How Hyperliquid Silently Surpassed Bitcoin and Ethereum in Fees and Trading Volume—What’s Their Secret?

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 being dominated by Hyperliquid.

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

Hyperliquid Leads the Pack

CryptoRank’s latest data found a striking reshuffling in terms of blockchain fee leadership over the past year. Hyperliquid is emerging as the dominant force. The network’s fees skyrocketed 1,600% after surging from $2.4 million in October 2024 to a whopping $41 million in October 2025, driven by HIP-3’s launch, which paved the way for permissionless perpetuals and strategic fee reductions that fueled record trading volume.

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

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

As reported by CryptoPotato earlier, Hyperliquid cemented itself as a dominant force in Q2 2025 as it registered $648 billion in trading volume for the period and $1.57 trillion over 12 months. Its revenues topped $300 million, while its share of the perpetual DEX market surpassed 60%, roughly ten times greater than the nearest rival.

This success can be attributed to the HYPE token airdrop and fair point system in late 2024, which drove massive user adoption. Meanwhile, popular traders, like James Wynn, added further attention, and the token buyback-and-burn program supported HYPE’s price stability during the said quarter.

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

HYPE Faces Sell Pressure

Lately, however, HYPE has experienced considerable volatility. It started the week above $45 before tumbling sharply on October 11 and settling into a downtrend through October 17. Despite brief recoveries, the token failed to regain previous highs and wrapped up the period at $34.2, coinciding with the broader market plunge.

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