Pump.fun edged past Hyperliquid in 30-day revenue, taking in $33.73 million against the derivatives exchange's $32.73 million, according to DeFiLlama data. The PUMP token gained on the news, and the Solana memecoin launchpad now tops Hyperliquid on both monthly and lifetime revenue.
Pump.fun, the platform that lets anyone spin up a Solana memecoin in seconds, pulled in $33.73 million over the past 30 days against Hyperliquid's $32.73 million, according to DeFiLlama data. PUMP gained roughly 12% afterward, changing hands near $0.0027 for a market capitalization of about $1.055 billion.
The launchpad collected $84.35 million in fees over the same 30 days, well above Hyperliquid's $47.14 million — Pump.fun keeps a larger share of what it takes in as protocol revenue, while Hyperliquid returns more of its fee income to liquidity providers and stakers instead of keeping it as revenue.
However, total value locked tells a different story. Hyperliquid's Layer 1 and Arbitrum deployments together hold $6.041 billion, compared with Pump.fun's $251.4 million, nearly all of it on Solana. Yet that smaller base means Pump.fun earns roughly 24 times more revenue for every dollar locked than Hyperliquid does.
Pump.fun has run since early 2024, using a bonding-curve setup that lets anyone launch a token with liquidity built in and no coding needed. Its all-time revenue has climbed to $1.231 billion, ahead of Hyperliquid's $1.188 billion, so Pump.fun now leads on both the trailing 30-day and lifetime totals.
The contrasting fee structures matter for anyone comparing capital across the two ecosystems. Pump.fun's model sends more of what it earns straight to the protocol and its token holders, while Hyperliquid spreads more value to the traders and stakers who use it, keeping power users loyal even as it leaves the protocol itself less immediately profitable.
Set against a market cap of about $1.055 billion, PUMP's monthly revenue gives the token a price-to-revenue multiple that looks appealing next to DeFi tokens carrying far higher valuations on thinner revenue streams.
Source: Crypto Briefing
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