Key Takeaways
- Arthur Hayes has sold the entirety of his position in Hyperliquid a month after predicting it would rise 126x by 2028.
- HYPE will begin unlocking 237 million HYPE tokens over the next two years on November 29, 2025.
- Perpetual DEXs are currently some of the fastest-growing projects in crypto.
Arthur Hayes, the BitMEX co-founder and current chief intelligence officer of Maelstrom Fund, has cashed out his entire position in Hyperliquid (HYPE), the fast-rising decentralized perpetual exchange token.
Hayes reportedly walked away with a hefty profit—enough, he hinted, to put down a deposit on a new Ferrari.
His exit comes at a pivotal moment, as perpetual DEXs cement themselves as the fastest-growing sector in Web3.
Overhyped?
After making some bullish predictions last month about Hyperliquid growing by 126x, Arthur Hayes has offloaded his 96,600 HYPE for $5.1 million, netting a tidy profit of $832,000.
He cheekily suggested the sale was to cover a Ferrari deposit.
Hayes’ bullish prediction claimed that annualized fees on Hyperliquid could grow from $1.2 billion to $255 billion.
He based his move on a recent piece of research from Maelstrom, which highlighted the Nov. 29 token unlock event in which 237.8 million HYPE tokens will begin vesting for two years.
This could equate to half a billion dollars in monthly selling pressure, at current prices of roughly $50 per HYPE.
Maelstrom’s research suggests that the “problem” is that buybacks can absorb only 17% of those volumes, adding that it “leaves a $410 million/month supply overhang.”
That said, he maintains a bullish outlook and predicts a 126x on HYPE remains a possibility, adding that “2028 is a long way off.”
People have called out Hayes, questioning the idea that the Hyperliquid team will place $11 billion worth of selling pressure on the HYPE ecosystem.
One user wrote, “Your lack of conviction is telling. From chilling 126 to dumping. Only in crypto. Shame on you.”
Challengers
Another questioned the logic behind dumping HYPE because it has competitors, commenting:
“The fact that so many other parties are trying to establish their own perp dex is bullish for Hyperliquid as the first mover.“
Indeed, Aster is one of those projects in DeFi. This can first be seen in the token’s absurd 1834% growth following its token generation event just five days ago.
The perp DEX sector has risen astronomically in the past month, with protocols such as Aster, Lighter, Avantix, and many others, far outpacing every other sector in Web3.
ASTER currently trades at $1.60 and commands a market cap of $2.69 billion. HYPE is trading down 7.52% at $49.20 with a market cap of $16.43 billion.
In terms of volumes, Aster handled $596.7 million in 24 hours, closing in on Hyperliquid’s $680.54 million.
So, it still has some way to go before it’s truly on par with Hyperliquid.
That said, Maelstrom’s analysis argues that HYPE is currently overpriced, not outperformed, hence Hayes’ latest controversial move.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
