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 graphs 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.

Hyperfluid leads the pack

The latest data from CryptoRank found a notable reshuffle in blockchain fee leadership over the past year. Hyperliquid emerges as the dominant force. The network’s fees shot up 1,600%, after rising from $2.4 million in October 2024 to a whopping $41 million in October 2025, thanks to the launch of HIP-3, which paved the way for permissionless perpetuals and strategic rate cuts 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% drop to $6.6 million. This essentially reflected users’ shift to faster, cheaper alternatives and a cooling of meme-driven activity.

Other chains such as BNB Chain and Base also saw impressive growth, but none could match Hyperliquid’s explosive climb. Meanwhile, Bitcoin’s on-chain activity declined, with fees falling 73% over the same period, while interest in Ordinals and Runes waned.

As reported by CryptoPotato Previously, Hyperliquid cemented itself as a dominant force in the second quarter of 2025, when it recorded trading volume of $648 billion for the period and $1.57 trillion over the twelve-month period. Sales exceeded $300 million, while the share of the perpetual DEX market exceeded 60%, approximately ten times greater than that of the nearest competitor.

This success can be attributed to the HYPE token airdrop and fair point system in late 2024, which saw massive user adoption. Meanwhile, popular traders such as 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 selling pressure

However, recently HYPE has seen significant volatility. It started the week above $45 before falling sharply on October 11 and entering a downtrend through October 17. Despite a brief recovery, the token failed to regain previous highs and closed the period at $34.2, coinciding with the broader market decline.

Due to the latest recession, HYPE’s monthly losses have increased to 38.36%.