Hyperliquid tops crypto revenue ranking ahead of Pump.fun

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Hyperliquid revenue reaches $429 million

Highlights

Hyperliquid generated $429.04 million through Sept. 15.
Hyperliquid accounted for 12.62% of the $3.40 billion revenue pool.
Pump.fun ranked second with $322.21 million.
Perpetual and spot trading underpin Hyperliquid's revenue.

The total represented 12.62% of the $3.40 billion revenue pool used for the comparison, according to Crypto.News. Pump.fun ranked second with $322.21 million, leaving a gap of $106.83 million, while trading terminal Axiom Pro was third with $132.09 million. CoinGecko’s underlying study confirms the figures and covers revenue generated from Jan. 1 through Sept. 15.

Perpetual trading drives revenue

Hyperliquid earns fees from perpetual futures and spot trading, with rates determined partly by user volume. HYPE stakers can receive additional fee discounts.

Part of the trading fees flows into the platform’s Assistance Fund, which automatically purchases HYPE. Under Hyperliquid’s current mechanism, tokens acquired by the fund are burned, linking trading activity with reductions in circulating supply.

The distinction between revenue and fees is important. Hyperliquid says its infrastructure handles billions of dollars in daily volume and generates more than $1 billion in annualized fees directed toward programmatic HYPE purchases. That figure uses a different accounting measure from CoinGecko’s $429.04 million revenue calculation.

Competition is also spread across several crypto businesses. Sky generated $129.87 million, GMGN $126.03 million, and Polymarket $115.48 million. World Liberty Financial, Paxos, edgeX, and Titan Builder completed the top 10.

Exclusions reshape the ranking

CoinGecko deliberately left Tether and Circle outside its adjusted table because their scale would overwhelm comparisons with smaller crypto-native businesses. Grayscale was also excluded because its $154.14 million came from asset-management sponsor fees rather than a usage-based protocol model.

The top 15 included projects generated 56.02% of the $3.40 billion comparison pool. Yet industry-wide revenue has softened: monthly revenue averaged $1.08 billion from January through August, 11.68% below the $1.22 billion monthly average in 2025.

Revenue growth meets a rising HYPE market

Hyperliquid’s lead matters because it shows how much revenue decentralized derivatives can generate without relying primarily on stablecoin reserves or asset-management fees. Hyperliquid and Pump.fun alone accounted for $751.25 million, or 22.10% of CoinGecko’s adjusted pool.

HYPE has risen alongside the strong revenue figures. The token closed at $76.92 on Sept. 15, climbed to $92.54 by Sept. 18, and finished Sept. 20 at $93.64. Its market capitalization stood at about $20.5 billion on Sept. 20, with daily trading volume above $1 billion.

As we previously reported, Hyperliquid has launched a manual borrowing feature that allows users to borrow USDC and USDT against HYPE and Bitcoin.

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