Svmuu News: Crypto venture capital fund Pantera Capital stated in a post that Hyperliquid's potential addressable market size is approximately $10 trillion in daily notional trading volume. This includes about $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 consistently capture a low single-digit share of the aforementioned markets, its revenue potential could reach five times its current level. According to calculations, if the HIP-3 market achieves an annualized notional trading volume of $3.65 quadrillion and captures a 1% market share, with a blended fee rate of 2 basis points and a 50% economic split for Hyperliquid, the platform's revenue could reach approximately $3.7 billion.
However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Currently, perpetual contracts are not fully open in the United States. If the U.S. promotes the legalization of related products and introduces regulated platforms in the future, Hyperliquid could face more intense competition, and some U.S. user trading volume might shift to compliant trading venues. Pantera believes that Hyperliquid might also launch a regulated version for the U.S. market in the future.