Hyperliquid mispriced super-app is what Bitwise calls one of crypto’s biggest opportunities. Despite HYPE’s 77% gain this year, the asset manager still thinks investors undervalue the platform.
“Hyperliquid is one of the most important crypto projects to emerge in years,” said Bitwise investment chief Matt Hougan in a note on Tuesday. “Its native token, HYPE, is the best‑performing large‑cap crypto asset of 2026, up 77% YTD. And yet I still think investors are underestimating its impact and its value.”
Why Hyperliquid mispriced super-app matters
Bitwise launched a HYPE exchange‑traded fund on the New York Stock Exchange on Friday. Earlier that week, 21Shares launched a similar HYPE fund. It drew only $1.2 million in net inflows, which is low compared to other altcoin ETF debuts.
Hougan said the market values Hyperliquid solely as a perpetual crypto futures exchange. But he argues that the platform should trade like a “global super‑app.”
Hyperliquid’s main focus is crypto perpetual futures. However, the platform also offers trading for stocks, prediction markets, and other assets. In fact, nearly half of its volume now comes from non‑crypto assets.
Other exchanges follow the same path
Many major US crypto exchanges are also expanding beyond crypto. Coinbase, Kraken, and Gemini now work on prediction markets and tokenized equities trading. This helps them strengthen their balance sheets.
SEC Chair Paul Atkins has supported “super‑apps” that can custody and trade multiple assets under one regulatory license. He has tasked the SEC with exploring how tokens tied to securities can trade on platforms the agency does not regulate.
Hougan argues that Hyperliquid “has become the ‘super‑app’ Atkins envisioned — a ‘non‑SEC regulated platform’ offering investors exposure to ‘a variety of asset classes.’”
He added, however, that the platform “still needs to mature.” It is not available in the US yet. It would also need to integrate into the country’s regulatory system.
Bullish voices multiply
BitMEX co‑founder Arthur Hayes also praised HYPE in a March blog post. He said the platform could continue rallying if it keeps pulling volume away from centralized exchanges and expands its product offerings.
