Hyperliquid Generates $429M as HYPE’s Price Hits All-Time High of $95

Hyperliquid reported $429.04 million in revenue from January 1 through September 15, representing 12.62 % of a $3.40 billion revenue pool that excludes the two largest stablecoin issuers, Tether and Circle.

Leading the Non‑Stablecoin Revenue Pool

Within the tracked ecosystem, Pump.fun ranked second with $322.21 million, primarily from token creation and trading on its Solana memecoin launchpad. Together, Hyperliquid and Pump.fun accounted for $751.25 million, or 22.1 % of the total pool.

Trading Infrastructure Gains Share

Companies focused on simplifying market access also featured prominently. Axiom Pro earned $132.09 million and GMGN $126.03 million, despite not being blockchain protocols themselves. Both integrate or align with the speculative trading activity that fuels Hyperliquid and Pump.fun.

Diverse Revenue Leaders Beyond DeFi

Other notable earners included Sky ($129.87 million), Polymarket ($115.48 million), World Liberty Financial ($95.37 million), Paxos ($87.93 million) and EdgeX ($84.37 million). The top 15 projects collectively generated 56.02 % of the $3.40 billion pool.

Revenue Resilience Amid Price Decline

Across all tracked projects, monthly crypto revenue averaged $1.08 billion during the first eight months of 2026, an 11.68 % decline from 2025 but still robust compared with a near‑40 % drop in Bitcoin’s price over the same period.