HYPERLIQUID VALUATION FRAMEWORK

Summary from the TLDR Crypto newsletter

Using a conservative $3 million/day revenue base case and adjusting for recurring stock‑based compensation, Hyperliquid trades at attractive multiples versus public peers. A projected bull scenario of capturing 25% of the perps market could drive fees to $15 million/day, supported by Hyperliquid's superior free‑cash‑flow margins, lean 12‑person team, and $300 million in TradFi dry powder via SONN. Distribution remains a bottleneck with only 153k holders, but partnerships like Phantom Perps and builder codes, upcoming fiat on‑ramps, HIP‑3 sinks, spot‑collateral perps, and new listings promise to broaden access.