Pantera Capital: Hyperliquid's Potential Market Size Reaches $10 Trillion in Daily Trading Volume, Regulation Remains the Biggest Risk

Odaily Odaily Planet Daily reports that crypto venture capital fund Pantera Capital stated in a blog post that Hyperliquid's potential addressable market is approximately $10 trillion in nominal daily trading volume, including roughly $200 billion in 0DTE options and leveraged ETF trading, approximately $2 trillion in commodity derivatives trading, and about $8 trillion in foreign exchange derivatives trading.

Pantera stated that if Hyperliquid can continuously capture a low-single-digit market share of the aforementioned markets, its revenue potential could be five times its current level. According to estimates, if the annualized nominal trading volume of HIP-3 markets reaches $3.65 quadrillion and Hyperliquid captures a 1% market share, with an assumed blended fee rate of 2 basis points and a Hyperliquid economic share of 50%, the platform's revenue could reach approximately $3.7 billion.

However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Perpetual contracts are not yet fully open in the United States. If the U.S. promotes the legalization of related products in the future and introduces regulated platforms, Hyperliquid may face more intense competition, and some trading volume from U.S. users could shift to compliant trading venues. Pantera believes that Hyperliquid may also launch a regulated version targeting the U.S. market in the future.