Hyperliquid, a decentralized exchange specializing in perpetual futures contracts, has recorded substantial revenue growth, surpassing even the established Ethereum network. Recent weeks have seen Hyperliquid generating two to five times Ethereum’s weekly revenue, sparking debate about whether its token, HYPE, is undervalued compared to ETH. 24-hour and weekly figures paint a striking picture: over $5.5 million in revenue last day and a staggering $28 million for the week – that’s equivalent to over $2 billion annually if annualized. With 97% of fees channeled back into HYPE token buybacks and burns, the value accrues directly to HYPE holders. However, while ETH boasts a market capitalization near $550 billion, HYPE currently holds an estimated $16.5 billion valuation, a significant gap in the marketplace. The disparity has ignited questions about the true worth of Hyperliquid’s token.