Pump.fun Revenue Tops Hyperliquid by About $20,000 in 24 Hours
Key Facts
Pump.fun recorded revenue of $1.98 million in the 24 hours through Oct. 24, 2026, about $20,000 ahead of Hyperliquid, which recorded $1.96 million, according to DeFiLlama. The lead applies to the one-day window, while the ranking changes over longer periods. Hyperliquid generated $14.64 million in revenue over 7 days, compared with $14.48 million for Pump.fun. Over 30 days, Pump.fun led with $69.76 million in revenue, compared with $65.78 million for Hyperliquid. The figures put the two platforms in close competition, but their ranking shifts depending on the period used to measure revenue.
DeFiLlama presents protocol revenue as the share retained from the fee sources defined for each protocol, so the figures do not represent the total amount paid by traders. Under the page's definition, Pump.fun revenue includes its share of bonding-curve trading fees, graduation fees, Mayhem launch fees and platform fees. The definition also counts revenue from Swap, Terminal and the mobile app, reflecting more than one income source within the platform's ecosystem. Pump.fun does not charge a platform fee simply for creating a coin, according to its official fee page; users pay only a Solana network transaction fee, along with a small SOL deposit to create token accounts. The site distinguishes creator fees, protocol fees and liquidity fees, explaining that part of trading fees goes to the liquidity pool.
Hyperliquid's revenue components differ from those DeFiLlama counts for Pump.fun, comprising perpetual futures fees, spot trading fees through the order book and outcome-market fees. DeFiLlama's methodology says 99% of perpetual futures fees go to the Assistance Fund. The page also counts Hyperliquid's share of yield on AQAv2 stablecoin reserves, which has been 90% since Aug. 27, 2026. These items show why revenue definitions matter alongside the platforms' ranking, because the mix of counted fees is not identical. The published comparison is therefore between the revenue each platform retains under its stated calculation components, not a uniform measure of total activity or fees paid.
Pump.fun's earlier weekly activity data show that fees and trading volume move with activity across its products, without establishing on their own the reason for its lead in the Oct. 24 reading. In a bulletin issued on Oct. 5, the company said protocol fees from Bonding Curve, PumpSwap and Terminal totaled $16.32 million during the week of Sept. 28 to Oct. 4, up 20% from the previous week. It said trading through Bonding Curve and PumpSwap reached $4.72 billion in the same week, up 14% week over week. In the same bulletin, it said PUMP token purchases and burns totaled $7.60 million during the previous seven days, and cumulative purchases reached $465 million. Published burn records also show that the platform burned tokens worth $770,000 on Oct. 17, while its fee page was updated the same day.
The updated fee page adds detail on the counted income sources, specifying a platform fee of 0.45% of trading value for wallets that do not apply a referral code. Pump.fun says trades through its web or mobile app are subject to an additional platform fee on top of the other specified fees. This is part of a fee structure that distinguishes the platform's share from the creator's share and the amount allocated to liquidity, while the DeFiLlama reading includes other fees such as graduation and Mayhem fees. By contrast, Hyperliquid revenue is split among perpetual futures, spot trading, outcome markets and reserve yield, according to the displayed definition. Pump.fun's lead in the one-day reading, Hyperliquid's lead over 7 days, and Pump.fun's return to the top over 30 days therefore reflect differences in the time horizon and counted revenue sources.
The comparison comes after Pump.fun launched perpetual futures trading through the Hyperliquid protocol, according to a story published in EL7's data on Oct. 18, 2026. An earlier EL7 report on Oct. 5 examined the platforms' revenue comparison, placing the current reading within renewed coverage of their competitive relationship. In the same published daily revenue ranking, Tether recorded $17.28 million and Circle $6.88 million over 24 hours, ahead of Pump.fun and Hyperliquid. The Oct. 24 reading is a snapshot, while the 7-day and 30-day comparisons show different rankings between the platforms. DeFiLlama dates this reading to Oct. 24, 2026.