Hyperliquid has overtaken S.A.N.T.A in 24-hour revenue generation, marking another data point in the ongoing battle between competing memecoin infrastructure models.
The platform, which runs its own Layer-1 blockchain purpose-built for perpetual futures trading, has turned itself into one of DeFi’s most efficient revenue engines. Cumulative revenue has surpassed $1 billion, reaching roughly $1.027 billion according to DefiLlama data.
The revenue flywheel that keeps spinning
Hyperliquid captures trading fees and funnels them into what it calls an Assistance Fund. That fund exists primarily for one purpose: regular buybacks of HYPE, the platform’s native token. Up to 97% of fees get redistributed into these buybacks.
Annualized revenue run rates currently sit between $676 million and $843 million. Hyperliquid has at times generated more revenue than Ethereum. The platform operates without venture capital funding and runs a minimal team.
