Pump.fun generated $65.63 million in protocol revenue during the past 30 days, putting the Solana-based token-launch platform within reach of Hyperliquid’s $71.05 million despite PUMP carrying a circulating market value nearly eight times smaller than HYPE, according to DefiLlama data. The gap has created a sharp valuation contrast: using annualized 30-day revenue as a simple benchmark, PUMP traded at roughly three times annualized revenue, compared with about 21 times for HYPE.
Pump.fun also moved ahead of Hyperliquid over the latest seven-day period. DefiLlama recorded approximately $16.63 million in Pump.fun protocol revenue, versus about $14.30 million for Hyperliquid. Short-term protocol revenue can fluctuate substantially, particularly for platforms tied to retail trading activity, but the figures show that Pump.fun’s fee generation has remained elevated after a volatile year for meme-token launches.
PUMP’s circulating market value stood at around $2.325 billion, while HYPE’s was about $18.198 billion, based on the figures provided. Hyperliquid’s higher valuation reflects the market’s willingness to assign a premium to a platform centered on perpetual futures trading, where recurring volumes and trader activity can be more durable than demand for newly issued meme tokens. Pump.fun’s current revenue puts pressure on that distinction, though its ability to sustain fees remains central to whether the lower valuation gap persists.
Buybacks absorb a portion of platform fees
Pump.fun’s token economics give protocol revenue a direct connection to PUMP market activity. The platform began purchasing PUMP through buybacks in July 2025 and initially directed 100% of net protocol fees toward the program.
Buybacks reached $55.30 million in September 2025, exceeding the $42.80 million in protocol revenue reported for that month. The difference indicates that purchases were not necessarily constrained to fees generated in the same monthly period and may have reflected previously retained funds or the timing of accounting and execution.
That policy changed in April, when Pump.fun said it would reduce the buyback allocation from 100% of net protocol fees to 50%. The company said the remaining share would be retained for hiring, marketing and acquisitions. Monthly buyback spending fell to $9.20 million by June before recovering alongside protocol revenue.
DefiLlama data showed about $29.48 million in buybacks over the latest 30 days, equivalent to roughly $980,000 a day. Against PUMP’s $2.325 billion circulating market value, that monthly spending represented around 1.27% of the circulating value.
Pump.fun’s token dashboard listed cumulative buybacks and burns of about $484 million. It also reported cumulative burns of approximately 171.52 billion PUMP, equal to 17.15% of total supply. Burns permanently remove tokens from circulation, while buybacks can support demand only if purchased tokens are removed from the market or otherwise held outside active trading supply.
The move to retain half of net fees gives Pump.fun more operating flexibility, particularly if it pursues acquisitions or expands its product range. It also means that increases in protocol revenue no longer translate as directly into buyback demand as they did under the earlier 100% allocation model.
Unlock schedule adds a continuing supply consideration
PUMP’s July 12 unlock was the largest scheduled release for the token so far. A one-year lockup for team members and early holders expired, unlocking 82.5 billion PUMP, equal to 8.25% of the initial total supply and about 20.23% of the circulating amount before the event.
Four Pillars Research tracked 52.7 billion PUMP from the unlock, reporting that the tokens were distributed across 84 addresses. Over the following 27 days, those addresses sold approximately 4.03 billion PUMP for about $6.97 million, equal to 7.6% of the amount tracked by the research firm.
The sales were unevenly distributed. Four Pillars reported that 62 of the 84 addresses did not sell during its observation period, while 13 wallets sold their entire received allocations. It added that 84% of the tracked sold tokens were sold before July 20, placing much of the early post-unlock selling in the first eight days after release.
On Oct. 13, on-chain monitoring cited by Yujin identified three wallets associated with team members or early holders transferring 1.458 billion PUMP, valued at about $7.58 million, to Coinbase Prime. The wallets were described as holding a combined 70 billion PUMP allocation, with the transfer linked to that month’s unlocked amount. Transfers to a prime brokerage platform can support several purposes, including custody, over-the-counter activity or exchange-related execution, and do not by themselves establish that tokens have been sold.
The July unlock covered roughly one-quarter of the team and early-holder allocation. The remaining 247.5 billion PUMP is scheduled to unlock over three years, implying releases of about 6.875 billion PUMP per month. That pace is far below the initial 82.5 billion-token event, though it creates a regular addition to available supply that traders will likely monitor alongside buyback activity and platform fees.
New products could broaden Pump.fun’s fee base
Pump.fun is also adjusting its incentives and exploring trading features that could extend its revenue sources beyond token creation.
Founder Alon said the platform would revise Callout Rewards, reducing the weight given to low-market-cap recommendations and volume-based measures. The changes would place greater emphasis on the profitability of a caller’s followers while cutting rewards for low-quality calls. The design aims to discourage participants from benefiting primarily through activity metrics that can be inflated without producing profitable outcomes for users.
Market reports on Oct. 10 said Pump.fun was developing a perpetual futures feature powered by Hyperliquid infrastructure, although the product had not launched. Perpetual contracts are derivatives that allow traders to take leveraged long or short positions without a fixed expiry date. Adding them would bring derivatives trading alongside Pump.fun’s meme-token issuance and spot-market functions.
The proposal places Pump.fun in a more direct competitive relationship with established derivatives venues, including Hyperliquid. A successful product launch could diversify the platform’s fee mix beyond the rapid cycle of meme-token launches. It would also require Pump.fun to compete on liquidity, execution quality and risk controls—areas where derivatives-focused platforms have built dedicated user bases.
A third launch venue, PONS on Robinhood Chain, reported about $550,000 in protocol revenue over the past seven days. That equates to a daily average roughly 74% below its average daily revenue across the prior 30 days, based on the supplied figures. The comparison illustrates how quickly revenue can cool for token-launch products once trading attention moves elsewhere.
Pump.fun’s current numbers leave PUMP in an unusual position: a token with revenue approaching a leading derivatives platform, a buyback program that continues to absorb a meaningful amount of supply, and a multiyear unlock schedule that will steadily add tokens to the market. Whether the valuation gap with HYPE narrows will depend less on a single revenue surge than on whether Pump.fun can preserve those fees while converting its expanding product set into repeat trading activity.
Compare Pump.fun’s revenue momentum with wider DeFi yields in our latest market insight on DeFi in 2025.
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