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

Wdyt @defi_monk @RyanWatkins_