Hunting horn

Here is the caculation. Player skill has alot to do with what weapons will do the most damage based on playstyle, but when it comes to overall damage per second, here is the outcome:

Hunting Horn:

Circle+Triangle = 2 hits, 15%+48% (63% total weapon damage)

This combo has a 1 second cooldown at the end, that can be bypassed by rolling out of it (dodge). Chained together, this will do 63% weapon damage every 3 seconds. Or, for practical purposes, lets call this 21wdps. On top of this, it has alot of mobility, due to the attack windows you need only being roughly 2 seconds, since the last second, you will be rolling away (and with Evade up, you will also have a few split seconds of immunity built into the combo.) To top all of this off, the HH also has relatively long range, to the point that experienced users can detonate barrel bombs without being affected by the blast radius. So all you need to do, is be semi close to what you want to attack and do the Triangle+Circle combo. This makes chaining this combo very quick rewarding, and easy to pull off regardless of what you are fighting.

Maximum theoretical weapon damage per second:
HH = 21wdps

This is not counting any other buffs at all. No damage buffs or speed buffs.

For solo play, I make sure to buff myself up, then continually do damage until the monster leaves the area, and then rebuff/sharpen. Only rarely do I stop to do a recital while the monster is still in the area, and this is when I need the speed buff due to a relatively quick monster.The one drawback, is if you have to stop to buff up your teammates. During this time you are not doing damage.

Here are a few other weapons and how these compare:

Hammer

Most damaging combo is the "golf swing":

Triangle x3: 52%, 20%, 100% (172% total damage) 4 second execution time + 2 second "cooldown" which is reduced to about 1 second with a roll. You can chain together 3 of these golf swings (with the roll) in 16 seconds, Which means (176% x 3)/16 = 32.25wdps.

As many already knew, the hammer is up there in dps. A full 50% more damage than the hunting horn. However, this comes at a great mobility price, since you can't move for almost 6 seconds while performing this combo. Most hammer users do a superpound instead or the medium charge hammer attacks. Here is what the math looks like in those times, providing that is the only move you do, and as quickly as possible chain another:

Superpound:

R button (long): 20% + 76% (96% wdps) Without "Focus", 3.5 second charge, 2 second execution and .5 second for the roll, for a total of 6 seconds per cycle. so 96% / 6 = 16 wdps. With "Focus", the charge portion drops to 3 seconds flat, so the damage increases to 17.5, more or less. You are still looking at 3 or 3.5 seconds moving around to charge, and 2.5 seconds during which you are at the mercy of the monster. Still MUCH better than the 5 or 6 seconds for the golf swing.

Small Charge:

R button (medium) 45% +35% (80% wdps) with or without "Focus", 2 second charge, 2 second execution, 1 second recovery (with roll out) for a total of 5 seconds per cycle, which equals 80% / 5 = 16 wdps. Yep, regardless if you do a medium charge, or a full charge, you will still be doing the same wdps, as long as you are quickly chaining charges. So if you are a hammer fan, your objective is to do as many hits as possible instead of doing a full charge all the time. Your biggest damage dealer is still the golf swing, but it is very situational and leaves you open to alot of damage.

So, while the hammer does indeed have a higher theoretical wdps, it is gambling on the monster letting you pound on it without interuption. "Real fighting" however, when you have to move around, your wdps will drop to a theoretical maximum of 16 or 17... half of your maximum damage, and below the 21wdps of the hunting horn.

Maximum theoretical weapon damage per second:
Hammer Combo = 32.25 wdps
Supercharge = 17.6 wdps (with focus)
Medium Charge = 16 wdps

Dual Swords:

Only going to do demonization mode, since we are looking for maximum theoretical weapon damage per second

Devilish Dance (10 hits): 33%, 8% (x8), 40% = 137% This can be done roughly twice in 8 seconds, rolling out to avoid the refresh, which puts the damage at (137% x 2) / 8 = 34.25 wdps. This is really some massive damage with relatively little exposure time (4 seconds where you are open to attacks).

Maximum Theoretical Weapon Damage
Dual Swords: 34.25 wdps

The main drawbacks with this, as any dual swords user can tell you, is that you will have to 1) have mega juice or a HH player giving you unlimited stamina, 2) you have to be very close to the monster as dual swords have notoriously short range, and 3) Sharpener skill, as the dual blades loose sharpness very very fast. Even when all these things are true, in a real fight, where you have to keep up with the monsters, staying within attacking distance, while doing devilish dance can be a real chore. Some still try to do this, and while they get the first hit, and a few subsequent hits in, they do not get the final hit, which is a whoping 40% of your weapon damage.

Counting all hits except for the last one, and ignoring the rapid sharpness decline, and assuming that you are using mega juice to keep your stamina from decreasing, this is what the resulting wdps looks like: 97% / 4 = 24.25. While this is still higher than a hunting horn's attack, once you take into concideration the other factors already mentioned, getting close to this maximum is hard.

All things concidered, however, the dual swords, in a perfect situation, with full sharpness, an inmobile monster and unlimited stamina is the highest weapon damage dealer out of the weapons so far looked at. But it is also the one that decreases in damage the quickest, as well as having low damage when not "demonized".

Greatsword:

Level 3 Charge : 110% You can do this twice in 11 seconds with Focus on. This would then mean you are at (110% x2) / 11 = 20 wdps. Doing the regular non-charged combo will be less damage than a level 3 charge. However, without focus, doing the Triangle (48%) Circle (30%) combo over and over will actually give you more overall damage. There is one more item we have to factor in, however, very unique to Greatsword strategies: Art of unsheathing. With this skill, the initial sword draw becomes critical (30% more damage). However, at the same time, you have to add the 2 second sheathing animation. So with this skill, the damage becomes: ((110% x 1.30) x 2) / 15 = 19.07 wdps (sheating the weapons 2 times would add 4 seconds to the total time). In a real fight, however, Art of unsheathing becomes more of an asset than a hindrance, but the maximum possible damage can only be achieved on an inmobile monster over time.

Theoretical Maximum Weapon Damage:
Greatsword: 20 wdps

Lance

Circle x3 : 28%, 28%, 30% (86% damage) The triple hit + jumpback combo takes about 4 seconds to execute, which makes this a 86% / 4 = 21.5 wdps weapon. The circle, however, is an upward strike, which does not always hit on smaller/lower to the ground monsters, as well as it having a shorter range than the triple triangle combo, which is 23%, 23%, 30% (76% damage), 19 wdps.

Theoretical Maximum weapon damage
Lance: 21.5 wdps

The problem with lances in a real combat situation, however, is their really poor manuverability. So while it is slightly higher wdps than a hunting horn, staying on the monster long enough to make this happen is practically unfeasable.

Ok, big spoiler/posible cheat in the next spoiler check, so seriously don't read ahead if you don't want some fights ruined due to them becoming WAY too easy.

Spoiler: