DEX adoption, HIP-3 fuel $200 HYPE case as rivals threaten Hyperliquid’s dominance

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.

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