Analyst: Hyperliquid Revenue Surpasses Robinhood Against the Trend, HYPE's Valuation Discount Has Become "Increasingly Unreasonable"

April 29th: Blockworks Research analyst Shaunda Devens shared Q1 2026 data on social media showing a clear cyclical downturn in crypto trading. Robinhood’s crypto revenue fell to $134 million (39.4% drop), while Hyperliquid’s crypto trading revenue declined to $179.7 million (31.0% decrease). Yet Hyperliquid’s crypto revenue still outpaced Robinhood’s crypto segment. Its Real World Asset (RWA) revenue surged 454.8% quarter-over-quarter, and its user base grew 29.6% to 1.19 million—compared to just 1.5% growth for Robinhood’s customer base. HYPE currently trades at a discount to traditional financial peers, largely tied to the cyclical volatility of its crypto cash flows. But with RWA now accounting for over 30% of trading volume and HIP-4 launching a binary outcome prediction market, revenue volatility in this slowdown has roughly matched Robinhood’s—making the discount increasingly irrational. Hyperliquid’s Q1 protocol revenue hit $192.3 million, while Robinhood reported net income of $346 million. HYPE has a circulating market cap of $9.5 billion, versus HOOD’s $74 billion trading market cap—positioning HYPE as significantly undervalued.