Decentralized derivatives platform Hyperliquid has overtaken the Solana-based meme coin launchpad Pump.fun in 24-hour fee generation. According to data from Token Terminal, Hyperliquid recorded $6.5 million in fees over a single day, more than four times Pump.fun's total of $1.5 million.
Hyperliquid also led in revenue over the same period, recording $5.6 million compared to Pump.fun's $1.3 million. User activity metrics further indicated strong demand, with Hyperliquid logging approximately 102,800 daily active users, outpacing Pump.fun's 95,200 users.
The rise in activity was largely driven by recent market swings and sharp price movements that forced traders to close or adjust leveraged positions on the futures market. During the sell-off, a Bitcoin position valued at nearly $25 million was liquidated on Hyperliquid. In contrast, Pump.fun focuses primarily on meme coins and recently implemented 0% trading fees on its Solana application, which may have contributed to its lower fee income.
Additionally, attention around the platform increased following a statement from President Donald Trump, who mentioned that CFTC Chair Michael Selig was working to bring Hyperliquid to the United States in a compliant and legal manner. However, the platform has not yet received official U.S. approval, and no launch date has been announced.
Driven by strong user activity and regulatory developments, Hyperliquid's native HYPE token reached a new all-time high of $82.43, marking a 52% gain for the week. The token later experienced a slight pullback as traders took profits, trading at $78.42, which represented a 2.2% drop over a 24-hour period.
