According to the latest statistics from CoinGecko, as of September 15, the on-chain perpetuals platform Hyperliquid generated $429.04 million in revenue in 2026, ranking first on its adjusted crypto project revenue leaderboard, surpassing second-place Pump.fun by over $100 million.
The top two combined account for more than 20%.
According to CoinGecko’s methodology, Hyperliquid accounts for 12.62% of the $3.4 billion revenue pool under comparison. Pump.fun ranks second with $322.21 million, followed by Axiom Pro, Sky, and GMGN with $132.09 million, $129.87 million, and $126.03 million, respectively.
This ranking excludes Tether, Circle, and Grayscale. CoinGecko believes that the revenue scale of stablecoin issuers is too large to allow for meaningful横向 comparisons with crypto-native business models; Grayscale’s revenue primarily comes from asset management sponsorship fees, which differ from protocol usage-based income.
Transaction fees support revenue streams.
Hyperliquid's revenue primarily comes from perpetual and spot trading on its platform. Its official fee structure uses a volume-based tiered system for makers and takers, with separate fees for perpetual and spot markets. High-volume users benefit from lower fees, and accounts that stake HYPE receive additional discounts.
According to platform disclosures, the related fees are not primarily directed to the company or insiders, but are allocated to HLP, the Assistance Fund, and qualified market makers. The Assistance Fund automatically converts eligible trading fees into HYPE and executes purchases via Hyperliquid’s L1. Current documentation indicates that these purchased HYPE tokens are burned, permanently removed from the total and circulating supply.
Short-term performance versus annual ranking divergence
CoinGecko’s reporting period spans from January 1 to September 15, making it more of a year-to-date snapshot. The article notes that Pump.fun briefly surpassed Hyperliquid over a 30-day period in August, but over the longer reporting window, Hyperliquid retained its leading position.
The top 15 projects account for 56.02% of the $3.4 billion revenue pool. The top ten also includes Polymarket, World Liberty Financial, Paxos, edgeX, and Titan Builder. CoinGecko also noted that the average monthly revenue for crypto projects from January to August 2026 was $1.08 billion, representing an 11.68% decline compared to the 2025 monthly average.
HYPE continues to trade at elevated levels
Amid sustained high levels of revenue and expense activity, the HYPE price continues to approach its historical highs. According to CoinGecko data, as of September 21, HYPE was trading at approximately $94.02, up about 2.7% over the past 24 hours and approximately 18.1% over the past seven days, with a market capitalization nearing $20.9 billion.
Historical data also shows that HYPE closed at $76.92 on September 15, rose to $85.06 on September 17, further increased to $92.54 on September 18, and closed at $93.64 on September 20, with trading volume exceeding $1 billion that day.
Additional information: CoinGecko notes that the fee volume disclosed by the platform is not accounted for using the same metric as its revenue statistics and cannot be directly equated; together, Hyperliquid and Pump.fun accounted for nearly 90% of token buybacks tracked in 2026.