Hyperliquid reports $3M daily revenue as top onchain protocols hit weekly highs

Hyperliquid pulled in $3.07 million in protocol revenue over a single 24-hour period, part of a broader wave that saw four major onchain platforms simultaneously post their best weekly numbers. According to data tracked by DefiLlama, Hyperliquid’s 7-day revenue total reached approximately $13.47 million, cementing its position as one of the highest-earning protocols in decentralized finance outside of stablecoin issuers.

The other three protocols sharing the spotlight, Pump (pump.fun), StonkFun (Stonk), and Pons, each hit personal weekly revenue records of their own.

The numbers behind the surge

Hyperliquid’s revenue engine runs almost entirely on perpetual futures trading. Roughly 99% of eligible perps fees get funneled into HYPE buybacks and burns via the protocol’s Assistance Fund.

StonkFun, operating in the token launchpad space, posted a peak single-day revenue figure of $1.84 million during the same stretch.

Pons demonstrated perhaps the most consistent performance of the group, with approximately $17.8 million in revenue over its trailing 30-day window.

Pump, the Solana-based memecoin launchpad, rounded out the quartet, capitalizing on continued activity within the Solana ecosystem.

Why revenue matters more than TVL right now

DefiLlama’s rankings now place these protocols among the top onchain revenue generators when you exclude stablecoin issuers like Tether and Circle. That’s a meaningful filter, because stablecoin revenue is a fundamentally different business model built on interest income from reserves rather than protocol fees from users.

Activity levels surged particularly around mid-September, with revenue leadership shifting frequently among these platforms.

Buybacks, burns, and what comes next

Hyperliquid’s approach is the most aggressive, directing nearly all eligible fees into its Assistance Fund for HYPE buybacks and burns. The launchpad protocols tend to split their earnings between treasury accumulation and token buyback initiatives.

For Hyperliquid specifically, the $13.47 million weekly revenue figure translates to an annualized run rate north of $700 million.

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