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Pump.fun Trades Fuel Hyperliquid, SOL Left Behind
18 Oct
Summary
- Pump.fun futures now run on Hyperliquid's order books.
- Hyperliquid has repurchased $1.26 billion in HYPE tokens.
- Solana ETFs saw outflows from October 8 to October 15.
Pump.fun, a popular meme coin launchpad on Solana, has launched perpetual futures leveraging Hyperliquid's infrastructure as of October 16, 2026. This integration allows Pump.fun users to trade futures directly within the app, with transaction fees benefiting Hyperliquid's HYPE token buyback program.
While this collaboration boosts Hyperliquid, Solana is not directly benefiting from the new futures volume. SOL continues to trade significantly below its peak, facing outflows from U.S. spot Solana ETFs from October 8 to October 15, 2026. Hyperliquid's buyback of $1.26 billion in HYPE tokens aims to support the token, though potential dilution from remaining tokens requires monitoring.
The shift positions HYPE more favorably than SOL in the short term, as trading activity funnels into Hyperliquid's fee revenue. However, HYPE faces dilution risk, and SOL may see a turnaround with renewed ETF inflows and a recovery towards $121.
