Analyst: Hyperliquid’s revenue surpasses Robinhood against the trend, HYPE’s valuation discount is becoming increasingly unreasonable

BlockBeats News, on April 29, Blockworks Research analyst Shaunda Devens published data on social media stating that in the first quarter of 2026, the cryptocurrency trading sector showed a clear cyclical downturn. A certain exchange's crypto revenue fell to $134 million (down 39.4% quarter-on-quarter), while Hyperliquid's crypto trading revenue dropped to $179.7 million (down 31.0% quarter-on-quarter).

Nevertheless, Hyperliquid's crypto revenue remained higher than that of the unnamed exchange's crypto business line, and its RWA (real-world asset) revenue increased by 454.8% quarter-on-quarter. The number of users also grew by 29.6% quarter-on-quarter to 1.19 million, while the exchange’s client count grew by roughly 1.5%.

The discount of HYPE compared to traditional finance peers is largely a pricing-in of the cyclical volatility of crypto-related cash flows. However, as RWA now accounts for over 30% of trading volume, HIP-4 has added binary outcomes (prediction markets), and in this slowdown cycle, revenue volatility is already roughly in line with the exchange, this discount appears increasingly unreasonable.

Hyperliquid achieved protocol revenue of $192.3 million in the first quarter, while the exchange’s net profit was $346 million. HYPE’s circulating market cap is $9.5 billion, while HOOD’s trading market cap stands at $74 billion, making HYPE seem extremely cheap by comparison.