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"Grayscale Research Report: HYPE's 14x Price-to-Earnings Ratio, How Much Room Is There Compared to Robinhood?" (Authors Michael Zhao, Zach Pandl; Translated by DeepTech TechFlow)
Hyperliquid's 2025 revenue is approximately $800 million, with perpetual contract trading volume reaching $2.9 trillion, and current open interest around $7 billion, ranking among the top three to top four perpetual contract exchanges worldwide. Its HIP-3 mechanism has expanded to assets such as gold, crude oil, stocks, and others, with a total trading volume exceeding $230 billion. Grayscale believes that HYPE's current valuation of about 14 times is lower than similar high-growth trading platforms, and as U.S. perpetual contract regulations gradually become clearer, there is still room for further growth. Read the full article: