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.
Pump.fun, a platform for launching new cryptocurrencies, earned $1.21 million in the last 24 hours. This is more than the $1.03 million made by Hyperliquid, a platform for trading cryptocurrency derivatives, over the same time period.
On Thursday, Sapijiju, the anonymous co-founder of Pump.fun, explained on X that the platform’s earnings might be underestimated because it has a much larger and more varied user base than Hyperliquid. He noted that Pump.fun boasts hundreds of thousands of active users, with the majority not being part of the typical Crypto Twitter community.
Hyperliquid trails despite recent developments
Although Hyperliquid’s activity today is down compared to previous days, the platform saw significant engagement this month. On July 13th, it reached a record high of $11.07 billion in total open interest – the highest level since 2026.
Trading of tokenized stocks and commodities on the HIP-3 markets played a large role in recent activity, with about $3.69 billion linked to these real-world asset trades. Open interest on the platform rose by nearly 10% last week, bringing total trading volume over the past month to $288.294 billion. Hyperliquid previously reached a peak of 305,508 open positions on July 6th.
Representatives from Hyperliquid, including its Policy Center and related companies Highland Labs and XYZ Ltd., along with lawyers from Sullivan & Cromwell, met with the SEC’s Crypto Task Force on July 14th to discuss regulatory matters.
A private meeting focused on how the U.S. government should regulate cryptocurrencies and other digital assets. Even with all this progress and high trading volumes, Hyperliquid couldn’t outperform Pump.fun in terms of daily earnings.
Price momentum for PUMP and HYPE
Based on CoinMarketCap’s data, Pump.fun is currently ranked 64th, and Hyperliquid is ninth based on how much activity it’s seeing.
On July 23, 2026, the PUMP token was trading at around $0.001912, a slight decrease of 0.4% from the previous day. Its market value was $763.09 million, and if all tokens were in circulation, its value would be $1.91 billion. The token’s price fluctuated considerably, dropping sharply during the day before recovering somewhat. Around $50.5 million worth of PUMP tokens were traded, indicating high activity within the meme coin market.
HYPE was trading at $58.98, an increase of 2.39% in the last day. Its market value (market capitalization) is currently $14.9 billion, and if all tokens were in circulation, its total value would be around $56.21 billion. Approximately $359 million worth of HYPE was traded recently.
Unpredictability goes highlighted again
As a crypto investor, I’ve been watching Pump.fun and Hyperliquid closely. It’s interesting to see how competitive things are – even with Hyperliquid trying new things like real-world assets and working with U.S. regulators, Pump.fun is still bringing in more revenue each day from trading. It really shows how much daily trading activity matters in this space.
Some people criticize Pump.fun for primarily featuring memecoins, pointing out that these tokens are often very risky investments. Also, which platforms earn the most from trading fees can change rapidly depending on how much activity they have.
2026-07-23 21:25