DRV vs Hyperliquid 2026: 2 live benchmarks compared

Name: DRV vs Hyperliquid OpenChainBench measurements
Creator: OpenChainBench
License: https://creativecommons.org/licenses/by/4.0/

OpenChainBench

DRV vs Hyperliquid

Split decision: DRV leads on Perp DEX token P/E ratio 2026 (91.9x vs 109.4x); Hyperliquid leads on Perp DEX price to fees (21.7x vs 53.5x). Data as of 2026-10-30 UTC.

Read methodology Last measured Fri, 30 Oct 2026 17:31:41 UTCWindow: rolling 24h2 shared benchmarks

DRV

Derive (formerly Lyra) is an options and perpetuals exchange on its own OP Stack rollup with an off-chain orderbook and on-chain settlement. DRV is the protocol token.

Hyperliquid

Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.

Side by side measurements

Perp DEX token P/E ratio 2026: Hyperliquid, Lighter, GMX, dYdX, GNS live

Trading

DRV

Leads

91.9x

p99: 91.9x
rank: #8
samples: 2,879

Hyperliquid

Trails

109.4x

p99: 109.4x
rank: #9
samples: 2,879

P/E ratio

DRVn/aHyperliquidn/a

P/E = fully diluted valuation (CoinGecko) divided by annualized protocol revenue (DeFiLlama dailyRevenue, 30-day trailing average x365). Protocol revenue = fees accruing to the treasury or token holders, not total user fees. Tokens without a CoinGecko listing show no P/E. FDV reflects total supply at current price, not circulating supply; tokens with large unvested allocations will show inflated FDV-based P/E. Updated hourly.

Perp DEX price to fees: what the market pays per dollar of trading fees

Trading

Provider	P/F ratio	FDV / fees	P/S	Fees 30d	Revenue 30d	Float
DRV	53.5x	75.5x	65.1x	$547.6K	$449.9K	70.8%
Hyperliquid	21.7x	86.1x	27.5x	$83.81M	$65.95M	25.2%

View

DRVn/aHyperliquidn/a

P/F = circulating market cap (CoinGecko) / annualized fees (DeFiLlama dailyFees, trailing 30d x 365/30), on the DeFiLlama parent the token accrues from. Fees include the share paid to liquidity providers; P/S uses protocol revenue only. Low-float tokens show a much higher FDV/F than P/F. Pre-TGE venues are listed unranked with fees and OI, no ratio. A low multiple is not a recommendation.

Frequently asked questions

DRV vs Hyperliquid: which one is better?

DRV and Hyperliquid are compared on 2 shared OpenChainBench benchmarks. DRV leads on Perp DEX token P/E ratio 2026. Hyperliquid leads on Perp DEX price to fees. See the live table on this page for every metric.

Which has the lower p/e ratio, DRV or Hyperliquid?

On the Perp DEX token P/E ratio 2026 benchmark, DRV leads at 91.9x versus Hyperliquid at 109.4x. Live measurement is updated continuously by the OpenChainBench harness.

Which has the lower p/f ratio, DRV or Hyperliquid?

On the Perp DEX price to fees benchmark, Hyperliquid leads at 21.7x versus DRV at 53.5x. Live measurement is updated continuously by the OpenChainBench harness.

How is the DRV vs Hyperliquid comparison measured?

Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.

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How this pair was selected

Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.