The short version
- Pump.fun revenue edged past Hyperliquid in a 24-hour snapshot on Saturday, $1.98 million to $1.96 million, but DefiLlama’s closed count for October 24 has Hyperliquid ahead, $2.02 million to $1.53 million.
- Hyperliquid leads the week $15.36 million to $13.27 million, the 30 days are a dead heat at about $64.5 million each, and Hyperliquid spends nearly three times as much buying back its token.
- The crew is watching $0.0038 on PUMP: the token is 37% below its October 4 high of $0.0068, and a daily close under the October 18 low opens the 200-day EMA at $0.0034.
Pump.fun revenue beat Hyperliquid’s on Saturday, at least for a few hours. A 24-hour snapshot shared that day had the memecoin launchpad ahead of the biggest onchain perp exchange, $1.98 million to $1.96 million.
Then the day closed. On DefiLlama’s final count for October 24, Pump earned $1.53 million and Hyperliquid $2.02 million. Over seven days Hyperliquid leads $15.36 million to $13.27 million, and over 30 days the two are dead level: Pump $64.56 million, Hyperliquid $64.47 million. PUMP trades at $0.0043 at the time of writing, 37% below its October 4 high of $0.0068. So who is really winning, and why hasn’t the token kept up with the business?
Pump.fun’s own account put the money it hands back to users at $26.75 million in the week to October 12:
$26,750,000 was paid out to users in the Pumpfun ecosystem over the past week. That's:
– $3.82M every day
– $159,261 every hour
– $2,654 every minute
The rewarding ecosystem.
Did Pump.fun Revenue Really Beat Hyperliquid?
In the Pump.fun vs Hyperliquid race, only on a rolling count. A 24-hour snapshot covers whatever window ends at that minute, so a busy evening of memecoin trading can tip it. Full calendar days are the cleaner score, and on those Pump has won just 2 of the last 13: October 17 and October 19, when it took $2.18 million to Hyperliquid’s $1.92 million.
It was the other way round a month ago. Pump out-earned Hyperliquid in the weeks to October 3 and October 10, with $16.59 million to $14.19 million in the second. Then the lead flipped on October 12, and Hyperliquid has led both weeks since.
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Why Pump.fun Lost the Lead in October
Memecoin trading cooled. Pump’s daily revenue peaked at $2.93 million on September 26 and was still $2.64 million on October 5. By October 24 it was $1.53 million, down 42% from that early-October day.
Volume on the launchpad’s bonding curves, where new coins trade before they list, fell from $188 million on October 5 to $143 million on October 23. Fewer trades on fresh coins means fewer fees, and that is where most of Pump’s take comes from.
Hyperliquid had no such slump. Hyperliquid revenue averaged $2.17 million a day in October, with a $3.46 million day on October 15.
EXPLORE: Pump.fun Kimchi Coin Down 75%: Who Made Money?
Can a $2.5 Million Squads Contest Win the Lead Back?
It could tip a few days. Pump.fun announced a $2.5 million Squads competition on Thursday: teams of up to 20 traders, ranked by spot profit on the Pump.fun app over two weeks, from 14:00 UTC on Monday, October 26 to November 9. First place takes $1.5 million, second $750,000 and third $250,000.
It hasn’t started, so it did not lift Saturday’s numbers. But every competing trade runs through the app, and app trades have paid a 0.45% platform fee since mid-October, which DefiLlama counts as Pump revenue. The whole prize pool is less than two days of Pump’s revenue at the current pace.
Fees vs Revenue: Who Keeps the Money?
Pump collects far more, and keeps far less. Users paid Pump $4.62 million in fees on October 24, against $2.57 million on Hyperliquid. But only about a third of Pump’s fees stays with Pump as revenue. The rest goes to coin creators, cashback for traders and liquidity providers on PumpSwap, its exchange for coins that have left the bonding curve.
Hyperliquid kept $2.02 million of its $2.57 million, or 79%. Its fees come from perpetual futures traders, and the rest goes to the apps that route trades to it, to market makers’ rebates and to its HLP vault.
That is why the two businesses look tied on revenue while one of them moves twice the fee money. Pump is the bigger platform. Hyperliquid is the leaner one.
Buybacks: Where the Revenue Ends Up
This is where Hyperliquid pulls away. Almost all of Hyperliquid’s revenue buys HYPE, so it spent $2.02 million on its own token on October 24. The PUMP buyback wallets bought $722,538 of PUMP the same day.
Pump.fun moved to a fixed scheme in April: for a year, half of revenue goes to buying back and burning PUMP, and the other half stays with the company. Before that, it had put all of its revenue into buybacks for about nine months.
The totals for 2026 show the gap. Pump has bought back $229 million of PUMP since January 1, which is real support for a $1.98 billion market cap. Hyperliquid has spent $540 million on HYPE.
DISCOVER: HYPE Unlock Nov 6: Can Hyperliquid Buybacks Absorb $765M?
PUMP Price Analysis: Can PUMP Hold $0.0038?
That is the floor to watch. The PUMP price sits at $0.0043, below the 50-day EMA at $0.0046 and above the 200-day EMA at $0.0034. It nearly sextupled from its June low of $0.0012 to the October 4 high, and the run topped out a week before Pump lost its revenue lead.
Since then it has made lower highs. The October 21 bounce stalled at $0.0052, and PUMP has given back $0.0009 since.
The levels the crew is watching:
- Bull case: a daily close above $0.0046, the 50-day EMA, opens a retest of the $0.0052 high from October 21.
- Base case: a range between $0.0038 and $0.0046 while Pump’s revenue holds near $1.5 million a day.
- Bear case: a daily close under $0.0038, the October 18 low, puts the 200-day EMA at $0.0034 in play.
Pump.fun revenue can still win a day when the memecoin trenches get busy. Until it wins the week again, the buyback money flowing into HYPE stays nearly three times what PUMP gets.
