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Hyperliquid vs Robinhood — on-chain perpetuals DEX vs the retail-trading app. Execution-layer comparison.
| Metric | Hyperliquid | Robinhood | Δ |
|---|---|---|---|
| Hyperliquid Market Cap | $9.84B | — | — |
| Hyperliquid Price | $41.28 | — | — |
| Hyperliquid 24h Change | -0.77% | — | — |
| Hyperliquid FDV | $39.73B | — | +303.7% |
| Hyperliquid ATH | $59.30 | — | — |
| Robinhood Reference Market Cap | — | $60.00B | — |
| Hyperliquid as % of Robinhood | 16.4% | 100.0% | — |
| Flip Multiple (Hyperliquid → Robinhood) | 1.0x | 6.1x | — |
Crypto data live from Sharpe's tracker cache; TradFi values are reference benchmarks updated quarterly.
Robinhood's market cap has ranged $15B-$55B in 2024-2026. Hyperliquid's market cap ($8B-$25B) is 30-100% of Robinhood at various cycle points. The comparison is execution-layer sharp: both target retail-driven active traders. Robinhood's core product is a mobile-first commission-free brokerage with payment-for-order-flow as the monetization model; Hyperliquid is a self-custodied, on-chain perpetuals exchange with open-market order book and transparent fee capture. If crypto-native self-custody execution eats meaningful share of retail-speculative flow, HYPE outperforms HOOD on a cycle basis. Hyperliquid's fully-diluted valuation frequently runs above Robinhood's market cap.
Side-by-side crypto comparison with normalized returns
Rolling correlation between crypto and major TradFi benchmarks