Key Highlights
- Pump.fun generated $1.21 million in 24-hour revenue, surpassing Hyperliquid’s $1.03 million.
- Co-founder Sapijiju credited Pump.fun’s larger and more diverse user base for its revenue advantage.
- Hyperliquid continued posting strong growth metrics but fell behind Pump.fun in daily revenue generation.
A cryptocurrency launchpad, Pump.fun, generated $1.21 million in revenue over the past 24 hours, surpassing the $1.03 million recorded by derivatives trading platform Hyperliquid during the same period.
In an X post on Thursday, Pump.fun pseudonymous co-founder Sapijiju said one of the main reasons the platform’s revenue may be undervalued is its significantly larger and more diverse user base compared with Hyperliquid. He added that Pump.fun has hundreds of thousands of active users, most of whom are outside the core Crypto Twitter (CT) community.
Hyperliquid trails despite recent developments
Hyperliquid has recorded various activities this month despite falling short in this daily comparison. On July 13, the platform’s total open interest reached a 2026 high of $11.07 billion.
Tokenized equities and commodities under the HIP-3 markets contributed significantly, with approximately $3.69 billion tied to real-world asset trading. The platform also saw a 9.71% weekly increase in open interest, pushing 30-day volumes to $288.294 billion. Earlier, on July 6, Hyperliquid hit a record 305,508 open positions.
On the regulatory side, Hyperliquid representatives, including those from the Hyperliquid Policy Center, Highland Labs, XYZ Ltd., and law firm Sullivan & Cromwell, met with the U.S. Securities and Exchange Commission’s Crypto Task Force on July 14.
The closed-door discussion addressed regulatory approaches for digital assets in the United States. Despite these developments and record activity levels, Hyperliquid was unable to maintain the top position in daily revenue against Pump.fun.
Price momentum for PUMP and HYPE
According to CoinMarketCap crypto ranking, Pump.fun ranks 64th, while Hyperliquid stands at ninth by overall activity.
As of July 23, 2026, the PUMP token traded around $0.001912, down 0.4% in the last 24 hours. The token has a market cap of $763.09 million with a fully diluted valuation of $1.91 billion. It has experienced notable volatility, with a sharp intraday dip visible on the chart before a partial recovery. Trading volume reached $50.5 million, reflecting significant activity amid the broader meme coin sector fluctuations.
Meanwhile, HYPE traded at $58.98, up 2.39% over the previous 24 hours. The token had a market capitalization of $14.9 billion and a fully diluted valuation of approximately $56.21 billion. Trading volume stood at about $359 million.
Unpredictability goes highlighted again
Pump.fun’s revenue lead over Hyperliquid highlights the competitive nature of crypto platforms driven by trading activity. While Hyperliquid expanded into real-world assets and engaged with U.S. regulators, it still generated less daily revenue than Pump.fun.
Pump.fun’s focus on memecoin launches has drawn criticism from some market participants, who argue that many of the tokens created on the platform carry elevated risk. At the same time, revenue rankings can shift quickly as trading activity changes across platforms.
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