HyperLiquid monopolizes fees and trading volume, displacing giants like Bitcoin and Ethereum

In just one year, Hyperliquid’s fees jumped from $2.4 million to $41 million.

Blockchain charts have evolved dramatically over the past year. Currently, this space is dominated by Hyperliquid.

Meanwhile, traditional giants like Bitcoin, Ethereum, and Solana are rapidly falling behind.

Hyperliquid leads the pack

The past year has seen a surprising realignment in terms of blockchain fee leadership, according to the latest data from CryptoRank. Hyperliquid is emerging as a dominant force. The network’s fees soared 1,600% after the launch of HIP-3 soared from $2.4 million in October 2024 to a whopping $41 million in October 2025. The launch of HIP-3 paves the way for permissionless perpetuity and strategic fee reductions that drive record trading volumes.

This meteoric rise has left once-dominant networks like Ethereum and Solana in the dust, with Ethereum fees halved to $21.6 million and Solana down 34% to $6.6 million. This essentially reflects a migration of users to faster, cheaper alternatives and a cooldown of meme-driven activity.

Other chains such as BNB Chain and Base have also seen impressive growth, but none have matched Hyperliquid’s explosive rise. Meanwhile, Bitcoin on-chain activity shrank as fees fell 73% over the same period as interest in Ordinal and Rune waned.

According to reports crypto potato Previously, Hyperliquid solidified its position as a dominant force in Q2 2025, with trading volume of $648 billion for the same period and $1.57 trillion in 12 months. The company’s revenue exceeded $300 million, and its share of the perpetual DEX market exceeded 60%, about 10 times that of its closest competitor.

This success can be attributed to the HYPE token airdrop in late 2024 and the Fair Points system, which drove mass user adoption. Meanwhile, popular traders like James Wynn gained more attention, and token buyback and burn programs supported HYPE’s price stability during the quarter.

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Even the VanEck researchers point out that Hyperliquid effectively lured high-value users away from Solana.

HYPE faces selling pressure

However, HYPE has experienced considerable volatility recently. It started the week above $45, but dropped sharply on October 11th and settled into a downtrend until October 17th. Despite the temporary recovery, the token failed to regain its previous highs and ended the period at $34.2, coinciding with the market-wide decline.

Due to the recent economic downturn, HYPE’s monthly loss reached 38.36%.