Hyperliquid generated $429.04 million in revenue from Jan. 1 through Sept. 15, putting the perpetual futures platform at the top of CoinGecko’s 2026 crypto revenue ranking.
According to CoinGecko’s Sept. 17 study, Hyperliquid accounted for 12.62% of the $3.40 billion revenue pool used for the comparison. Pump.fun ranked next with $322.21 million, leaving Hyperliquid more than $106 million ahead.
CoinGecko excluded major companies such as Tether, Circle and Grayscale from the main ranking to make the comparison more focused on crypto-native business models. Grayscale, for example, generated $154.14 million but earns mainly through asset-management fees rather than direct protocol usage.
Hyperliquid’s revenue comes mainly from perpetual futures and spot trading activity. Its fee system uses different maker and taker rates depending on trading volume, while users who stake HYPE can receive additional discounts.
The platform directs trading fees toward several community-related mechanisms, including HLP and the Assistance Fund. The Assistance Fund uses eligible trading fees to automatically purchase HYPE through Hyperliquid’s network. According to Hyperliquid’s documentation, those purchased tokens are burned, permanently removing them from supply.
CoinGecko’s revenue figure and Hyperliquid’s reported fee totals are different measurements, so they should not be treated as the same number.
Pump.fun generated $322.21 million during the same period, mainly through token creation and trading fees connected to its Solana-based memecoin launchpad.
Axiom Pro ranked third with $132.09 million, followed by Sky with $129.87 million and GMGN with $126.03 million. Polymarket ranked sixth with $115.48 million, while World Liberty Financial generated $95.37 million.
Paxos recorded $87.93 million, edgeX generated $84.37 million and Titan Builder completed the top 10 with $83.47 million.
The ranking covers several types of crypto businesses, including perpetual futures platforms, trading terminals, prediction markets, stablecoins, real-world assets and MEV infrastructure. CoinGecko said its sector classifications are a best-effort grouping rather than a formal industry system.
The results can also change depending on the time period being measured. Pump.fun briefly moved ahead of Hyperliquid on a 30-day revenue measure in August, but Hyperliquid remained ahead in CoinGecko’s longer Jan. 1-Sept. 15 comparison.
The top 15 projects accounted for 56.02% of the $3.40 billion revenue pool used in the ranking. Other projects included Collector Crypt at $72.82 million, Phantom at $60.05 million, Aave at $56.81 million, fomo at $54.66 million and Aerodrome at $54.31 million.
CoinGecko also excluded Tether and Circle because their large revenue figures would dominate the comparison. Their exclusion does not mean their revenue was considered invalid.
Grayscale would have ranked third with $154.14 million, but it was removed because its revenue mainly comes from assets under management rather than usage-based crypto activity.
CoinGecko said overall crypto revenue has also been weaker in 2026 compared with last year. Across its broader dataset, monthly revenue averaged $1.08 billion from January through August, about 11.68% below the $1.22 billion monthly average recorded in 2025.
September was not included in that monthly average because the study only had 15 days of September data. However, the main revenue ranking does include activity through Sept. 15, meaning later September activity is not included in Hyperliquid’s $429.04 million figure.
HYPE has also remained near record levels as activity on Hyperliquid stays strong. CoinGecko data on Sept. 21 placed HYPE near $94.02, with a market value of about $20.9 billion.
HYPE closed at $76.92 on Sept. 15 before rising to $85.06 on Sept. 17 and $92.54 on Sept. 18. It closed Sept. 20 at $93.64, with daily trading volume above $1 billion.
Overall, Hyperliquid’s revenue has put it at the center of the 2026 crypto revenue rankings, with trading activity remaining the main driver of its business model and a major source of HYPE-related activity.
