Grayscale assessed HYPE's forward price-to-earnings ratio (PER) to be around 15-18 times. Grayscale analyzed, "Hyperliquid can be valued like a stock as it generates actual cash flow, and should be calculated based on earnings per token, not earnings per share (EPS). Compared to fintech companies like Coinbase, Robinhood, and Circle, the current valuation is still low."
