What’s the HYPE with Hyperliquid?

Key Insights

• Hyperliquid’s growing L1 and planned EVM integration means comparisons to other perp DEXs are now too limiting.
• We believe an ecosystem built around Hyperliquid’s composable order book can represent a new DeFi primitive.
• The bull case for Hyperliquid’s perp DEX and EVM integration is that it can become a fully onchain version of Binance and BNB.
• One of the best methods to gain exposure to Hyperliquid’s growth before the launch of its token is to look for investable opportunities in its underpenetrated spot market.
• The market may be too conservative on Hyperliquid’s upside based on the OTC value of Hyperliquid points. Our valuation range portrays a wide spread of reasonable outcomes that could lead to points being worth between $10 and $30.

Introduction