According to traditional valuation frameworks, HYPE's price-to-sales ratio is only 10 times, compared to CME's 17 times; either CME is overvalued or HYPE is undervalued.

Wu Shuo learned that, according to a research report released by 21Shares, the market is pricing HYPE based on traditional exchange valuation frameworks. The report states that Hyperliquid's revenue in 2025 will be $873 million, with a team of 11 people, averaging $79.36 million per person; CME Group's revenue in 2025 will be $6.5 billion, with 3,875 employees, averaging $1.7 million per person. HYPE's revenue over the past 12 months is $944 million, with a current circulating market value of approximately $9.4 billion, a price-to-sales ratio of about 10 times, while CME Group's price-to-sales ratio is 17.32 times. 21Shares indicated that HIP-3 accounts for approximately 35% of Hyperliquid's total trading volume.