TLDR:
- Market: Hyperliquid’s HYPE token surged to an all-time high (ATH) of $59.29 with a market cap close to $19.5B based on $13.63B volume of 24-hour perpetuals and $2.75M protocol revenue, beating out pump.fun’s $2M.
- Narrative: Hyperliquid is currently dominating pump.fun in 2025, with its daily revenue of $2.75M exceeding pump.fun’s $2M fueled by robust perpetuals trading and directional expansion like integration of USDH and USDC.
Hyperliquid is stealing the spotlight in 2025 with its native token HYPE hitting a new all-time high of $59.29 on September 18, 2025, and a market value of nearly $19.5B. DefiLlama data as per BlockBeats news on September 19 reveals that Hyperliquid’s protocol revenue hit a staggering $2.75M in the past 24 hours and led pump.fun’s $2M and took the second spot after Tether ($21.83M) and Circle ($7.75M). With $13.63B in perpetuals volume for 24 hours and $335.56B in 30 days, Hyperliquid’s Layer 1 perpetual DEX, with up to a 50x advantage, clearly overpowers pump.fun’s memecoin focus.
The $HYPE narrative is based on such outperformance, led by Hyperliquid’s hegemony over perpetuals trading, beating pump.fun’s $2M revenue with a 50% differential. Strategic action such as Native Markets’ winning of the bidding for USDH and Circle’s USDC integration through HyperEVM continue to stretch the lead. Arthur Hayes, BitMEX founder, hailed it “All-time Hype,” predicting a 126x potential if stablecoin revenue scales from $1.2B to $258B annually. Hyperliquid’s $110.11M August revenue—double pump.fun’s peak days—supports a $1.4B HYPE buyback of 31.06M tokens. Investors should track revenue trends and trading volume, keeping an eye on Hyperliquid’s lead over pump.fun.
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