Hyperliquid News Today: Meme-Driven DeFi Platforms Outpace Derivatives in 24-Hour Revenue Surge

Pump.fun's protocol revenue in the last 24 hours surged to $1.42 million, overtaking Hyperliquid's $1.18 million in the same period, according to DeFiLlama data reported by Moomoo and a Lookonchain feed. This positions pump.fun as the third-highest-grossing protocol, trailing only Tether ($23.36 million) and Circle ($7.91 million). The shift highlights growing traction for meme-token-focused platforms in a volatile DeFi landscape.

Hyperliquid, a leading derivatives protocol, has faced headwinds in recent weeks. While it remains the top DeFi revenue generator over the past 30 days with $100.65 million, its weekly fees and revenues have declined sharply. Data shows Hyperliquid collected $11.84 million in fees and $10.63 million in revenue this week, down from $34.86 million and $31.10 million, respectively, in early October, according to an FXStreet analysis. The drop coincides with broader market uncertainty, as traders adopt a risk-averse stance amid rising volatility.

The bearish trend is reflected in technical indicators. Hyperliquid's price (HYPE) has stalled below $50, with a bearish RSI divergence on the 4-hour chart suggesting waning buying pressure. On-chain liquidation data reveals $22.31 million in long positions at risk if HYPE dips to $46, while $14.74 million in short liquidations are clustered near $50.49. Despite this, retail demand remains resilient, with HYPE futures open interest rising 9.11% to $2.17 billion in the last 24 hours, the analysis adds.

The performance contrast between pump.fun and Hyperliquid underscores shifting investor priorities. While Hyperliquid caters to institutional-grade derivatives trading, pump.fun capitalizes on the surging popularity of meme tokens—a niche that has drawn speculative capital despite regulatory scrutiny. This dynamic aligns with broader trends in crypto, where retail-driven narratives often outperform traditional financial metrics during market downturns.

Industry analysts note that pump.fun's success may be short-lived. "Meme-token platforms thrive on hype cycles," said a DeFi strategist, "but sustainability depends on utility and governance structures." Hyperliquid's decline, meanwhile, signals broader challenges for DeFi protocols reliant on high-frequency trading volumes during periods of macroeconomic uncertainty.