Crypto Revenues 2026: Hyperliquid Maintains Lead with $429M

Hyperliquid retains the top spot in CoinGecko's crypto revenue ranking, generating $429 million from January 1 to September 15, 2026. Pump.fun remains in second place. Over the first eight months of the year, Bitcoin lost nearly 40%, but traders continued to pay their fees.

Hyperliquid and Pump.fun, the Same Leading Duo as in 2025

The CoinGecko ranking measures the revenues generated by crypto projects from January 1 to September 15, 2026.

Hyperliquid leads with $429.04 million, ahead of Pump.fun. Together, they captured 22.10% of the $3.40 billion generated by all projects studied by CoinGecko.

This duo was already at the top of CoinGecko's 2025 ranking, where only Tether and Circle surpassed Hyperliquid, followed by Pump.fun. The two main stablecoin issuers are excluded from the 2026 edition due to their size.

Hyperliquid derives nearly 97% of its revenue from perpetual contracts, and Axiom Pro, in third place, routes its users' perpetual orders through Hyperliquid.

According to its documentation, Hyperliquid returns its fees to the community, with the largest portion used to buy back and destroy HYPE. Pump.fun profits from the creation and exchange of memecoins.

Each bar in the graph corresponds to a service that users pay for: trading, launching a token, borrowing, betting on the outcome of an event.

Tether, Missing from the Graph, Weighs More than the Entire Ranking

Two names are missing above Hyperliquid: Tether and Circle. CoinGecko excluded them because their size would overshadow the differences between other projects. Their revenues come from interest on their reserves.

Tether generated $4.16 billion during the period, more than the $3.40 billion accumulated by all projects studied by CoinGecko. Circle generated $1.60 billion.

Grayscale is also absent from the list. The manager would have taken 3rd place with $154.14 million. CoinGecko removed it from the ranking, as its revenues come from fees calculated on the assets it manages.

A Yield That Does Not Depend on Price

The leaders of the ranking earn because users pay for an identifiable service, even during a 40% drop in Bitcoin.

In DeFi, user activity also rewards those who provide capital. Borrowers pay interest to lenders, and traders pay fees to liquidity providers.

With stablecoins, an individual can position themselves as both a lender and a liquidity provider. This way, they can earn a share of market activity without exposing their savings to market fluctuations.

Identifying these opportunities, understanding which activities pay their yield, and what can interrupt it requires analytical work that the Club 25% documents for its members.

The Club 25% is a private club of over 150 investors who manage their savings in stablecoins via DeFi, aiming for 15 to 25% per year, without directional exposure, dedicating a few hours each quarter.

How it works in practice:

• A public portfolio of $100,000 tracked in real-time: all decisions are documented and explained.
• Analyzed DeFi opportunities: you follow step-by-step video guides to invest in selected protocols.
• Control of your funds: you remain in control of your capital, with no third party having access to your wallet.

👉 Discover the Club 25% Method

For the second consecutive year, the top two in the ranking earn from fees their users pay for trading and launching tokens.

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