According to Foresight News, BitMEX co-founder Arthur Hayes stated in a post that HYPE's current risk lies in "valuation multiple compression." Despite its annualized revenue approaching historical highs, the token price has declined significantly. Hayes noted that amidst increasingly fierce competition in the perpetual contract decentralized trading platform market, speculators are no longer willing to pay high valuations for uncertain future revenue, leading to conservative market pricing for HYPE.