Hyperliquid generated $429.04 million in on-chain revenue year-to-date, leading all protocols in 2026.
DeFi & Yields ·
Hyperliquid has generated $429.04 million in on-chain revenue year-to-date through mid-September 2026, outpacing all other protocols and claiming 12.62 percent of the $3.40 billion in total tracked revenue across primarily on-chain crypto projects. The perpetual trading platform's earnings exceed those of the second- and third-place earners combined. Pump.fun ranks second with $322.21 million, derived almost entirely from memecoin token creation and trading fees on Solana, while Axiom Pro and GMGN—both trading terminals—occupy third and fifth positions.
The top 15 revenue generators span multiple sectors: two perpetuals platforms, a launchpad, three trading terminals, two stablecoin issuers, and projects in RWAs, prediction markets, MEV building, collectibles, wallets, payments, lending, and decentralized exchange functions. Hyperliquid and Pump.fun together command $751.25 million or 22.10 percent of all tracked 2026 revenue, while the entire top 15 captures 56.02 percent of the total. Monthly revenue across all tracked projects averaged $1.08 billion from January through August, representing an 11.68 percent decline from 2025's full-year average despite Bitcoin's approximately 40 percent decline during this period.