Why Hyperliquid is the End of Centralized Exchanges
There is intense discussion about Hyperliquid's valuation model in the China, North America, and South Korea regions.
Compared to CEX (Coinbase, Binance, FTX), Hyperliquid is dramatically ahead in cost structure and valuation efficiency. From the perspective of capital efficiency, it directly improves EBITDA, and the valuation model should prioritize profit margins rather than simple revenue multiples.
Compared to CEX with marketing budgets in the billions and thousands of employees, Hyperliquid has achieved growth with just a team of 10 engineers and word-of-mouth, raising the average daily Perps transaction volume to the tens of billions.
A ten-person team + zero paid marketing + zero market-making subsidies has captured over 50% of the global Perp DEX market share, creating a high-margin moat that no one in the industry can match.
Compared to CEX (Coinbase, Binance, FTX), Hyperliquid is dramatically ahead in cost structure and valuation efficiency. From the perspective of capital efficiency, it directly improves EBITDA, and the valuation model should prioritize profit margins rather than simple revenue multiples.
Compared to CEX with marketing budgets in the billions and thousands of employees, Hyperliquid has achieved growth with just a team of 10 engineers and word-of-mouth, raising the average daily Perps transaction volume to the tens of billions.
A ten-person team + zero paid marketing + zero market-making subsidies has captured over 50% of the global Perp DEX market share, creating a high-margin moat that no one in the industry can match.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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