This paper compares different pre-trained and fine-tuned large language models (LLMs) for hate speech detection. Our research underscores challenges in LLMs' cross-domain validity and overfitting risks. Through evaluations, we highlight the need for fine-tuned models that grasp the nuances of hate speech through greater label heterogeneity. We conclude with a vision for the future of hate speech detection, emphasizing cross-domain generalizability and appropriate benchmarking practices.