Hyperliquid generated $429.04 million in revenue from Jan. 1 through Sept. 15, 2026, ranking first in CoinGecko's adjusted comparison of crypto revenue generators. The perpetual futures platform accounted for 12.62% of the $3.40 billion revenue pool, ahead of Pump.fun's $322.21 million and Axiom Pro's $132.09 million. CoinGecko excluded Tether and Circle because their scale would dominate the comparison, while Grayscale was removed because its $154.14 million came from asset-management sponsor fees rather than a usage-based crypto protocol model. Hyperliquid earns fees from perpetual futures and spot trading, directing eligible fees to HLP, the Assistance Fund and eligible market deployers. The Assistance Fund programmatically buys HYPE and burns acquired tokens. Across a broader dataset including Tether and Circle, monthly crypto revenue averaged $1.08 billion in the first eight months of 2026, down 11.68% from 2025 and 10.14% from the comparable 2025 period, while Bitcoin fell almost 40%. HYPE traded near record levels on Sept. 21, when CoinGecko data placed it near $94.02.