Data & Insights: DEX Ratio New Highs; Hood Diversity

Quick Take

• Data & Insights is a weekly series showcasing top charts from The Block’s Data Dashboard.
• This week, we’re taking a look at onchain equity trading and CEX volumes. We’ll also look at Pump.fun revenue numbers and last week's earnings from Robinhood and Coinbase.

I'm Something of an Equities Trader Myself

• Hyperliquid’s top 10 markets by volume last week have a combined total of ~$32B, but crypto's share has been shrinking. We’ve covered HIP-3’s growing market share before, so we wanted to break it down today.
  • BTC and ETH combined for just ~$11B of the total, while the remaining ~$21B came almost entirely from tokenized equities and indices deployed through HIP-3. 
  • SK Hynix (SKHX) alone did roughly $5.6B, more than ETH, with Micron (MU), SanDisk (SNDK), and the DRAM index rounding out a memory-and-semiconductor-heavy list alongside the Nasdaq 100 (XYZ100) and S&P 500 (SP500) trackers.
• Notably, there have been days where SKHX's daily volume has individually cleared bitcoin's, a threshold that would have been unthinkable for a tokenized stock a year ago. This speaks to how quickly HIP-3 volume has scaled to $4B in open interest.
• Nearly all of that equity volume runs through TradeXYZ, the HIP-3 deployer behind the "xyz:" tickers. They already account for the vast majority of HIP-3 open interest and volume. 
  • Every HIP-3 market inherits HyperCore's shared orderbook and the HLP vault's market-making depth from day one rather than bootstrapping its own, reinforcing the competitive liquidity moat that Hyperliquid has built. 

The new CEX?

• The DEX to CEX ratio has closed the month at a new all-time high of 24% and up from 17% just a year ago. The chart tracks spot exchange volume, separate from futures and derivatives, which measures trades on DEXs like Uniswap and Aerodrome. 
  • A large factor in this rise has been a softening of CEX spot volume. Centralized venues have struggled this bear market, with many going through workforce reductions or even closing shop entirely. 
  • Spot exchange volume is on track to set a new 12-month low at $670 million, down from its annual high of 2.23T. While volume has been partly cannibalized by prediction markets, we’ve discussed in other segments how the drop in volume is in part caused by diminished interest in crypto as a whole.
• Onchain exchange products have also seen continued improvement; aggregators have developed deeper liquidity, and faster cross-chain swap routing has closed most of the execution gap that used to make CEXs the default for anything beyond a simple spot trade.
  • The improved experience and cost will likely catalyze continued adoption of onchain alternatives to centralized exchanges.

Pump The (Hyper)Liquid 

• pump.fun protocol fees have remained relatively stable, averaging $84 million a month for the last year. Combined pump.fun revenue, spanning the core bonding-curve product, PumpSwap and Terminal, generated roughly $80M in revenue over the past 30 days. This clears Hyperliquid's ~$51M and extends a lead pump has held for most of 2026.
  • This has become especially notable as revenue has held steady despite sentiment around memecoins and onchain speculation hitting new lows. 
• However, in spite of strong revenue generation, token market caps have not followed the revenue performance. PUMP's approximate $2B FDV trades about 2x its nearly $1B annualized combined revenue run rate. Meanwhile, Hyperliquid's $51B FDV sits closer to 85x its $600M run rate, a massive gap in how the market prices a dollar of each protocol's revenue.
  • While FDV-to-revenue ratios don’t capture the full picture, the stark difference suggests markets may be underpricing pump.fun’s revenue-generation capabilities. 
• We’ve seen blockchains like Robinhood chain embrace the users and activity that come with memecoins, so launchpads like pump.fun will likely continue to capture revenue despite sentiment around memecoins themselves. If speculative activity returns onchain, pump.fun could be a significant beneficiary of renewed interest.

Diversity in the HOOD

• Robinhood's crypto transaction revenue fell to $100 million in Q2 2026, down 37.5% year-over-year (YoY) in an otherwise great quarter for the company with record numbers elsewhere in the business.
  • Crypto now accounts for just ~13% of the company’s transaction revenue, as crypto trading volumes fell another 23% quarter-over-quarter (QoQ), its lowest since Q4 2023.
• Despite this, the company's total transaction revenue of $776 million matched its Q4 2025 record, while the composition of that revenue has completely shifted.
  • Options revenue hit a record $342 million, up over 31% QoQ.
  • Equities revenue also hit a record $129 million, up 95% YoY.
  • Robinhood’s event contracts (prediction markets) generated $156 million in revenue on 13.6 billion contracts traded.
  • That's a 50% QoQ increase, marking the first quarter in which Robinhood's prediction markets business out-earned its crypto business.
• Robinhood’s retail crypto business used to be the largest driver of the company’s transaction revenue in late 2024, but has now fallen behind options, event contracts, and equities.
  • The striking part is that this has not negatively impacted the company’s top line, as its other business lines have compensated for the decline in crypto.
  • The successful diversification and expansion of its revenue mix came from replacing crypto beta with a product line that monetizes sports and politics, and is a strategic pivot that will likely boost its H2 2026 numbers, with the start of the NFL season and the US midterms.

Armstrong the Boss, Not-So-Strong COIN Toss, Company Loss

• Speaking of successful revenue diversification and well-executed strategic decisions, Coinbase has evidently done neither.
  • The company reported $1.22 billion of total revenue in Q2 2026, its weakest quarter since Q3 2024
  • Total trading volumes fell ~24% QoQ, its lowest quarterly figure since Q3 2023, with both institutional and retail volume falling equally.
  • Transaction revenue fell 20%, while transactional gross profit fell 27%.
  • The company’s gross margin on transaction revenue also fell to 68%, from 74% the previous quarter.
  • Though on the bright side, adjusted EBITDA came in at $208 million, keeping a 14-quarter positive streak alive.
• While these poor numbers may be seen as an effect of the broader crypto market-wide drawdown, it is worth noting that Robinhood also faced the same market conditions, yet only one of them managed to post record numbers.
  • Robinhood's event contracts business alone generated $156 million in Q2, while Coinbase's prediction markets business just crossed $100 million on an annualized basis, roughly a sixth of Robinhood's quarterly run rate.
  • Coinbase’s Q3 guidance points to transaction revenue running roughly 24% below Q2's daily pace through late July, and the market responded accordingly.
  • COIN shares declined by over 10% post-earnings, extending its YTD losses to -36%, now approaching its lowest level since February 2024