Hyperliquid generated $429.04 million in revenue between January 1 and September 15, 2026. The figures, released in a CoinGecko study on September 17, placed the perpetual futures and spot platform at the top spot, capturing a 12.62% share of the $3.40 billion comparison pool.
That top position gave Hyperliquid a lead of over $106 million over second-placed Pump.fun, which logged $322.21 million as of September 15. Together, these two protocols pulled in an aggregate $751.25 million, accounting for 22.10% of all listed projects and leaving Axiom Pro in third place.
Money That Doesn’t Flow to Insiders
All of this revenue is drawn purely from user trading fees. However, Hyperliquid designed its system so that money does not flow into the pockets of the development company or insiders. Fund flows are distributed directly across three on-chain allocations: the Hyperliquid Liquidity Pool (HLP), the Assistance Fund, and market deployers.
Allocations to the Assistance Fund directly execute the network’s token deflation. The automated system converts collected trading fees into HYPE tokens via Layer-1 execution. Once acquired, the HYPE tokens are permanently burned from circulation.
Tether and Circle Excluded from the List
To compile the revenue rankings, CoinGecko classified crypto projects into six business models: perpetual futures, trading terminals, prediction markets, stablecoins, real-world assets (RWA), and MEV infrastructure. Although the stablecoin category was available, its issuing entities were excluded from the aggregate calculation.
The authors of the study removed Tether and Circle because their operational scale would dominate and overshadow the metrics of other protocols in the $3.40 billion pool. A similar rule was applied to Grayscale, which posted $154.14 million in revenue. Grayscale was excluded from the competition because its income is derived from asset management fees rather than a business model based on daily protocol usage.
Hyperliquid’s dominance highlights a shifting value trend in the industry. While conventional exchange platforms still rely on profit distributions for executives, today’s leading protocols choose to shrink token supply directly using the fees paid by their users.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
