Ask how much a launchpad earns and you will get several answers, and they are not all wrong, because they simply measure different things. One source counts fees while another counts revenue, one reports a gross figure and another a net one, and one scales a recent average up to a full year where the next shows a trailing total instead. The fix is straightforward: read each source's stated method, name the sources you actually used, and bound the claim to them so the number never travels alone. Getting the launchpad revenue metrics right is mostly a matter of matching definitions before you compare totals.
What separates fees from revenue?
Start with the biggest mix-up in launchpad revenue metrics. Fees are the total amount taken from users, while revenue is the platform's own share of that pot after rebates, so the two are different sizes for the same activity. A fee figure is always the larger one, and a revenue figure is what the platform actually keeps.
Pump.fun's headline is a revenue number, stated net of referral fees and cash backs, so it already strips out the slices handed back to referrers and traders. If someone quotes you a bigger fee number, they may just be counting a wider pot around the same underlying trades.
What do gross and net figures measure?
Gross means before you subtract rebates, and net means after them. Pump.fun reports net, while a third-party tracker may report something closer to gross because it counts the fee before the rebates come out, so the same trades produce a different total. Neither number is fake; they simply sit at different points in the same flow, and knowing which point you are reading is what keeps a comparison honest.
What do annualized and trailing figures mean?
The time base matters just as much as the fee-or-revenue split. An annualized figure scales a recent pace up to a full year, and pump.fun annualizes a roughly ninety-day daily average. A trailing figure does the opposite, adding up what actually happened over a past window, like the last twenty-four hours, thirty days, or all time. Annualized looks forward from a recent rate while trailing looks back at real totals, so comparing one directly to the other is one of the most common mistakes in reading these metrics.
Why pump.fun and DefiLlama disagree by design
Now put the pieces together with the two sources people quote most, whose definitions are disjoint in both directions, so each one counts something the other drops.
Pump.fun's own figure is broad on products and chains. It blends the bonding curve, its own decentralized exchange (DEX) called PumpSwap, and its Terminal, and it spans Solana, Base, Ethereum, and BNB. It is net of referral fees and cash backs, and it leaves its Mayhem mode out of the total (source: pump.fun token page).
DefiLlama's main pump.fun entry is narrower on scope but wider on fees, tracking Solana only and just the bonding curve (source: DefiLlama). Its revenue line counts pump's slice of the trade fee plus graduation fees plus Mayhem-mode fees, and PumpSwap sits in a separate entry. So pump.fun adds chains, the DEX, and the Terminal, while DefiLlama adds Mayhem and graduation fees but stays on one chain. Neither is wrong; they answer different questions with different boundaries.
The post-graduation trap when you compare platforms
Here is where comparisons go sideways: successful tokens graduate from the bonding curve to a DEX, and very few ever get there. Fewer than 2 percent of pump.fun tokens make it, and the graduates move mostly to PumpSwap (source: Solana Compass). After graduation, trading happens on the DEX and throws off swap fees that never touched the launchpad itself.
Whether those post-graduation swap fees count as launchpad revenue is a choice, and platforms make it differently. Say you rank two launchpads off a single tracker, where Platform A's figure includes its own DEX swap fees and Platform B's figure is bonding curve only. A looks bigger, but only because it counts a stage that B leaves out, so the ranking is an accounting artifact rather than a real gap. This is also why weekly leaderboards move so much from one week to the next (source: Cointelegraph). If you would rather see how the token trades once it has graduated, BloFin lists it on the PUMP/USDT Spot market.
Before you weigh those swap costs against a live position, it helps to know what the trade itself costs, and BloFin sets out its trading fees in one place.
How to compare launchpad revenue metrics
You do not need every number to be identical; you need the definitions to line up. Work through four checks before you trust any comparison. First, read each source's stated methodology. Second, match like with like: fee or revenue, gross or net, annualized or trailing, and which products and chains a figure covers. Third, name the sources you actually used and the date you pulled them. Fourth, bound the claim to those sources, so the number always travels with its method and its date attached.
The current pump.fun figures move constantly, and PUMP revenue explained tracks where they stand now, while how the platform ranks against rivals is a separate question worked through in pump.fun market share explained.
Looking to trade PUMP? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the PUMP/USDT Spot trading page or PUMPUSDT Perpetual page.
Frequently asked questions
Do fees and revenue mean the same thing for a launchpad?
No. Fees are the total taken from users. Revenue is the platform's own share after referral rebates and cash backs. Pump.fun's headline is a net revenue figure, so it is smaller than the gross fee pot for the same trades.
Why does pump.fun's revenue differ from DefiLlama's?
They define it differently. Pump.fun blends its bonding curve, its DEX, and its Terminal across four chains, net of rebates, and leaves out Mayhem mode. DefiLlama's main pump.fun entry is Solana-only bonding curve, counts pump's slice plus graduation and Mayhem fees, and lists the DEX separately. Different scope, different total.
What is an annualized revenue figure?
It scales a recent daily average up to a full year. Pump.fun annualizes a roughly ninety-day average. A trailing figure, like DefiLlama's thirty-day or all-time totals, instead adds up what actually happened. The two are not interchangeable, so check which one you are reading.
Why do launchpad revenue rankings keep changing?
Partly real swings in activity, and partly accounting choices. If one platform's figure includes post-graduation DEX swap fees and another's does not, the ranking can flip with no real change in who actually earned more. Weekly leaderboards move for both reasons, so always check the method behind the number before you trust the order it puts platforms in.
How should I compare two launchpads' revenue?
Read each platform's stated methodology first. Match like with like: fee or revenue, gross or net, annualized or trailing, and which products and chains are included. Then name your sources and the date you pulled them, and bound the claim to those sources so the number always travels with the method that produced it.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. Primary sources are pump.fun's own published documentation and announcements, DefiLlama, Solana Compass, and independent reporting. All facts independently verified against cited documentation current as of September 2026.
This article is for informational and educational purposes only. It is not financial, investment, or trading advice. Digital assets are volatile and many newly launched tokens lose all value. Do your own research and consider your own circumstances before trading.