[Arthur Hayes: HYPE Faces Valuation Multiple Compression Risk] Golden Finance reports that BitMEX co-founder Arthur Hayes has stated in a social media post that HYPE faces valuation multiple compression risk. Annual revenue has almost returned to its all-time high, but the price is significantly lower. In the increasingly competitive perpetual swap decentralized exchange (Perp DEX) landscape, speculators are unwilling to pay a high premium for uncertain future revenue.