Hyperliquid has emerged as the leading revenue generator in crypto outside the two dominant stablecoin issuers, pulling in $429 million as of September 15. The perpetual-futures platform captured 12.62% of a $3.40 billion revenue pool that excludes Tether and Circle.
Pump.fun ranked second with $322.21 million, driven largely by token creation and trading activity on its Solana memecoin launchpad. Together, the two platforms generated $751.25 million, representing 22.1% of the total tracked revenue.
Trading Infrastructure Gains Economic Significance
Beyond the primary exchanges, trading terminals have emerged as substantial revenue generators. Axiom Pro ranked third with $132.09 million, while GMGN generated $126.03 million for fifth place. Both platforms are designed to simplify access to onchain markets rather than operating as primary trading venues themselves.
Axiom integrates Hyperliquid for perpetuals trading, monetizing activity that also drives Hyperliquid's growth. GMGN maintains close ties to Solana memecoin trading, aligning with the speculative activity powering Pump.fun.
Diverse Revenue Sources Across the Sector
The revenue leaderboard extends well beyond trading platforms. Sky generated $129.87 million, prediction market Polymarket posted $115.48 million, and World Liberty Financial reached $95.37 million. Paxos generated $87.93 million while perpetuals platform EdgeX produced $84.37 million.
The top 15 projects combined accounted for 56.02% of the $3.40 billion tracked pool. The comparison excludes Tether and Circle due to their scale, as well as Grayscale, which generated $154.14 million but derives most revenue from asset-based sponsor fees rather than protocol usage.
Revenue Resilience Amid Price Decline
Across all tracked projects, monthly crypto revenue averaged $1.08 billion during the first eight months of 2026. This represents an 11.68% decline from 2025's monthly average of $1.22 billion, but reflects greater stability than broader market conditions. Bitcoin fell nearly 40% over the comparable period.
The revenue performance suggests that despite weakened crypto valuations, the businesses built around trading, stablecoins, lending, and onchain speculation continue to generate substantial monthly income.
