Honestly, that depends on the firm. There are same that do pay very well like this, eg: HRT, Jane Street (they are not an HFT though), Headlands, Radix. Some others like Jump, Optiver the pay varies depending on whether it's front office or back office.

Where I work at, the new grad offers are slightly better than FAANG, but the growth is very good based on performance, we also pay very well to people coming in from a competitor.