Hyperliquid Dominates Blockchain Fees, Outpaces Bitcoin & Ethereum

Blockchain fee leadership has undergone a dramatic reshuffling over the past year, with Hyperliquid emerging as the undisputed leader according to CryptoRank’s latest data. The network’s fees exploded from $2.4 million in October 2024 to a staggering $41 million in October 2025, representing an unprecedented 1,600% increase. This explosive growth has fundamentally altered the competitive landscape, pushing once-dominant networks like Ethereum and Solana into the background.

The catalyst for Hyperliquid’s remarkable ascent was the launch of HIP-3, which introduced permissionless perpetuals and strategic fee reductions that fueled record trading volumes. While other chains like BNB Chain and Base also showed impressive growth, none could match Hyperliquid’s explosive climb. The network’s success in attracting high-value users was so significant that even VanEck researchers noted Hyperliquid effectively lured traders away from Solana, marking a fundamental shift in user preferences toward faster, cheaper alternatives.

While Hyperliquid surged ahead, traditional blockchain heavyweights experienced significant declines. Ethereum’s fees were halved to $21.6 million during the same period, while Solana saw a 34% decline to $6.6 million. This cooldown reflected both users’ migration to more efficient platforms and a broader decline in meme-driven activity that had previously fueled transaction volumes on these networks.

Bitcoin’s on-chain activity dwindled even more dramatically, with fees plunging 73% amid fading interest in Ordinals and Runes protocols. The contrast between Hyperliquid’s explosive growth and the established players’ decline underscores a fundamental market realignment, where users are increasingly prioritizing efficiency, lower costs, and innovative trading features over brand recognition and historical dominance.

Hyperliquid’s fee dominance is supported by extraordinary trading volume metrics that solidify its market position. As reported by CryptoPotato, the network registered $648 billion in trading volume during Q2 2025 alone, with cumulative volume reaching $1.57 trillion over 12 months. These staggering figures translated into revenues exceeding $300 million, demonstrating the network’s commercial viability and user adoption.

Perhaps most impressively, Hyperliquid captured over 60% of the perpetual DEX market share, roughly ten times greater than its nearest competitor. This market dominance stems from strategic initiatives including the HYPE token airdrop and fair point system implemented in late 2024, which drove massive user adoption. The network’s success was further amplified by attention from popular traders like James Wynn and the implementation of a token buyback-and-burn program that supported HYPE’s price stability during the quarter.

Despite Hyperliquid’s operational success, the HYPE token recently experienced considerable volatility. The token started the week above $45 before tumbling sharply on October 11 and settling into a downtrend through October 17. Despite brief recovery attempts, HYPE failed to regain previous highs and wrapped up the period at $34.2, coinciding with a broader market plunge.

The latest downturn pushed HYPE’s monthly losses to 38.36%, highlighting the token’s sensitivity to market-wide pressures despite the network’s fundamental strength. This volatility underscores the complex relationship between platform performance and token valuation in the cryptocurrency space, where even dominant players are not immune to broader market sentiment and selling pressure.