Hyperliquid surpasses S.A.N.T.A in 24-hour revenue as memecoin infrastructure war heats up

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.

S.A.N.T.A and the transparency question

Public information about S.A.N.T.A’s operations, revenue metrics, and overall business model remains difficult to verify independently. There are no public sources confirming the operational functionality or revenue claims of S.A.N.T.A as related to Hyperliquid.

Hyperliquid’s revenue figures are trackable through DefiLlama and other on-chain analytics tools.

What this means for investors

Hyperliquid’s perpetual futures focus gives it a structural advantage. Perps are the most traded instrument in crypto, often generating multiples of spot trading volume.

The HYPE buyback mechanism, funded by up to 97% of fees, creates consistent demand pressure on the token. The 97% redistribution rate also leaves very little cushion for building reserves or funding development during lean periods.