Hyperliquid Dominates Fees and Trading Volume, Leaving Giants Like Bitcoin and Ethereum in the Dust

In just one year, Hyperliquid skyrocketed from $2.4 million to $41 million in fees.

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

Meanwhile, traditional heavyweights like Bitcoin, Ethereum, and Solana are quickly falling behind.

Hyperliquid leads the pack

The latest data from CryptoRank found a surprising shakeup in terms of blockchain fee leadership over the past year. Hyperliquid is emerging as the dominant force. Network fees skyrocketed 1,600% after rising from $2.4 million in October 2024 to a whopping $41 million in October 2025, driven by the launch of HIP-3, which paved the way for perpetual permissionless businesses, and strategic fee reductions that drove record trading volumes.

This meteoric rise has left once-dominant networks like Ethereum and Solana in the dust, as Ethereum fees halved to $21.6 million and Solana saw a 34% decline to $6.6 million. Essentially, this reflected users’ shift towards faster, cheaper alternatives and a cooling in meme-driven activity.

Other chains like BNB Chain and Base also saw impressive growth, but none rival Hyperliquid’s explosive rise. Meanwhile, Bitcoin on-chain activity declined as fees plummeted 73% over the same period amid fading interest in Ordinals and Runes.

As reported by cryptopotato Previously, Hyperliquid established itself as a dominant force in Q2 2025 as it recorded $648 billion in trading volume for the period and $1.57 trillion in 12 months. Its revenue exceeded $300 million, while its DEX perpetual market share exceeded 60%, roughly ten times that of the closest rival.

This success can be attributed to the airdrop system of HYPE tokens and fair points in late 2024, which drove mass user adoption. Meanwhile, popular traders such as James Wynn added more attention, and the token buying and burning program supported HYPE’s price stability during the said quarter.

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Even VanEck researchers noted that Hyperliquid effectively attracted high-value users from Solana.

HYPE faces selling pressure

However, HYPE has seen considerable volatility lately. It started the week above $45 before falling sharply on October 11 and settling into a downtrend until October 17. Despite brief recoveries, the token failed to regain previous highs and concluded the period at $34.2, coinciding with the broader market decline.

The latest recession has pushed HYPE’s monthly losses to 38.36%.