Decentralized derivatives exchange Hyperliquid has consistently outperformed traditional finance giants in terms of volume and net income.

DefiLlama data estimates Hyperliquid’s annualized net income at $1.24 billion as of Sept. 12, exceeding Nasdaq’s $1.12 billion net income for the entirety of 2024 by 11%.

The comparison positions the DeFi platform ahead of one of the world’s largest stock exchanges in net income, despite operating with just 11 team members.

Additionally, data from ASXN shows Nasdaq employed 9,162 people in 2024, producing a net income per employee ratio of $123,335.52.

Hyperliquid’s 11-person team generates approximately $113 million per employee, establishing the highest net income-to-employee ratio in global financial markets.

Volumes surpass Robinhood

The trading protocol posted $420.3 billion in total trading volume during August, extending its winning streak against Robinhood to four consecutive months.

Robinhood published August trading figures on Sept. 11, revealing $227.5 billion in total volume across all products.

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The breakdown included $199.2 billion from equity trading, $195.5 million from options contracts, $13.7 billion from crypto trading in the Robinhood App, and $14.4 billion from crypto trading on the Bitstamp exchange.

Hyperliquid processed $398 billion in perpetual contracts and $22.3 billion in spot trading during the same period, creating a $170.5 billion volume advantage over the retail trading platform. The August performance marks the platform’s strongest monthly showing since beginning its winning streak against Robinhood.

The volume comparison traces back to May, when Hyperliquid first overtook Robinhood with $256 billion versus $192 billion, according to data shared by Jon Ma from Artemis.

June volumes reached $231 billion for Hyperliquid compared to Robinhood’s $193 billion, followed by July’s $330.8 billion versus $237.8 billion performance. Its July advantage represented its largest monthly gap at 39.1% before August’s results widened the margin further to nearly 85%.

Amid these results, Hyperliquid’s HYPE token registered a new all-time high of $57.30 on Sept. 12, up roughly 760% from its launch price of $6.51 on Nov. 28, 2024.

The platform continues to demonstrate how decentralized exchanges can compete directly with established retail trading platforms while maintaining lean operational structures that generate outsized returns per employee.

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The Nasdaq’s surge in value is breaking records, with a market cap relative to the U.S. M2 money supply that has hit a record 176%. Global markets commentator The Kobeissi Letter summed it up in three words:

“This is insane.”

The Nasdaq’s ‘insane’ market cap

As of August 2025, the Nasdaq’s market capitalization shatters the previous Dot-Com Bubble peak by approximately 45 percentage points. Simultaneously, the ratio of Nasdaq’s market cap to U.S. GDP has reached a historic 129%, almost double the highs of March 2000. These levels are raising both eyebrows and alarm on Wall Street.

M2 money supply encompasses all cash, checking deposits, and easily accessible savings, essentially, the “liquid” funds in the U.S. financial system. When the Nasdaq’s total value dwarfs this pool, it means that market valuations are galloping far ahead of the base layer of money underpinning the economy.

In previous cycles, stock market rallies were ultimately anchored by available liquidity. Surpassing the M2 money supply by such a wide margin illustrates an unprecedented disconnect between financial markets and real-world cash or credit growth.

Comparisons with the Dot-Com Bubble are apt: in 2000, the Nasdaq’s meteoric gains ended with a collapse when excess speculation far outpaced money supply and economic fundamentals. Today’s ratios, however, are well beyond those former highs, stoking fears of an even larger asset bubble.

Implications: What could happen next?

When stock valuations become untethered from underlying money growth, markets are more susceptible to sharp and painful corrections. As history showed after the Dot-Com peak, sentiment can turn quickly, and the subsequent cascade can erase trillions in market value overnight.

Today’s surge is heavily concentrated in a handful of giant tech firms, especially those leading AI innovation. This means a downturn in just a few names could spill over into the entire market, intensifying volatility.

With stock values so far above liquid cash levels, any shift in risk appetite, interest rates, or a tightening of credit could drain liquidity from equities fast. Such mismatches magnify systemic risk, as market participants scramble for cash in a sudden downturn.

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Central banks may find themselves pressured to inject more liquidity or risk triggering a deep correction. However, with M2 already at record levels and inflation concerns still present, policy options are limited.

Broader implications for Bitcoin and crypto

A sharp correction in tech equities often sparks a search for non-correlated assets. Bitcoin, with its fixed supply and decentralized nature, is frequently seen as a “digital gold” hedge against both equity bubbles and financial system stress. After major equity shocks in the past, Bitcoin and gold have often seen inflows as alternative stores of value.

Crypto is not immune to market-wide shocks, however. During the COVID crash and after the Dot-Com bust, investors also sold Bitcoin and other risk assets in the initial wave of panic. Thin crypto market liquidity can amplify these sudden swings.

If a market meltdown forces funds and institutions to raise cash, there could be short-term selling pressure for Bitcoin and crypto, especially given recent inflows and speculative positions in ETFs. However, each major crisis tends to inspire renewed interest in alternative financial systems and decentralized assets in the recovery phase.

As the Nasdaq outpaces the real economy, regulators are watching for imbalances. Both securities and crypto market rules could be tightened in response to market volatility or perceived excess.

Never before has the market value of America’s top tech stocks so dramatically outstripped both the money supply and the size of the economy itself. Investors should proceed wth caution and remember the lessons of bubbles past.

Top Win International, listed on Nasdaq as SORA, has secured $10 million from a group of investors led by WiseLink. This marks the first time a Taiwanese public company has invested in a Bitcoin treasury-focused firm.

According to the companies, the deal was executed through a three-year convertible note and is part of WiseLink’s “Bitcoin + Cross-Border Finance” initiative.

The Hong Kong-based Top Win, traditionally engaged in the trading, distribution, and retail of luxury watches, began shifting toward digital assets in May 2025 through a partnership with Sora Ventures.

The company’s strategy includes holding Bitcoin on its balance sheet and investing in other publicly listed companies with similar treasury models. That pivot followed its April 2025 public listing and ticker change from TOPW to SORA.

WiseLink, traded on the Taiwan Stock Exchange under 8932, operates fintech services in India and develops SaaS solutions, maintaining a long-term partnership with smartphone maker OPPO.

The company’s investment in Top Win establishes a strategic capital and technology collaboration aimed at integrating Bitcoin treasury management with cross-border financial operations. Top Win stated it will use the funds primarily to acquire Bitcoin, with potential allocations toward listed companies pursuing Bitcoin treasury strategies, and for working capital.

Top Win’s earlier moves included acquiring stakes in HK Asia Holdings and Metaplanet, the latter holding roughly 7,800 BTC valued at about 800 million dollars. Metaplanet’s shares have gained over 3,600% in the past year, and HK Asia Holdings delivered a fifteenfold increase in share value after adopting a Bitcoin treasury approach.

These investments align with Sora Ventures’ goal of deploying a $150 million fund to back at least ten public companies with Bitcoin holdings by the end of 2025.

Jason Fang, co-founder of Sora Ventures, was appointed chairman and co-chief executive of Top Win in late May, a leadership change intended to drive the company’s blockchain and digital asset strategy. The company plans regional expansion in markets including Thailand, Taiwan, and South Korea, aiming to scale its Bitcoin-centric capital allocation model.

The convertible note financing with WiseLink adds a cross-border element to the strategy, linking Taiwan’s public markets to Hong Kong’s listed digital asset initiatives. While the note’s specific terms, including conversion price and maturity details, have not been disclosed, the structure positions both companies to align long-term capital deployment with their stated Bitcoin treasury goals.

The deal expands Top Win’s capacity to execute its treasury allocation plans while exposing WiseLink to a hybrid retail and digital asset platform.

Top Win emphasized that it does not intend to operate as an investment company under U.S. securities law, and that all activities will comply with applicable regulatory requirements.

The transaction, which closed before the August 15 announcement, represents another step in the company’s transition from a traditional luxury goods business to an entity balancing physical retail operations with Bitcoin-focused capital strategies.

[Disclosure: Sora Ventures is an investor in CryptoSlate.]

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