Pump.fun 30-day revenue tops Hyperliquid at about $55.5M, ranks third

That a memecoin launchpad out-earns a perps venue in trailing fees says a lot about where on-chain activity is concentrated right now: speculative token creation, not derivatives. The comparison is also a reminder that revenue rankings among protocols are volatile and regime-dependent, since the two businesses monetize very different user behaviors. Whether Pump.fun's fee lead over Hyperliquid persists beyond this 30-day window is the open question.