HyperVision v2

Hyperliquid Research Terminal

Sources live
Composite Valuation Signal

Slightly cheap

Current HYPE$60.46
Composite Value$64.24
Discount / Premium+5.9%
Revenue Multiple Value$61.1840% weight
Buyback Value$61.1840% weight
DCF Value$76.4820% weight
Confidence Engine

Low Confidence

1 observations30/100

Low confidence from 1 stored observation and no data quality penalties.

No data quality penalties.
Annualized Revenue$678.1M$814.9K 24h
Annual Buybacks$678.1M$814.9K 24h
Open Interest$6.2B179 active markets
24h Perp Volume$2.8B$277.8M HYPE volume
Overall GradeB72/100
AQAv2 Est. Revenue$306.8M$840.7K daily
Valuation Model Stack

Independent Fair Values

Revenue Multiple Value$61.18
Buyback Value$61.18
DCF Value$76.48
Composite Value$64.24
Current Price$60.46
Discount / Premium+5.9%
Capital Allocation Metrics

Revenue And Buyback Efficiency

Revenue Yield5.1%
Buyback Yield5.1%
Payback Period19.8x
Revenue / Open Interest10.9%
Revenue / Stablecoin $10.7%
HYPE Retirement Engine

Supply Absorption

Annual HYPE Purchased11.2M
Supply Retired Per Year5.1%
Days To Retire 1%72
5 Year Remaining Supply74.7%
10 Year Remaining Supply49.4%
15 Year Remaining Supply24.1%
Growth Engine

No Fabricated Lookbacks

Revenue
7dn/a
30dn/a
90dn/a
Buybacks
7dn/a
30dn/a
Stablecoins
7dn/a
30dn/a
Open Interest
7dn/a
30dn/a
Volume
7dn/a
30dn/a
Time Series

Price, Revenue, And Liquidity

Valuation Models

Independent Fair Values

Historical Trend Charts

Revenue, Buybacks, Adoption, And Yield

HYPE Retirement Engine

Projected Supply Decay

AQAv2 Distribution

Incremental Fair Value Range

Forecast Attribution Engine

Deterministic Factor Stack

FactorRawScoreWeightContribution
Stablecoin Liquidity Scorestablecoin market cap / network market cap47.3%10020%20
Buyback Yield Scoreannual buybacks / network market cap5.1%10025%25
Revenue Multiple Scorenetwork market cap / annualized revenue; lower is better19.8x7420%14.8
Activity Score24h perp volume / network market cap20.9%8415%12.5
Growth Score30d annualized revenue growth when sufficient history existsn/an/a20%n/a
Exchange Comparison

Where Hyperliquid Sits

ExchangeRev YieldMultipleGrowthBuyback
Hyperliquid5.1%19.8xn/a5.1%
Coinbase3.2%31.3xn/an/a
CME4.1%24.4xn/an/a
Nasdaq2.8%35.7xn/an/a
Intercontinental Exchange3.3%30.3xn/an/a
AQAv2 Valuation Model

Incremental Network Value

Bear65% margin$100.0M$5.86
Base75% margin$292.0M$19.76
Bull80% margin$600.0M$43.31
Investment Thesis

Metric-Gated Cases

Bull CaseBuyback yield is above 5% at 5.1%.Revenue yield is above 5% at 5.1%.
Base CaseCurrent valuation is 19.8x annualized revenue.Composite model shows a discount of 5.9%.Low confidence based on 1 stored observations.
Bear CaseNo confirmed bear-case contraction triggers are available from current measurable data.
Fundamental Health

Grade Stack

Revenue HealthC+64/100
Buyback HealthA86.7/100
GrowthC+62/100
ValuationA-81.7/100
LiquidityB70/100
Overall GradeB72/100
Fundamental Signals

Research Signals

✓ Revenue yield above benchmarkRevenue yield is 5.1%
How Fair Value Is Calculated
Revenue Multiple ValueAnnualized Revenue x Revenue Multiple / Circulating Supply
Annualized Revenue: $678,113,425.0Revenue Multiple: 20xCirculating Supply: 221,663,878.3
Revenue Multiple Value: $61.18
Buyback ValueAnnual Buybacks / Target Buyback Yield / Circulating Supply
Annual Buybacks: $678,113,425.0Target Buyback Yield: 5%Circulating Supply: 221,663,878.3
Buyback Value: $61.18
DCF ValueAnnualized Revenue x (1 + Growth Rate) x Terminal Multiple / (1 + Discount Rate) / Circulating Supply
Annualized Revenue: $678,113,425.0Growth Rate: 40%Terminal Multiple: 20xDiscount Rate: 12%Circulating Supply: 221,663,878.3
DCF Value: $76.48
Composite ValueRevenue Multiple Value x 40% + Buyback Value x 40% + DCF Value x 20%
Revenue Multiple Value (40%): $61.18Buyback Value (40%): $61.18DCF Value (20%): $76.48
Composite Value: $64.24
Data Quality Warnings

Model Boundaries

  • Some growth metrics are unavailable because local history does not cover the required lookback period.
  • Forecasts are valuation estimates, not investment advice or guaranteed outcomes.
Source Health

Data Integrity

hyperliquidContextslive
hyperliquidMidslive
hypePricelive
protocollive
revenuelive
feeslive
stablecoinslive

Captured Jun 14, 9:27 PM. Stored in SQLite via Prisma.