21Shares has released a report evaluating the HYPE market using traditional exchange valuation frameworks. The report projects Hyperliquid's 2025 revenue at $873 million with a team of 11, resulting in a per capita revenue of $79.36 million. In comparison, CME Group's 2025 revenue is estimated at $6.5 billion with 3,875 employees, yielding a per capita revenue of $1.7 million. Over the past 12 months, HYPE generated $944 million in revenue with a current market cap of approximately $9.4 billion, reflecting a price-to-sales ratio of about 10, compared to CME Group's 17.32. The report highlights that HIP-3 accounts for 35% to 37% of Hyperliquid's total trading volume, with half of the top ten trading assets being traditional market assets. Additionally, the Assistance Fund uses 97% to 99% of platform fees for automatic buybacks, totaling over $1.5 billion, with an implied annualized buyback yield of approximately 13%. The report outlines three market scenarios: a bull market target of $62 to $70 (market cap $15 billion to $17 billion), a baseline target of around $75 (market cap $17 billion to $18 billion), and a bear market target of $15 to $19 (market cap $3.5 billion to $4.5 billion).