Pantera Capital: Hyperliquid's addressable market reaches $10 trillion in daily trading volume, with regulation still the biggest risk

Odaily Odaily News Crypto venture capital fund Pantera Capital stated in a report that Hyperliquid's potential addressable market is approximately $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trading, approximately $2 trillion in commodity derivatives trading, and roughly $8 trillion in foreign exchange derivatives trading.

Pantera stated that if Hyperliquid can consistently capture a low single-digit percentage share of the aforementioned markets, its revenue potential could reach five times its current level. According to calculations, if HIP-3's annualized notional trading volume reaches $3650 trillion and it captures a 1% market share, under the assumptions of a comprehensive fee rate of 2 basis points and Hyperliquid's economic share of 50%, the platform's revenue could reach approximately $3.7 billion.

However, Pantera noted that regulation remains the biggest risk facing Hyperliquid. Currently, perpetual contracts are not 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, with some U.S. user trading volumes potentially shifting to compliant trading venues. Pantera believes that Hyperliquid may also launch a regulated version targeting the U.S. market in the future.