Arthur Hayes: HYPE Faces Valuation Multiple Compression Risk According to Hashi Chain News, BitMEX co-founder Arthur Hayes stated on the X platform that HYPE may face the risk of valuation multiple compression. Although its annual revenue has nearly returned to its all-time high, the price of the token is too low. Amidst increasingly fierce competition in the perpetual contract decentralized exchange (Perp DEX) market, investors are unwilling to pay a high premium for uncertain future revenue.