Hyperliquid achieves strong revenue of $429 million, leading the way in 2026

Hyperliquid leads the cryptocurrency platform with revenue of US$429 million in the first nine months of 2026.

Data shows that from January 1 to September 15, the perpetual contract platform Hyperliquid achieved revenue of US$429.04 million. This achievement places it at the top of the 2026 adjusted ranking of cryptocurrency revenue generation projects released by CoinGecko.

Revenue distribution and main competitors

According to a research report released by CoinGecko on September 17, Hyperliquid accounted for 12.62% of the total revenue pool of US$3.4 billion used for project comparisons. Closely followed by Pump.fun, with revenue of $322.21 million, giving Hyperliquid a lead of more than $106 million in the overall ranking.

To more accurately compare the revenue models of native crypto projects, CoinGecko excluded Tether, Circle and Grayscale from the rankings. In the final list, Axiom Pro ranked third. The ranking data as of September 15 should be regarded as a fixed year-to-date (YTD) snapshot.

Reasons for excluding specific institutions

CoinGecko pointed out that Tether and Circle were eliminated because the two stablecin issuers were too large and would conceal differences between other projects; Grayscale was removed because its $154.14 million in revenue came mainly from sponsorship fees based on asset size under management (AUM) rather than a usage-based cryptographic protocol model.

若未被剔除，Grayscale本将以1.5414亿美元的收入排在Axiom Pro之前。此外，由于这些排除项，原本排名第16位的Aerodrome进入了展示的排名前15名名单。

Hyperliquid的收益机制与资金流向

Hyperliquid通过其交易所基础设施上的永续合约和现货交易赚取费用。其官方费用文档显示，采用基于交易量的Maker和Taker分层费率，永续合约和现货市场有单独的费率表。交易量越大的交易者享受越低的手续费，而质押HYPE的用户可获得进一步折扣。

Hyperliquid强调，其费用结构并未将收益主要保留给公司或内部团体，而是将其导向HLP（Hyperliquid流动性提供商）、援助基金（Assistance Fund）以及符合条件的市场部署者。其中，援助基金通过Hyperliquid L1执行层自动将符合条件的交易费转换为HYPE代币，并根据最新文档，这些通过基金购买的HYPE将被销毁，从而永久减少总供应量及流通供应量。

目前，该平台每日处理数十亿美元的交易日均交易量，每年约有超过10亿美元的费用被定向用于程序化购买HYPE。需要注意的是，平台公布的费用数据与CoinGecko统计的收入数字并非完全相同的会计衡量标准，两者不可互换看待。

其他热门赛道表现

CoinGecko's rankings show that revenue in the crypto industry is not concentrated in a single area. Pump.fun represents the token launch platform, and its main revenue comes from token creation and transaction fees associated with its Solana Minoin launch site. Axiom Pro and GMGN are trading terminals designed to lower the threshold for access to online markets. Among them, Axiom integrates Hyperliquid for perpetual contract trading, while GMGN focuses more on Solana memin trading.

Although Pump.fun briefly surpassed Hyperliquid on the 30-day revenue indicator with an agreement fee of more than $10 million during the week of August 3 to 9, it was announced in Jan. 1 to Sept. During the longer statistical period of 15, Hyperliquid still maintained its leading position throughout the year.

The top 15 projects accounted for 56.02% of the $3.4 billion revenue pool. In addition to the top 10, Collector Crypt recorded $72.82 million, Phantom $60.05 million, Aave $56.81 million, fomo $54.66 million, and Aerodrome $54.31 million.

HYPE price performance and market dynamics

As revenue continues to grow, HYPE prices have also remained close to historical highs. According to CoinGecko data, the price of HYPE on September 21 was approximately US$94.02, up approximately 2.7% in 24 hours and 18.1% in the past seven days, with a market value of nearly US$20.9 billion. Previously, HYPE closed at US$76.92 on September 15, and then gradually climbed to the closing price of US$93.64 on September 20, with daily trading volume exceeding US$1 billion.

此前报道指出，Hyperliquid和Pump.fun占据了2026年追踪到的近90%的加密代币回购量。Hyperliquid的最新文档还显示，对于符合条件的高交易量做市商，Maker返佣可达-0.003%；而对于质押超过50万枚HYPE的账户，最高级别的质押可提供40%的交易费折扣。