Analyst: Hyperliquid's Revenue Surpasses Robinhood Amid Downturn, HYPE Valuation Discount Becoming 'Increasingly Unreasonable'

On April 29, Blockworks Research analyst Shaunda Devens released data on social media indicating a significant cyclical downturn in the cryptocurrency trading sector in the first quarter of 2026. Robinhood’s crypto revenue fell to $134 million (down 39.4% quarter-over-quarter), while Hyperliquid’s crypto trading revenue decreased to $179.7 million (down 31.0% quarter-over-quarter). Nevertheless, Hyperliquid’s crypto revenue still exceeds that of Robinhood’s crypto business line, and its revenue from real-world assets (RWA) grew by 454.8% quarter-over-quarter. The number of users also increased by 29.6% quarter-over-quarter, reaching 1.19 million, while Robinhood’s customer base grew by approximately 1.5% quarter-over-quarter. The discount on HYPE compared to traditional financial peers largely reflects the cyclical fluctuations in crypto-related cash flows. However, as RWA now accounts for over 30% of trading volume, HIP-4 has added binary outcomes (prediction markets), and revenue volatility during this slowdown has become roughly comparable to that of Robinhood, this discount appears increasingly unreasonable. Hyperliquid’s protocol revenue for the first quarter was $192.3 million, while Robinhood’s net profit was $346 million. HYPE’s circulating market cap stands at $9.5 billion, whereas HOOD’s trading market cap is $74 billion, making HYPE appear extremely cheap in comparison.