- Pump.fun’s 24-hour revenue topped Hyperliquid’s on DefiLlama, $2.72 million to $2.30 million, and the same edge holds over the trailing 30 days.
- Hyperliquid still leads on the trailing 7 days, $22.15 million to $15.15 million, the one window memecoin trading hasn’t closed.
- Hyperliquid’s own HIP-3 rules let outside builders keep a growing share of trading fees, and those markets now account for roughly half of Hyperliquid’s volume.
Pump.fun’s 24-hour revenue topped Hyperliquid’s reviewed this week, $2.72 million to $2.30 million. The same edge shows up over the trailing 30 days: $51.33 million to $47.41 million, according to DefiLlama’s tracker for Pump, the entity covering pump.fun’s launchpad, its PumpSwap exchange and its Mayhem mode combined.
Hyperliquid keeps one window. Over the trailing 7 days, it still leads Pump by a wide margin, $22.15 million to $15.15 million. That single reversal is a reminder that this leaderboard moves fast: the ranking between these two has flipped on a daily or weekly basis at least four times in August alone, each flip drawing its own headline.
Hyperliquid Is Giving Away Its Own Fees
Under a feature called HIP-3, anyone who stakes 500,000 HYPE tokens can launch a perpetual futures market on Hyperliquid and configure a fee share of up to 300% of the standard rate, or up to 100% in the platform’s newer growth-mode markets, according to Hyperliquid’s own documentation.
Those builder-run markets, many tracking real-world assets like stocks and commodities, made up roughly half of Hyperliquid’s trading volume by August, up from about 2% at the start of the year.
The effect shows up in Hyperliquid’s own revenue data. Its total revenue has fallen roughly 70% from a third-quarter 2025 peak even as trading volume kept climbing, and the cost of paying outside builders for that volume rose from under 6% of gross revenue to 18% over the same year.
A single deployer, Trade.xyz, accounts for more than 90% of the open interest on HIP-3 markets, meaning a large share of Hyperliquid’s fee-sharing exposure now runs through one outside operator.
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