Robinhood vs Hyperliquid: HYPE earns more per user, per dollar of volume, per everything

Top 7 | Tech, AI & Crypto Analytics (@top7ico), Apr 29, 2026, 15:26 UTC

Robinhood vs Hyperliquid: HYPE earns more per user, per dollar of volume, per everything The clean apples-to-apples comparison between the world's biggest retail brokerage and the biggest Perp DEX. Hyperliquid's crypto revenue ($179M) just flipped Robinhood's ($134M) for the first time. Even crazier - Hyperliquid's 1.19M users generated $192M in net income, while Robinhood needed 23x more users to do $346M. The discount-to-TradFi narrative is starting to crack. With RWA now >30% of Hyperliquid's volume, HIP-4 adding binary outcomes, and revenue volatility tracking Robinhood's, $HYPE at $3…

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