Pump.fun overtakes Hyperliquid in monthly revenue for first time since April 2025

Pump.fun, the Solana-based memecoin launchpad, surpassed Hyperliquid in monthly protocol revenue on August 9, 2026, the first time it has held that title since April 2025. According to DeFiLlama data, Pump.fun generated $33.73 million in revenue over the preceding 30 days, nudging past Hyperliquid’s $32.73 million. The numbers behind the milestone Pump.fun collected $84.35 million in total fees during the same 30-day window, compared to Hyperliquid’s $47.14 million. Hyperliquid’s net revenue retention margin sits at 73%, versus Pump.fun’s 41%. Hyperliquid holds over $6 billion in total value locked. Pump.fun sits at roughly $251 million. By late August 2026, Pump.fun’s cumulative lifetime revenue had climbed into the $1.23 to $1.26 billion range, putting it past Hyperliquid’s lifetime total of approximately $1.19 billion. That makes Pump.fun the first Solana application to surpass $1 billion in lifetime revenue. Mid-August also saw Pump.fun’s weekly protocol fees clear $10 million for the first time. What is driving Pump.fun’s resurgence Pump.fun’s model is straightforward. Tokens launch on a bonding curve, meaning price rises automatically as buyers pile in. Once a token hits a ce...