sapijiju said perps are not a particularly strong on-chain business, contrasting Hyperliquid’s $1 million 24-hour revenue with about $2.9 million from memecoin products while calling PUMP’s larger opportunity unproven.
Pump.fun co-founder sapijiju argued that PUMP has a larger long-term total addressable market than the global perpetual futures market served by Hyperliquid, while stressing that the opportunity is “simply way larger… just unproven.” He also said perps are not a particularly strong on-chain business, comparing Hyperliquid’s $1 million in 24-hour revenue with roughly $2.9 million in total revenue across memecoin products. He summed up the contrast with the line, “What’s bigger, Bloomberg or Instagram?”, framing the debate as one between a financially intensive niche and a broader consumer-scale market.