Pantera Capital: Hyperliquid's Daily Trading Volume Potential Reaches $10 Trillion, Regulatory Risks Prominent

The potential addressable market size for Hyperliquid is approximately $10 trillion in nominal daily trading volume, including about $200 billion in 0DTE options and leveraged ETF trading, around $2 trillion in commodity derivatives trading, and approximately $8 trillion in forex derivatives trading. Pantera Capital states that if Hyperliquid can consistently capture a low single-digit percentage of the aforementioned trading volume, its revenue potential could reach five times its current level. If the HIP-3 market is calculated at an annualized nominal trading volume of $36.5 trillion and captures a 1% market share, Hyperliquid could generate approximately $3.7 billion in revenue. Pantera also noted that regulation is the biggest risk facing Hyperliquid, as perpetual contracts have not yet been fully opened in the U.S. If the U.S. pushes for the legalization of related products in the future, Hyperliquid may face more intense competition, and some U.S. users' trading volume may shift to compliant venues.