Woofun AI data shows that Hyperliquid faces a potential addressable market of approximately $100 trillion in nominal daily trading volume. This figure encompasses roughly $200 billion in 0DTE options and leveraged ETFs, $2 trillion in commodity derivatives, and $8 trillion in foreign exchange derivatives, most of which remain off-chain.

Pantera Capital notes that securing a low single-digit market share could increase Hyperliquid's revenue fivefold. Specifically, a 1% share of the HIP-3 market, valued at $36.5 trillion annually, with a 2 basis point fee rate and 50% economic split, could generate $3.7 billion in revenue.

However, regulation remains the most significant risk. Perpetual contracts are not fully accessible in the United States, and future legalization or regulated platforms could intensify competition and divert U.S. user volume. Pantera suggests Hyperliquid may eventually introduce a compliant version for the U.S. market.