Hyperliquid Surges Past $13M in Weekly Revenue, Leading Onchain Protocol Revenues
A surge in onchain protocol revenue has been observed, with four major platforms breaking their own revenue records simultaneously. Hyperliquid led the pack, generating $3.07 million in protocol revenue over a single 24-hour period and approximately $13.47 million over the trailing 7-day period.
Pump, StonkFun, and Pons also achieved personal weekly revenue records during this time. Hyperliquid's revenue comes mainly from perpetual futures trading fees, with about 99% of eligible fees being directed into HYPE token buybacks and burns via the Assistance Fund.
This synchronized surge points to a broader shift in decentralized finance, where fee generation is becoming a more important metric than locked capital. The annualized revenue figure for Hyperliquid translates to a run rate north of $700 million a year.