On October 28, the research institution Decentralised.co (DCo) released a report titled 'When the world comes on chain', stating that the trading volume of Hyperliquid's non-crypto assets has increased from zero in September 2025 to a peak of 51% in July 2026, and is approximately 30% in October. On October 27, non-crypto trading accounted for 40% of the $7.2 billion trading volume that day, making it the largest single stock category. The report uses the 2029 global futures and stock market size of $93.4 trillion as a baseline, with a benchmark scenario assuming that crypto trading volume increases to three times the current level, non-crypto market share at 3%, mixed fee rate at 0.006%, USDC yield drops to 3.6%, and HIP-4 contributing $100 million in revenue. Under this scenario, revenue is projected to rise from $944 million to $4.91 billion by 2029, leading to a benchmark valuation of $128 for HYPE at a 40x multiple and $98 at a 30x multiple; in an optimistic scenario with a 5% market share, the valuation corresponds to $165. The current HYPE price is approximately $77. The report indicates that the biggest risk is the fee rate: if the non-crypto fee rate drops to CME's 0.0004%, the benchmark valuation would fall to $66. The report also notes that Binance has launched 229 TradFi perpetual contracts this year, with an average daily trading volume of $13.4 billion, surpassing Hyperliquid's $2.3 billion.