Pump Fun Seeks to End Hyperliquid's Long Reign
Pump.fun is poised to end Hyperliquid's 15-month winning streak in monthly revenue. According to recent numbers, Pump.fun has led Hyperliquid by $6.3 million, with $55.9 million in revenue compared to Hyperliquid's $49.6 million.
This marks the first time in over a year that Pump.fun has outperformed Hyperliquid in terms of monthly revenue. The two platforms have had their ups and downs since April 2025, with Pump.fun peaking at around $150 million per month.
Pump.fun's token, PUMP, has also seen significant growth, increasing by about 105% over August, while Hyperliquid's token, HYPE, gained around 49%. The market seemed to price in the surge before it happened, with PUMP's rise beginning to slow down after breaking out on the 19th.
Hyperliquid's next upgrade, HIP-4, is expected to bring permissionless prediction markets, which could give Hyperliquid a significant advantage in the long term. This move would allow outside builders to launch markets on various topics, including sports, crypto, and macro events, as long as validators approve the structure and 500,000 HYPE tokens are locked up.
The HIP-4 upgrade is seen as a key factor in Hyperliquid's potential success, potentially allowing it to become the infrastructure under thousands of markets without having to build one itself. This could be a game-changer for the platform and cement its position in the market.