Pump Group Revenue Surpassed Hyperliquid on Oct. 19 Before the Lead Reversed
Key Facts
Pump Group moved ahead of Hyperliquid in daily revenue on Oct. 19, recording $2,177,760 compared with $1,921,508, according to the DefiLlama series cited by YFarmX. But the ranking reversed within days: in the Oct. 24 reading, the group recorded $1,534,732, while Hyperliquid revenue reached $2,022,702. The comparison shows the lead changed between the two readings, so a single-day reading does not reflect a sustained ranking. Pump Group includes Pump.fun, PumpSwap and Terminal. Both use the same revenue metric in the DefiLlama series, according to YFarmX.
Monthly data give a broader picture than daily volatility: DefiLlama recorded Pump.fun revenue at $34.61 million in October through the page's update date, compared with $33.06 million in September and $36.66 million in August. The revenue metric includes Pump's share of trading fees on the bonding curve, graduation fees, Mayhem launch fees and platform fees. The methodology distinguishes retained revenue from gross user fees. In its weekly newsletter, Pump.fun said protocol fees from the bonding curve, PumpSwap and Terminal totaled $16.32 million in the week from Sept. 28 to Oct. 4, up 20% from the previous week. It added that fees exceeded $2 million on every day that week, and that Oct. 4 set a daily record of $2.53 million.
In an investigation of platform launches through the end of June 2026, Bitquery estimated that developers and bundled wallets linked to their launches made at least $579 million after fees from the portion they sold. The figure excludes profits from wallets that received tokens through transfers and covers only calculated sales; it does not represent total profits from all launches or wallets linked to developers. Bitquery found that developers' first sale took place within a minute of launch for 65% of the coins it examined, in a sample covering launches through Oct. 7, 2026. For comparison, the study estimated sniper-bot profits after fees at $31.5 million on what they sold. Valuing unsold holdings at zero reduces the estimate of those bots' profits to $15.2 million.
Discussion of the campaign linked to a trader known as Kimchi coincided with a decline in activity and revenue over about two days, without establishing that the campaign caused the drop. The number of active addresses on Pump.fun fell from 178,539 to 159,492, or 11%, according to figures published by TokenPost on Oct. 23. Over roughly the same period, revenue dropped from $1.61 million to $1.35 million, a decline of 16%. Protos reported that Pump.fun and Kimchi, whose real name is Clayton Kim, worked together to promote a campaign called "Make Your Friends Fall in Love." Co-founder Alon Cohen also reposted a post linked to a new token before removing the repost. These events describe the campaign and the decline in the metrics without attributing a causal relationship between them.
Bitquery examined wallet activity linked to the old and new tokens named KIMCHI, documenting 129 direct transfers among three wallets between Jan. 15 and Oct. 12, 2026. The company said it found no transfers between those wallets and the creator of the new KIMCHI, and did not attribute them to any specific person. On Oct. 20, the old token's fully diluted valuation fell from about $5.35 million at 23:00 UTC to $875,000 15 minutes later. These figures place the wallet activity and the token's valuation volatility within a specific time frame, but do not establish a link between the wallet owners and the creator of the new token. On fees, Pump.fun began charging a fee for trading through its app and website on Oct. 17; the rate is 0.45% for a wallet that does not use a referral code, and 0.40% for a wallet that applies another user's code.