Decentralized derivatives platform Hyperliquid has overtaken Solana based meme coin launchpad Pump.fun in 24-hour fees. Hyperliquid generated $6.5 million in fees over the past day, more than four times Pump.fun’s $1.5 million.
The rise comes as more traders turn to leveraged markets, helping its native $HYPE token to reach a new all-time high of $82.43.
Hyperliquid Takes the Lead In Fee, Revenue, and User Activity
Data from Token Terminal shows Hyperliquid leading Pump.fun across all three (fee, revenue, and user activity) key metrics over the past 24 hours. Hyperliquid generated $6.5 million in fees, more than four times Pump.fun’s $1.5 million.
Hyperliquid also led in revenue, recording $5.6 million compared with Pump.fun’s $1.3 million
User activity also points to stronger demand. Hyperliquid recorded around 102,800 daily active users, slightly higher than Pump.fun’s 95,200. This shows that its fee lead is not coming only from a small group of traders, but from broader activity across the platform.
If the trend continues, rising fees, revenue and user activity could show that more traders are actively using the Hyperliquid network, giving the token stronger support.
Reasons Behind Hype Surpassing Pump.fun
A major reason behind Hyperliquid’s higher fees was the recent market swings. Sharp price moves pushed more traders to close or change their leveraged positions, which increased activity on its futures market.
During the sell-off, a Bitcoin position worth nearly $25 million was also liquidated on Hyperliquid.
Pump.fun, meanwhile, mainly focuses on meme coins and recently introduced 0% trading fees on its Solana app, which may have reduced its fee income.
Another reason for $HYPE’s growing attention is a recent statement from President Donald Trump, who said CFTC Chair Michael Selig was working to bring Hyperliquid to the U.S. in a “fully compliant and legal fashion.”
However, Hyperliquid has not received U.S. approval yet, and no launch date has been announced.
$HYPE Hits New ATH Price
The strong activity and U.S. regulatory hopes have also surged the $HYPE token to a new all-time high of $82.43 on August 22, seeing a 52% gain in the week.
The token later pulled back as some traders took profits, now trading at $78.42, reflecting a drop of 2.2% in the last 24 hours.
If trading activity stays high, the platform could strengthen its position against major crypto apps and create more demand around $HYPE.
