Over the past 24 hours, Hyperliquid surpassed Pump.fun in fees, revenue, and active users, indicating continued growth in on-chain derivatives trading activity. As platform engagement strengthened, HYPE reached a historic high of $82.43 before retracing.
Comprehensively leading in 24-hour data
According to Token Terminal data, Hyperliquid generated $6.5 million in trading fees over the past 24 hours, surpassing Pump.fun’s $1.5 million. During the same period, Hyperliquid’s revenue was $5.6 million, compared to Pump.fun’s $1.3 million.
User activity is also leading. Hyperliquid has approximately 102,800 daily active users, slightly surpassing Pump.fun’s 95,200, indicating that the platform’s fee growth is not solely driven by a small number of high-volume traders.
Market volatility drives contract trading.
Reports indicate that recent price volatility has prompted more traders to adjust or close their leveraged positions, driving increased trading activity on the Hyperliquid futures market. During this period, a Bitcoin position worth nearly $25 million was liquidated on the platform.
In contrast, Pump.fun primarily targets meme coin trading. Its recent launch of 0% trading fees on Solana may also put pressure on the platform's fee revenue.
HYPE rose sharply but then retraced.
Driven by strong platform data and positive market sentiment in the U.S., HYPE rose to $82.43 on August 22, posting a weekly gain of 52%. However, following profit-taking by some investors, the token subsequently declined to $78.42, falling approximately 2.2% over the past 24 hours.
The report also mentioned that Trump recently stated that Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission, is pushing Hyperliquid to enter the U.S. market in a “fully compliant and legal” manner. However, Hyperliquid has not yet received approval from the U.S. and has not announced a specific launch date.