The formula for success: how DeFi leaders generate revenue
According to analytics platform DeFi Llama, the total revenue generated by decentralized finance (DeFi) protocols exceeded $460 million in September 2026, representing a 27% increase compared to the previous month.
More than half of this revenue — approximately $285 million — was generated by the top 10 DeFi protocols:
- Hyperliquid — $55 million;
- Pump.fun — over $50 million;
- GMGN — approximately $40 million;
- Fomo — approximately $32 million;
- StonkFun — over $27 million;
- Pons — over $23 million;
- Axiom Pro — over $17 million;
- Uniswap — approximately $15 million;
- Aerodrome — approximately $15 million;
- Polymarket — over $13 million.
Perpetual futures
Hyperliquid is the undisputed leader in the crypto derivatives* market. In September 2026, it also topped the revenue rankings, generating $55 million, according to DeFi Llama.
* Crypto derivatives are financial instruments whose value is derived from the price of an underlying cryptocurrency asset, such as Bitcoin or Ethereum. They include futures, options, and perpetual contracts. Crypto derivatives allow traders to profit from both rising and falling cryptocurrency prices and use leverage to increase the size of their trading positions.
According to experts, Hyperliquid's success can be attributed to a combination of at least three factors:
- Unique technical infrastructure;
- Strong product strategy;
- Well-designed tokenomics* featuring a buyback* mechanism for its native HYPE tokens.
* Tokenomics refers to the economic model of a crypto project that defines how its tokens are issued, distributed, and used. It includes mechanisms for managing token supply, incentivizing users, and driving token demand.
* Buyback is a mechanism through which a crypto project uses a portion of its revenue or profits to purchase its own tokens on the market. This can support demand for the token and potentially increase its value.
Combined with strong demand for perpetual futures, these factors have helped Hyperliquid become a leader in its segment, significantly outperforming established market pioneers such as GMX and dYdX.
Another major strength of Hyperliquid is its extensive selection of assets available for futures trading, ranging from popular meme coins to tokenized stocks, stock market indices, precious metals, and oil.
According to analysts, Hyperliquid accounts for approximately 40% of the total perpetual futures trading volume. In just one month, the platform processed more than $240 billion in trades.
Token launch platforms
Token launch platform Pump.fun ranked second in September 2026, generating more than $50 million in revenue. This was despite a decline of over 25% in its trading volume compared to August, from $23.3 billion to $18.5 billion.
Two other token launch platforms, StonkFun and Pons, also made it into the top 10, generating more than $27 million and $23 million in revenue, respectively. They ranked fifth and sixth among the leading DeFi protocols.
The success of Pump.fun and similar platforms stems from their ability to simplify the otherwise complex and often confusing process of issuing tokens, making it accessible even to ordinary users with little knowledge of the cryptocurrency market.
This lowers the barrier to entry into the crypto industry: virtually anyone can create and launch their own token in just a few minutes without hiring a development team.
Trading terminals and platforms
Next-generation trading terminal GMGN and trading platform Fomo ranked third and fourth in terms of revenue, generating approximately $40 million and $32 million, respectively, in September.
Meanwhile, Axiom Pro secured seventh place among the top 10 protocols, with revenue exceeding $17 million.
As trading activity across the cryptocurrency market increased, so did the revenue generated by trading terminals.
Thanks to their advanced features, trading terminals enable users to quickly discover new tokens, automate trades, and track the movements of major market participants. These capabilities create additional demand among traders.
Decentralized exchanges
Decentralized exchanges Uniswap and Aerodrome each generated approximately $15 million in revenue in September. Like Hyperliquid, decentralized exchanges primarily earn revenue through trading fees.
Uniswap and Aerodrome are among the top three decentralized exchanges by trading volume. Notably, Uniswap's trading volume is about five times that of Aerodrome.
Since early August, the combined daily trading volume on decentralized exchanges has increased by nearly 80%, from $4.2 billion to $7.5 billion. This growth in trading activity has also boosted revenue for the leading platforms in the sector.
Prediction markets
Polymarket was the only prediction market* platform to make it into September's top 10 revenue rankings, generating more than $13 million. Its strong revenue performance reflects the growing popularity of prediction markets, including Polymarket itself.
* Prediction market is a platform where users place bets on the outcomes of future events, such as elections, sporting competitions, or changes in economic indicators. Contract prices reflect the market's estimated probability of a particular event occurring.
According to Sensor Tower data for 2025, the number of Polymarket app installations increased dozens of times. By the end of February 2026, the platform's active user base had exceeded 2.3 million.
According to analysts, the combined trading volume across all prediction market platforms approached $190 billion in the third quarter of 2026. This represented a 70% increase in just one quarter and more than a twentyfold increase year over year.
The bigger picture
Overall statistics show that the highest-revenue DeFi protocols are not necessarily those with the greatest total value locked (TVL)*, but rather platforms that attract high levels of user activity.
* Total Value Locked (TVL) is the total value of cryptocurrency assets deposited in a DeFi protocol's smart contracts. This metric is used to assess the scale of a protocol and the amount of capital it has attracted, but it does not directly reflect its revenue or profitability.
Positive momentum in the cryptocurrency market during August and September 2026 increased trading activity across segments, driving higher revenue for decentralized exchanges and trading platforms.
For example, according to DeFi Llama, trading volume on derivatives exchanges nearly tripled since the beginning of August, rising from $10 billion to $29.5 billion, while futures open interest increased by more than 50%. Meanwhile, trading volume on decentralized exchanges more than doubled over the same period, climbing from $3 billion to $6.7 billion.
Experts also point to fundamental changes taking place in the cryptocurrency market. In their view, crypto projects are increasingly beginning to resemble traditional businesses, with asset valuations becoming more closely tied to financial performance.