Hyperliquid vs Jupiter Perps

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.

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.

The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.

A screen, not a verdict, and not advice. P/F = circulating market cap (CoinGecko) / annualized fees (DeFiLlama, trailing 30d x 365/30) summed across every fee adapter that accrues to the token. Fees include the share paid to liquidity providers. A low multiple can mean the market expects fees to fall, that the fees were incentivised, or that the token has no claim on them. Read it with the float, the category median and the monthly fee trend, then do your own work.