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Shownotes
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.
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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.
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TIMESTAMPS
Intro
Perps Get TradFi’s Attention
More Than a Perp DEX
Why Portfolio Margining Matters
HIP3 and Permissionless Market Creation
Hyperliquid Becomes a Platform
The On-Ramp Question
Perps Are Not the Whole Thesis
Cash Flow as the Credibility Signal
Valuation Multiples and Lighter
Multicoin’s HYPE Framework
Token Value Capture
Unlocks, Wealth, and Team Motivation
The US Perps Question
Does Hyperliquid Need to Come Onshore?
The Final Bull Case
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RESOURCES
Tushar Jain
x.com/tushar_jain
Multicoin's Hype Analysis and Valuation report can be found here:
multicoin.capital/2026/06/25/hyperliquid-hype-…
The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.
Multicoin may have interests in companies mentioned during the episode.
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Not financial or tax advice. See our investment disclosures here:
bankless.com/disclosures
