Analyst: Hyperliquid Revenue Surpasses Robinhood Against the Trend, HYPE's Valuation Discount Has Become "Increasingly Unreasonable"

BlockBeats News, April 29th, Blockworks Research analyst Shaunda Devens posted data on social media indicating a notable cyclical downtrend in the cryptocurrency trading sector during the first quarter of 2026. Robinhood's crypto revenue dropped to $134 million (down 39.4%), while Hyperliquid's crypto trading revenue decreased to $179.7 million (down 31.0%).

However, Hyperliquid's crypto revenue still exceeded Robinhood's crypto business line, with its Real World Asset (RWA) revenue experiencing a significant 454.8% increase compared to the previous period. The user base also grew by 29.6% to reach 1.19 million, while Robinhood's customer base saw a growth of approximately 1.5%.

In comparison to the discount of HYPE against traditional financial peers, it is largely a discount on the cyclical volatility of crypto-related cash flows. But with RWA now accounting for over 30% of the trading volume, HIP-4 has introduced a binary outcome (prediction market). In this current slowdown, revenue volatility has roughly equaled that of Robinhood, making this discount seem increasingly irrational.

Hyperliquid's first-quarter protocol revenue was $192.3 million, while Robinhood reported a net profit of $346 million. HYPE has a circulating market capitalization of $9.5 billion, compared to HOOD's trading market cap of $74 billion, making HYPE appear extremely undervalued.