Why Hyperliquid Could Win the Everything Exchange Race

Multicoin provides investment advice to certain private fund clients that own HYPE tokens discussed herein and stands to gain in the event that the price of the token increases. Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes. Any trading discussion is for informational purposes only and is not a recommendation to engage in derivatives, leverage, or any specific trading strategy. --- 🧭OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS --- Hyperliquid is already one of crypto’s biggest perp stories, but Multicoin’s Tushar Jain thinks the market may still be looking at it too narrowly. In this episode, David sits down with Tushar to unpack the deeper thesis: portfolio margining as the hidden unlock, HIP3 and builder codes as the path to platformization, real traction versus farmed volume, and why HYPE’s value-capture model is unusually direct for crypto. --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 📊BITGET | TOKENIZED STOCKS 2.0 https://bankless.cc/bitget-stocks 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium --- TIMESTAMPS 0:00 Intro 1:50 Perps Get TradFi’s Attention 3:17 More Than a Perp DEX 6:29 Why Portfolio Margining Matters 11:13 HIP3 and Permissionless Market Creation 13:47 Hyperliquid Becomes a Platform 19:54 The On-Ramp Question 21:36 Perps Are Not the Whole Thesis 28:04 Cash Flow as the Credibility Signal 33:05 Valuation Multiples and Lighter 34:36 Multicoin’s HYPE Framework 42:05 Token Value Capture 43:34 Unlocks, Wealth, and Team Motivation 48:30 The US Perps Question 52:27 Does Hyperliquid Need to Come Onshore? 54:32 The Final Bull Case --- RESOURCES Tushar Jain https://x.com/tushar_jain Multicoin's Hype Analysis and Valuation report can be found here: https://multicoin.capital/2026/06/25/hyperliquid-hype-analysis-a