HYPE price/earnings, against listed exchanges
30.2x
Listed venues trade at 22.6x–29.8x — HYPE sits above the entire listed exchange range
HYPE P/E
30.2x
circulating
Peer median P/E
27.2x
4 listed venues
HYPE market cap
$12.56B
circulating
Largest peer
$91.99B
CME
Price / earnings
The comparable column. Net income for the listed venues; HYPE's reported revenue, following DefiLlama's own earnings convention — since Hyperliquid's protocol take is zero, revenue is the money that reaches holders.
Lower is cheaper relative to earnings.
HYPEHyperliquid · circulating30.2x
NDAQNasdaq · FY202529.8x
CBOECboe Global Markets · FY202527.2x
ICEIntercontinental Exchange · FY202525.3x
CMECME Group · FY202522.6x
Price / sales
Not like-for-like — HYPE has no cost structure beneath its revenue the way the listed venues do, and their reported revenue isn't consistently netted of pass-through expenses either. Read before drawing conclusions from it.
Lower is cheaper relative to revenue.
HYPEHyperliquid · circulating30.2x
CMECME Group · FY202514.1x
ICEIntercontinental Exchange · FY20256.6x
Revenue reported gross of pass-through transaction expenses
NDAQNasdaq · FY20256.4x
Revenue reported gross of pass-through transaction expenses
CBOECboe Global Markets · FY20256.4x
Revenue reported gross of pass-through transaction expenses
The underlying figures
| Entity | Market cap | Revenue | Earnings | P/S | P/E |
|---|---|---|---|---|---|
| HYPEtrailing 30d | $12.56B | $438.96M | $438.96M | 30.2x | 30.2x |
| CMEFY2025 | $91.99B | $6.52B | $4.07B | 14.1x | 22.6x |
| ICEFY2025 | $83.83B | $12.64B | $3.31B | 6.6x | 25.3x |
| NDAQFY2025 | $53.28B | $8.26B | $1.79B | 6.4x | 29.8x |
| CBOEFY2025 | $29.96B | $4.71B | $1.10B | 6.4x | 27.2x |