and institutional endorsement underscore Hyperliquid’s transition from a derivatives-focused DEX into a versatile on-chain financial ecosystem, potentially strengthening HYPE’s long-term value proposition.
