PUMP token fundamentals: supply, unlocks, fees and valuation

PUMP token fundamentals

Measured 2026-10-27T01:15:32+00:00 UTC. Measurements, not forecasts: a multiple is a level, not a direction.

Supply and valuation

Circulating	460.88bn (46.1% of max)
Max supply	1.00tn
Supply source	CoinGecko (AGGREGATOR ONLY — the Hyperliquid spot token with this ticker is a different asset)
Market cap (circulating)	$1.98bn
Fully diluted value	$4.30bn
Float vs FDV	MC/FDV 0.4609 · gap $2.32bn not yet in the float
FDV basis	mark price $0.00 × max supply 1.00tn (CoinGecko)
Supply-basis gap	DefiLlama's documented vesting model totals 760.00bn tokens through 2029-07-13, -24.0% versus the max supply used for FDV. The model documents less than the max supply, so no FDV is computed on its total; the FDV above uses the max.

Forward supply and unlocks

Forward supply (chain)	UNVERIFIED futureEmissions is an on-chain field and the Hyperliquid spot token with this ticker is a different asset (see the IDENTITY disagreement)
Next scheduled unlock	2026-11-11: 6.88bn tokens, cliff, to insiders (insider/investor class) DefiLlama's documented vesting model
Scheduled, next 30 days	6.88bn tokens (1.49% of circulating, $29.56m at mark); insider/investor class 100.0% DefiLlama's documented vesting model
Scheduled, next 90 days	20.62bn tokens (4.48% of circulating, $88.67m at mark); insider/investor class 100.0% DefiLlama's documented vesting model
Scheduled, next 365 days	82.50bn tokens; insider/investor class 100.0%; documented schedule ends 2029-07-13 DefiLlama's documented vesting model
Model note	The 24% allocated to Community & Ecosystem was scheduled to unlock 50% at TGE and 50% monthly for a year. A portion of the TGE releases was send to Squads vault addresses and remain undistributed as of July 2026. The monthly unlock schedule has not been followed either, so we've marked this allocation as TBD

Fees and revenue (protocol: pump)

Fees 24h / 30d / 1y	$5.20m / $179.23m / $1.22bn
30-day run-rate vs 1y	$2.18bn annualised vs $1.22bn actual (+78.8%)
Revenue 1y (kept by protocol)	$480.61m (39.4% of fees)
Holders revenue 1y	$303.84m (24.9% of fees)

Valuation vs fees and revenue (trailing 1y)

MC / fees · FDV / fees	1.6x · 3.5x = $1.98bn / $1.22bn and $4.30bn / $1.22bn
MC / revenue · FDV / revenue	4.1x · 8.9x = $1.98bn / $480.61m and $4.30bn / $480.61m

Where the sources disagree

• IDENTITY: the Hyperliquid spot token named PUMP reports 1,046,526,764 circulating while CoinGecko's PUMP (pump-fun) reports 460,882,479,339, a 0.00227x ratio. Those are two assets sharing a ticker, so the chain reading is NOT used for this perp; supply falls back to the aggregator, labelled.
• Fee run-rate: the trailing 30 days annualise +78.8% versus the trailing year ($2,180,596,858 vs $1,219,793,405). Stated as a measurement; no forecast is attached.

Field states: emission_30d PASS · emission_90d PASS · fees PASS · forward_supply UNVERIFIED · price_to_fees PASS · price_to_revenue PASS · revenue PASS · supply PASS · unlock_schedule PASS · valuation PASS. Sources: Hyperliquid chain (tokenDetails), DefiLlama (fees, revenue, unlocks page), CoinGecko (cross-check).

How to read this page

Every figure is a measurement taken at the time printed above the tables. None of them is a forecast, and a multiple is a level, not a direction. Where a field could not be read, the table says so and prints the reason instead of a number.

Fully diluted value multiplies the mark price by one supply total, and the sources do not always agree on that total. The FDV basis row names the total used. When the vesting model documents a different total, the gap row prints it. When that total is larger than the max, the row also prints the FDV it would give; when it is smaller, the model covers only part of the supply and no second FDV is computed.

Scheduled unlocks come from a published vesting model and are dated by that model. Fees and revenue are trailing figures. Supply is cross-checked across sources, and where two sources disagree the disagreement is listed rather than resolved quietly.

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