Hyperliquid generated $429.04 million in revenue from January 1 through September 15, 2026, putting the perpetual futures platform at the top of CoinGecko’s adjusted crypto revenue ranking for the year. Its revenue represented 12.62% of the $3.40 billion comparison pool used by CoinGecko. Pump.fun ranked second with $322.21 million, leaving Hyperliquid more than $106 million ahead at the September 15 cut-off. The ranking is a year-to-date snapshot and excludes Tether, Circle and Grayscale for comparability.
Source: coingecko.com
Hyperliquid’s revenue mainly comes from fees generated through perpetual futures and spot trading on its exchange infrastructure. The platform uses volume-based maker and taker fee tiers, with higher-volume traders generally receiving lower fees. Users who stake HYPE can also qualify for additional trading-fee discounts.
The platform’s fee structure has become closely linked with its native HYPE token. Eligible trading fees are directed towards mechanisms including the Assistance Fund. Through Hyperliquid’s Layer 1, the fund automatically converts eligible fees into HYPE, with the purchased tokens then burned.
Hyperliquid says its platform is processing billions of dollars in daily trading volume and that more than $1 billion in annualised fees are being directed towards programmatic HYPE purchases. However, these figures should not be treated as identical to CoinGecko’s revenue calculation because they represent different accounting measures.
Pump.fun generated $322.21 million during the same period, mainly through token creation and trading fees on its Solana-based memecoin launchpad. Axiom Pro followed with $132.09 million, while Sky generated $129.87 million and GMGN recorded $126.03 million.
Polymarket ranked sixth with $115.48 million, followed by World Liberty Financial at $95.37 million and Paxos at $87.93 million. CoinGecko’s list covers a wide range of business models, including perpetual futures, trading terminals, prediction markets, stablecoins, real-world assets and MEV infrastructure.
The two leading projects together generated $751.25 million, accounting for 22.10% of the revenue pool tracked in the study. The top 15 projects accounted for 56.02% of the $3.40 billion total.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment