Pantera Capital Values Hyperliquid's TAM at $10 Trillion Daily, Cites Regulatory Risk

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According to Pantera Capital, Hyperliquid's addressable market spans approximately $10 trillion in daily notional trading volume, comprising roughly $200 billion in 0DTE options and leveraged ETF trading, $2 trillion in commodity derivatives, and $8 trillion in foreign exchange derivatives—much of which remains off-chain. The investment firm estimates that capturing even a low single-digit percentage of this aggregate volume could yield revenue potential 5 times its current level, with projections suggesting $3.7 billion in annual revenue under certain assumptions. However, Pantera flagged regulation as the primary risk, noting that perpetual futures remain unavailable in the U.S., and any legalization on compliant platforms could redirect trading volume and intensify competition.
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