Pump.fun revenue tops Hyperliquid's at $14.6 million

Pump.fun revenue tops Hyperliquid’s at $14.6 million for the week

Pump.fun revenue reached about $14.6 million in the seven days to Sept. 28, ahead of Hyperliquid’s $13.3 million, DefiLlama data shows.

The quick take

Price: We could not verify a $PUMP price for this post. Our main price feed was unavailable at 19:40 UTC.
Trigger: DefiLlama data shows Pump.fun’s weekly revenue passing Hyperliquid’s, while $PUMP buybacks run near $1 million a day.
Watch: Over 30 days, Hyperliquid still earns more.

What happened

Pump.fun ($PUMP) out-earned Hyperliquid last week. Pump.fun revenue from its launchpad, PumpSwap and Terminal reached about $14.6 million in the seven days to Sept. 28, according to DefiLlama. Hyperliquid, a perpetual futures exchange, earned $13.3 million.

The launchpad made $10.0 million of that, PumpSwap $3.9 million and Terminal $0.7 million. DefiLlama also lists $1.1 million from the pump.fun mobile app. It notes those trades already sit in the other lines, so we leave them out.

The latest day tells the same story. On Sept. 28, the three lines earned about $2.36 million, against $1.92 million for Hyperliquid.

Who’s buying and selling

Pump.fun says half of its revenue goes to buying $PUMP and burning it, CryptoSlate reported on Sept. 26. DefiLlama tracks those buybacks through on-chain burns. It shows $1.13 million on Sept. 28 and $7.06 million over seven days.

Totals depend on the source. DefiLlama counts $369.9 million in buybacks since launch. CryptoSlate, citing Pump.fun’s own dashboard, put cumulative purchases near $462.5 million, with 16.8% of the original supply burned.

Buybacks are a big theme this year. Projects spent about $638 million on them through late August, per Allium Labs data cited by Cointelegraph. Of that, Hyperliquid spent about $370 million, while Pump.fun spent nearly $200 million.

On Sept. 25, SEC staff said announcing a buyback of a non-security token on a working network does not by itself count as “essential managerial efforts,” CryptoSlate reported. That phrase comes from the Howey test for securities.

What to watch next

The lead is narrow and new. Over 30 days, Hyperliquid still earned $56.3 million, against about $48.9 million for Pump.fun’s three lines, per DefiLlama.

Trading on PumpSwap is the other gauge. It handled $2.54 billion in volume over the past week, DefiLlama shows.

Bottom line: Pump.fun out-earned Hyperliquid for the week to Sept. 28, and the company says half of that revenue goes to $PUMP buybacks.