Pump.fun surpasses Hyperliquid in 30-day revenue as $PUMP rises 12%
A memecoin factory just out-earned one of crypto’s most hyped derivatives exchanges. Pump.fun, the Solana-based token launchpad that lets anyone spin up a memecoin in seconds, posted $33.73 million in 30-day revenue, according to DeFiLlama data, surpassing Hyperliquid’s $32.73 million over the same period.
The $PUMP token responded accordingly, climbing roughly 12% to trade near $0.0027 with a market capitalization of approximately $1.055 billion.
The numbers behind the flip
Pump.fun’s total fees over the 30-day window reached $84.35 million, while Hyperliquid collected $47.14 million in fees during the same stretch. The gap between fees and revenue for each protocol reflects their different economic models. Pump.fun converts a larger share of its fee intake into protocol revenue, while Hyperliquid distributes more of its fees back to liquidity providers and stakers.
The TVL comparison tells a different story entirely. Hyperliquid sits on $6.041 billion in total value locked across its Layer 1 and Arbitrum deployments. Pump.fun holds $251.4 million, almost entirely on Solana. That means Pump.fun is generating more revenue per dollar locked by a factor of roughly 24x.
Historical data shows multiple instances where Pump.fun has outpaced Hyperliquid on daily and weekly revenue metrics. The monthly flip just makes the pattern harder to dismiss as noise.
How Pump.fun built its revenue engine
Pump.fun launched in early 2024 and quickly became the go-to platform for memecoin creation on Solana. Its bonding-curve mechanism lets anyone deploy a token with built-in liquidity, no coding required. The platform’s cumulative lifetime revenue has reached $1.231 billion.
For comparison, Hyperliquid’s cumulative lifetime revenue sits at $1.188 billion. The memecoin launchpad has now surpassed the derivatives exchange on both trailing 30-day and all-time revenue metrics.
What this means for the competitive landscape
The contrasting fee structures deserve attention from anyone allocating capital between these ecosystems. Pump.fun’s higher fee-to-revenue conversion rate means more value accrues directly to the protocol and, by extension, to token holders. Hyperliquid’s model redistributes more value to participants, which makes it stickier for power users but less immediately profitable as a protocol investment.
A protocol generating over $33 million in monthly revenue against a $1 billion market cap gives $PUMP a price-to-revenue multiple that looks attractive compared to many DeFi tokens trading at far higher valuations on thinner revenue streams.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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