The rate of innovation on Hyperliquid is accelerating among apps launching new perps markets. Perps offer a faster path to bringing new asset classes onchain than tokenized spot, with the potential to unlock entirely new markets. @ventuals_' push to support trading for startups before they IPO is the latest example. Beyond equities, expect experiments with everything from social trends to market dominance (like BTC.D) to other esoteric markets. It wouldn’t be surprising if most of these experiments land on Hyperliquid. It’s the only onchain perps DEX that rivals centralized incumbents in performance and liquidity, and with HIP‑3 opening market creation to third‑party exchanges, the cost of bootstrapping and iterating new markets is collapsing. The timing couldn’t be better. With Wall Street enamored with tokenization and the cryptoeconomy starved for higher quality assets, there’s an emerging race to bring equities and other markets onchain. These races tend to favor the path of least resistance. The best bets in crypto are often the platforms that unlock the next wave of financial experimentation. And right now, Hyperliquid is a playground for one of the largest near-term opportunities in the industry. Hyperliquid.

Hyperliquid hit $1.1B annualized revenue growing 40% MoM in July '25 We define revenue as fees that goes to the Assistance Funds used for buybacks + gas fees paid on HypeEVM. As crypto markets and $HYPE price contracts, Hyperliquid revenue multiple is now 11.2x MC/revenue the lowest since March / April '25 when the low was 7.2x Comparatively - Best in class fintech trade for 7.2x growing ~32% YoY - $COIN trades at 13.4x revenue / 11.6x GP - $HOOD trades at 22.3x revenue / 23.4x GP - $CRCL trades at 18.4x revenue / 42.6x GP

Hey @vaneck_us does this mean Hyperliquid just magically lost its L3 status with one partnership? Or maybe it was never an L3 to begin with.

If this is for hypercore it means funds prob wont need to be held in the multisig anymore post bridge. Massive news.

This is a very good post but also Hyperliquid’s “revenue” is probably better compared to Robinhood’s net income since it flows straight to tokenholders with no incremental expenses. $HOOD Q2 net income: $386M $HYPE buybacks at ~$200M is within striking distance.

Crypto isn’t about decentralization. It’s about disintermediation. The former is idealism. The latter is product. Focus on the latter, idealism won't bring you anywhere.

Thrilled to welcome @defi_monk to the Syncracy team! He’s been ahead of the curve in spotting major market trends and has emerged as one of the leading voices shaping them, including writing the seminal thesis on HYPE. Higher for Syncracy from here indeed.

Couldn’t be more excited to have @defi_monk join the team. It’s been awesome watching him grow into one of the top sellside analysts over the past year — one of the rare few that called $HYPE as early as Q3’24 and bottom on ETH/SOL in Jan this year. When the opportunity arose to work with him it was a no-brainer.

Syncracy confirmed among the best in the business – first by hiring Monk and, soon, by having Monk

(1/11) Hyperliquid Valuation Framework: Update 🧵 It has been about 6 months since I initially posted my valuation framework for $HYPE. A lot has changed since then, but also much has remained true I am as bullish on $HYPE as I have ever been Let's walk through some numbers👇