Pump.fun’s official account celebrated yesterday as cumulative perpetuals trading volume topped $500 million, and also posted this week’s volume leaderboard: BTC $60 million, NVDA $31.9 million, SOL $12.5 million, ZEC $9 million, ETH $6.4 million.
A meme launchpad, yet there isn’t a single meme in the top five perpetuals markets. Second place is Nvidia.
First, let’s put that $500 million in perspective. The feature only launched in late October, so it’s been just over half a month, averaging a little over $30 million a day. I just checked the main Hyperliquid site: 24-hour trading volume is around $8.8 billion, with BTC alone accounting for $5.3 billion. Pump did $60 million in BTC volume over the entire week, a little over 1% of HL’s daily BTC volume. So let’s set aside the claim that “Pump’s perpetuals are coming for HL’s lunch.” Pump is already running beneath HL—it’s a frontend.
What’s actually interesting is what users are trading. On HL, the highest-volume NVDA market is the one on xyz, at $785 million over 24 hours—about 15% of BTC’s volume. On Pump’s leaderboard, NVDA is at 53% of BTC’s volume. The time windows differ (a week versus a one-day snapshot), so this is only a rough comparison, but the gap is striking. Nvidia’s CEO drama has been all over the trending topics this week, and yesterday the official account even posted an update saying Ansem’s $960,000 NVDA short had gone from being down to being up $35,000.
That’s the real playbook here: it’s not giving you a better exchange; it’s turning trending topics into positions. Whatever asset has a compelling story, KOLs open a market for it, the official account broadcasts it, and they can even earn Callout Rewards for calling it out. Retail traders follow along. Memes themselves don’t even need perpetuals—they’re already speculative enough on the spot curve.
For PUMP holders, how much revenue can this $500 million translate into? I looked around and couldn’t find any official breakdown of how much builder fee is charged on perpetuals or whether it goes toward buybacks. Before touting trading volume as bullish, ask that question first.
#Pumpfun #Hyperliquid
A meme launchpad, yet there isn’t a single meme in the top five perpetuals markets. Second place is Nvidia.
First, let’s put that $500 million in perspective. The feature only launched in late October, so it’s been just over half a month, averaging a little over $30 million a day. I just checked the main Hyperliquid site: 24-hour trading volume is around $8.8 billion, with BTC alone accounting for $5.3 billion. Pump did $60 million in BTC volume over the entire week, a little over 1% of HL’s daily BTC volume. So let’s set aside the claim that “Pump’s perpetuals are coming for HL’s lunch.” Pump is already running beneath HL—it’s a frontend.
What’s actually interesting is what users are trading. On HL, the highest-volume NVDA market is the one on xyz, at $785 million over 24 hours—about 15% of BTC’s volume. On Pump’s leaderboard, NVDA is at 53% of BTC’s volume. The time windows differ (a week versus a one-day snapshot), so this is only a rough comparison, but the gap is striking. Nvidia’s CEO drama has been all over the trending topics this week, and yesterday the official account even posted an update saying Ansem’s $960,000 NVDA short had gone from being down to being up $35,000.
That’s the real playbook here: it’s not giving you a better exchange; it’s turning trending topics into positions. Whatever asset has a compelling story, KOLs open a market for it, the official account broadcasts it, and they can even earn Callout Rewards for calling it out. Retail traders follow along. Memes themselves don’t even need perpetuals—they’re already speculative enough on the spot curve.
For PUMP holders, how much revenue can this $500 million translate into? I looked around and couldn’t find any official breakdown of how much builder fee is charged on perpetuals or whether it goes toward buybacks. Before touting trading volume as bullish, ask that question first.
#Pumpfun #Hyperliquid