Pump.fun Tops Hyperliquid in Revenue as Trading Activity Surges

On October 5, 2026, Pump.fun overtook Hyperliquid in 30-day protocol revenue, as its trading activity surged. Pump.fun, a Solana-based platform focused on token creation and trading, reported daily volumes exceeding USD 40 million, pushing its 30-day revenue to USD 55.5 million, slightly ahead of Hyperliquid’s USD 54.34 million. Despite the revenue lead, Hyperliquid remains a major player, particularly in derivatives and spot trading, with significantly higher perpetual futures volume.

The revenue shift coincides with Pump.fun’s adjustment of its Callout reward algorithm. Co-founder Alon announced the change on October 4, shifting focus from posting volume to content quality and trading activity. The original mechanism had encouraged low-quality content, with top earners promoting tokens with median market caps below USD 100,000.

Pump.fun’s ecosystem, including PumpSwap and Terminal, generated approximately USD 172.67 million in fees over 30 days, with USD 55.5 million in protocol revenue. About 45% of this revenue flows back to PUMP holders through buybacks, though the platform emphasizes that these buybacks do not guarantee future revenue.

The platform’s next challenge is sustaining this momentum, as memecoin trading can be cyclical. Pump.fun’s ability to maintain revenue growth while improving content quality will determine its long-term success.