Analyst: Hyperliquid’s per capita revenue is about $56.42 million, far surpassing traditional trading platforms such as CME Group.

Odaily reported that il.hl, an on-chain analyst for the Hyperliquid ecosystem, published a comparative analysis showing that Hyperliquid's per capita revenue reaches approximately 56.42 million USD, significantly higher than traditional finance and crypto trading platforms. The comparative data are as follows:

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

2. Robinhood: approximately 4.47 billion USD in revenue, around 97.2 billion USD valuation, about 2,400 employees, roughly 42% profit margin;

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

4. Nasdaq: approximately 8.26 billion USD in revenue, around 46.5 billion USD valuation, about 9,200 employees, roughly 22% profit margin.

The analysis shows that under the "protocol-level infrastructure" model, Hyperliquid achieves exceptionally high efficiency: revenue is almost equal to net profit and operating costs are kept to a minimal level, reflecting the structural feature that "revenue does not grow linearly with staff." However, this current advantage rests on the stage where regulatory and compliance costs have not yet fully materialized. If compliance pressure increases in the future, profit margins may narrow.