Hyperliquid Surges Past Major Crypto Players in Volume and Fees
Hyperliquid has experienced explosive growth, surpassing established giants like Bitcoin and Ethereum in trading fees and volumes.
Hyperliquid Dominates Fees and Trading Volume
In just a single year, Hyperliquid’s fees have soared from $2.4 million to an astonishing $41 million.
Blockchain analytics reveal a remarkable restructuring in the leaderboard of blockchain fees, with Hyperliquid emerging as the new frontrunner. According to recent data from CryptoRank, its fees surged by 1,600% post the launch of HIP-3, which introduced permissionless perpetuals along with significant fee reductions that contributed to record trading volumes.
In contrast, major networks like Ethereum and Solana have seen sharp declines, with Ethereum’s fees slumping to $21.6 million, and Solana observing a 34% drop to $6.6 million. This trend indicates a migration of users towards more efficient and economical platforms, as the excitement from meme-driven activity diminishes.
Other chains such as BNB Chain and Base have also recorded notable growth, yet none rival the impressive ascent of Hyperliquid. In a similar timeframe, Bitcoin’s on-chain activity reduced dramatically, with fees falling by 73%, attributed to waning interest in Ordinals and Runes.
Previously reported figures indicated that Hyperliquid had secured $648 billion in trading volume in the second quarter of 2025 and an annual total of $1.57 trillion. With revenues exceeding $300 million, it also claimed over 60% of the perpetual DEX market. This remarkable success is largely credited to the distribution of HYPE tokens and the fair point system introduced in late 2024, which considerably boosted user engagement. Prominent traders like James Wynn likewise added to its visibility, and a robust buyback-and-burn approach helped maintain the token’s value stability during that quarter.
HYPE Faces Volatility
Recently, however, the HYPE token has seen substantial fluctuations. It began the week above $45 but plummeted sharply on October 11, continuing a downward trend through October 17. Despite some temporary recoveries, the price could not revert back to its previous highs, closing at $34.2, reflecting a broader market downturn.
The latest slump has resulted in a 38.36% decline over the month.
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