Home / HYPE (July 2026)

Hyperliquid is a blockchain like Bitcoin or Ethereum but it has an exchange built on top of it so you can trade assets like cryptocurrencies, tokenized stocks, etc. Think of it like Fidelity but it's on a blockchain, so instead of a big company full of employees doing stuff, it's digitized, and other people can build apps on the infrastructure without permission so long as they pay the associated fees.

Hyperliquid is arguably the most profitable company per employee of all time. They are doing $1.2B in annualized revenue with 12 employees (this is fees on trades, not trading volume which is ~$10B a day), so about $100M revenue per employee. For comparison, many large software startups, which are among the highest margin businesses, aim for ~$1M in revenue per employee. Google is $2M.

Hyperliquid's market cap is $13B, which is the total number of tokens in circulation multiplied by the cost per token. The fully diluted market cap, which is the token price multiplied by the total number of tokens that can ever be issued is $50B. It's not apples to apples to compare crypto market caps to regular stocks, since regular stocks don't set a cap on the amount of future equity they can issue, but back of the envelope Hyperliquid is trading at roughly 1/4 the market cap and 1/2 the P/E as Robinhood.

The funny thing is that not a single one of my friends outside of crypto has ever heard of Hyperliquid and we're in a bear market, when crypto sentiment couldn't be lower. Perhaps this is just hype - a tiny team that struck gold and it won't last. Or maybe we'll look back and say we can't believe more people weren't paying attention to what was obviously going to become the future. Should go without saying, but not financial advice one way or the other.