Mason Nystrom(@masonnystrom):Trailing P/E ratios of large derivatives exchanges: - CME (23x) | 19 years old - Intercontinent Exchange (22x) | 26 years old - Nasdaq (26x) | 55 years old - CBOE (21x) | 53 years old - LSEG (29x) | 19 years old - Robinhood (49x) | 13 years old - Charles Schwab (19x) | 53 years - Interactive Brokers (35x) | 33 years Forward P/Es are slightly lower, but still generally in the 15x-22x range. I agree trading revenue can be fickle, especially when asset quality is lower (e.g. memecoins) but what a P/E of 20x says is that the market thinks Hyperliquid is going to be a leading, long standing derivatives venue.

2026.09.16 20:35

Trailing P/E ratios of large derivatives exchanges: - CME (23x) | 19 years old - Intercontinent Exchange (22x) | 26 years old - Nasdaq (26x) | 55 years old - CBOE (21x) | 53 years old - LSEG (29x) | 19 years old - Robinhood (49x) | 13 years old - Charles Schwab (19x) | 53 years - Interactive Brokers (35x) | 33 years Forward P/Es are slightly lower, but still generally in the 15x-22x range. I agree trading revenue can be fickle, especially when asset quality is lower (e.g. memecoins) but what a P/E of 20x says is that the market thinks Hyperliquid is going to be a leading, long standing derivatives venue.

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