Some thoughts on HYPE vs HOOD Assuming an average daily $2m fee rate for Hyperliquid, HYPE is trading at a 16.8x price-to-fees ratio, while HOOD is trading at a 22.5x price-to-earnings ratio. Just by price-to-earnings ratio, there is an implied 20% upside gap for Hyperliquid (putting it at $48). I don't think Hyperliquid users will switch to Robinhood, and I think it is much more likely that Hyperliquid manages to capture Robinhood's audience than the other way around. Crypto native people, and especially Hyperliquid power users, don't use stonks apps. Hyperliquid can dilute their token to capture market share, but until they announce token dilution, one does not need to anticipate or price in dilution. They might do it tomorrow, or they might do it in 3 years. History has shown us that the team can make good strategic decisions. Many of you will argue that you can't compare stocks to crypto, so let's compare crypto to crypto. While Hyperliquid trades at an 18x price-to-fees ratio, many other crypto tokens such as Ethereum, BNB, etc., trade at much higher price-to-fees ratios.