All the comparisons between Coinbase’s and Hyperliquid’s headcount completely misunderstand their user bases. Similar revenue or volume numbers do not mean they are the same business. And I also would not say Hyperliquid is "better" than Coinbase just because it has a lower headcount.
As it stands today, Coinbase is a far more defensible business, not only because of the regulatory moat, which is massive, but also because it is a household name. They have roughly 20-40x more monthly users than Hyperliquid. That naturally means higher costs across marketing, customer support, compliance, infrastructure, etc.
But it also means Coinbase is exponentially more likely to be recognized by your dad than Hyperliquid, while Hyperliquid's userbase is a lot more fleeting.