Robinhood vs Hyperliquid Q1 results
Clear cyclical downtrend in crypto trading. Robinhood crypto revenue fell to $134 million (-39.4% QoQ), while Hyperliquid crypto trading revenue fell to $179.7 million (-31.0% QoQ).
Still, Hyperliquid’s crypto revenue was higher than Robinhood’s crypto line, while its RWA revenue grew +454.8% QoQ.
Users also grew 29.6% QoQ to 1.19M, versus Robinhood funded customers up roughly 1.5% QoQ.
HYPE’s discount to TradFi comps has largely been a cyclicality discount on crypto-linked cash flows. But with RWA now >30% of volumes, HIP-4 adding binary outcomes, and revenue volatility already roughly in line with Robinhood through the slowdown, that discount looks less justified.
At $192.3M of Q1 protocol income versus Robinhood’s $346 million of net income, HYPE looks incredibly cheap at a $9.5 billion circulating market cap against HOOD trading at $74 billion.
Clear cyclical downtrend in crypto trading. Robinhood crypto revenue fell to $134 million (-39.4% QoQ), while Hyperliquid crypto trading revenue fell to $179.7 million (-31.0% QoQ).
Still, Hyperliquid’s crypto revenue was higher than Robinhood’s crypto line, while its RWA revenue grew +454.8% QoQ.
Users also grew 29.6% QoQ to 1.19M, versus Robinhood funded customers up roughly 1.5% QoQ.
HYPE’s discount to TradFi comps has largely been a cyclicality discount on crypto-linked cash flows. But with RWA now >30% of volumes, HIP-4 adding binary outcomes, and revenue volatility already roughly in line with Robinhood through the slowdown, that discount looks less justified.
At $192.3M of Q1 protocol income versus Robinhood’s $346 million of net income, HYPE looks incredibly cheap at a $9.5 billion circulating market cap against HOOD trading at $74 billion.
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