Valuing Hyperliquid with traditional P/E ratios is fundamentally broken.

Why? Because normal stocks don't take 100% of daily revenue and market buy their own token.

This isn't equity. This is a flywheel:

• Revenue → Direct buy pressure

• No dilution from operational costs

• Pure price discovery mechanics

Traditional finance metrics don't capture programmatic buybacks that hit the chart daily. You're not pricing earnings multiple—you're pricing liquidity absorption.

If you're still using stock valuation frameworks for on-chain revenue models, you're already behind.