Hyperliquid pulled in $844 million in revenue with just 11 people on the team—that's roughly $76.7 million per employee annually. Pretty wild when you look at the numbers. The protocol is currently trading at 7x revenue, which sits comfortably below Coinbase's 10x multiple and well under traditional exchanges at 15-25x valuations. Worth noting that from its peak of $24, the token has slid 75% down. Still, here's the thing: Hyperliquid's revenue actually exceeds what you'd see from major FX settlement layers. The market seems to be pricing in something interesting here—not just another exchange, but a protocol that's generating real economic value at scale.