Analyst: Hyperliquid's per capita revenue is approximately $56.42 million, far exceeding traditional trading platforms like the CME

Analyst il.hl from the Hyperliquid ecosystem released a data comparison, stating that Hyperliquid's per capita revenue reaches approximately $56.42 million, significantly higher than traditional financial and cryptocurrency trading platforms. The comparative data is as follows:

1. Hyperliquid: approximately $790 million in revenue, approximately $20.6 billion valuation, 14 employees, near 100% profit margin;

2. Robinhood: approximately $4.47 billion in revenue, approximately $97.2 billion valuation, approximately 2,400 employees, approximately 42% profit margin;

3. CME Group: approximately $6.52 billion in revenue, approximately $88.5 billion valuation, approximately 3,800 employees, approximately 62% profit margin;

4. Nasdaq: approximately $8.26 billion in revenue, approximately $46.5 billion valuation, approximately 9,200 employees, approximately 22% profit margin.

The analysis shows that under the "protocol-level infrastructure" model, Hyperliquid achieves extremely high efficiency: revenue is nearly equivalent to net profit, and operating costs are close to negligible, reflecting a structural characteristic where "revenue does not scale linearly with headcount." However, this current advantage is built upon a phase where regulatory and compliance costs have not yet been fully realized. If compliance pressure increases in the future, profit margins may contract.