Is Pump.fun [PUMP] pulling ahead of Hyperliquid [HYPE]? Well, its revenue looks set to beat the latter’s for the month and its token has also outperformed by a wide margin.
What’s next?
A 15-month streak is set to break!
Hyperliquid has led monthly revenue over Pump.fun ever since April 2025. That streak is now about to end.
At the time of writing, Pump.fun led with $55.9M in revenue, against Hyperliquid’s $49.6M.
There have been ups and downs for both platforms over the past year. Pump.fun peaked near $150M a month while Hyperliquid built a steadier lead.
This will be Pump.fun’s first monthly win over Hyperliquid in well over a year.
PUMP slams through HYPE
Over August, PUMP went up about 105%, while HYPE gained by about 49%.
Pump.fun sat basically flat for the first week, then broke out hard during the spike of the 19th before slowing down. On the other hand, HYPE has been steadier in its hike the whole way through.
Seems like the market priced PUMP’s surge in, well before the numbers confirmed it.
The battle and the war
Now, here’s where things get interesting; Hyperliquid might be playing a longer game.
Its next upgrade, HIP-4, will help bring in permissionless prediction markets. This would allow outside builders to launch markets on sports, crypto, macro events, politics… basically anything, as long as validators approve the structure and 500,000 HYPE gets locked up.
This is the same playbook that worked for perpetuals under HIP-3.
If it pans out the same way here, Hyperliquid will immediately become the infrastructure under thousands of markets. If that is the case, it will never have to build one itself.
Hence, the real fight is about who will own what’s coming next. That’s where Hyperliquid has the stronger fighter as it stands.
Final Summary
- Pump.fun is set to beat Hyperliquid’s monthly revenue after 15 months.
- The HIP-4 upgrade could help Hyperliquid win in the long term.
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