Analyst: Hyperliquid’s average revenue per user is approximately $56.42 million, far exceeding that of traditional trading platforms such as the CME Group.
Analysis shows that Hyperliquid achieves extremely high efficiency under the “protocol-level infrastructure” model: revenue is nearly equivalent to net profit, and operating costs are close to minimal, reflecting a structural characteristic where “revenue does not scale linearly with headcount.” However, this current advantage exists at a stage where regulatory and compliance costs have not yet been fully realized; should compliance pressures increase in the future, profitability may contract.