Dex Adoption, Hip-3 Fuel $200 Hype Case As Rivals Threaten...

Cantor Fitzgerald is predicting a HYPE rally to $200 by 2035, but rival DEXs are attracting a growing share of crypto traders as they emerge with lucrative reward farming systems.

Decentralized perpetuals exchange Hyperliquid has been among crypto’s breakout projects in 2025, but rivals’ lucrative rewards systems are vying to lure investors away.

Cantor Fitzgerald forecasts Hyperliquid’s HYPE (HYPE) token to surge to $200 by 2035. Hyunsu Jung, CEO of HYPE treasury company Hyperion DeFi argues that the surge will be fueled by the Hyperliquid Improvement Proposal 3 (HIP-3).

"We see HIP-3 as the major driver of Hyperliquid’s next phase of growth, and as a key enabler of the valuation framework proposed by Cantor," Jung told Cointelegraph.

Perpetual swaps are futures derivative contracts that track the price of an underlying asset but have no expiration date. Contracts maintain their price close to the spot assets by a funding mechanism, which transfers payments between long and short position holders.

The market share of perpetual futures DEXs rose from 2.1% in January 2023 to a new all-time high of 11.7% in November 2025, according to a report by data aggregator CoinGecko.

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Earlier in December, a research note by Cantor Fitzgerald predicted that the growing usage of decentralized trading venues would push the HYPE token to over $200 in the next 10 years.

"Given the fact that all fees are returned to token holders via buybacks, we make the argument that HYPE should trade at closer to 50x,” by 2035, wrote the company in a research note published on Dec. 16, adding:

The company's prediction assumed that the token's price will grow at a 15% compound annual growth rate (CAGR) while the Assistance Fund will repurchase about 291 million HYPE tokens, reducing the total supply to 666 million tokens.

Source: CoinTelegraph