Polymarket says it makes $1.8B a year. Public data points to about $1.1B after trader rebates, level with or above Hyperliquid's $839M as crypto's top earner outside stablecoin issuers.

Polymarket is raising at $21B, about 19x revenue. Hyperliquid trades at 82x on FDV, Pump.fun under 5x. Kalshi, valued at $40B, says its non-sports markets alone make over $1B a year.