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Analyst: Hyperliquid's revenue surpasses Robinhood against the trend, and HYPE's valuation discount has become "increasingly unreasonable"
BlockBeats News, April 29 — According to data released on social media by Shaunda Devens, an analyst at Blockworks Research, there is a clear cyclical downward trend in the cryptocurrency trading sector in the first quarter of 2026. Robinhood’s crypto revenue dropped to $134 million (a quarter-over-quarter decrease of 39.4%), while Hyperliquid’s crypto trading revenue fell to $179.7 million (a quarter-over-quarter decrease of 31.0%).
Despite this, Hyperliquid’s crypto revenue still exceeds Robinhood’s crypto business line, and its RWA (Real World Assets) revenue grew by 454.8% quarter-over-quarter. The user count also increased by 29.6% quarter-over-quarter, reaching 1.19 million, while Robinhood’s customer base grew by about 1.5% quarter-over-quarter.
The discount of HYPE compared to traditional financial peers is largely a reflection of the cyclical volatility in crypto-related cash flows. However, with RWAs now accounting for over 30% of trading volume, HIP-4 has added a binary outcome (prediction markets), and during this slowdown, revenue volatility has roughly aligned with Robinhood, making this discount increasingly unreasonable.
Hyperliquid’s protocol revenue in the first quarter was $192.3 million, while Robinhood’s net profit was $346 million. HYPE’s circulating market cap is $9.5 billion, whereas HOOD’s trading market cap is $74 billion. In comparison, HYPE appears extremely undervalued.