Hyperliquid does $800 million in revenue with no VC funding

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Hyperliquid does $800 million in revenue with no VC funding

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Grayscale and FalconX both published institutional research on Hyperliquid in the same week HYPE set a record above $60, and the convergence is worth understanding as more than a price story. The platform did roughly $800 million in revenue in 2025 with no VC funding and while geoblocked from the U.S., and its HIP-3 synthetic perpetual framework is now drawing institutional attention as early infrastructure for 24/7 global markets in equities, commodities, and pre-IPO exposure. The framing has shifted: Hyperliquid is no longer being benchmarked against other DeFi exchanges but against public exchange operators, with Grayscale explicitly comparing HYPE's current 14x earnings multiple to Robinhood and Interactive Brokers trading at 35 to 50x.

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