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

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 ￰0￱ Leads the Pack CryptoRank’s latest data found a striking reshuffling in terms of blockchain fee leadership over the past ￰1￱ is emerging as the dominant ￰2￱ 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 ￰3￱ 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 ￰4￱ essentially reflected users’ shift to faster, cheaper alternatives and a cooldown in meme-driven ￰5￱ 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 ￰6￱ 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 ￰7￱ revenues topped $300 million, while its share of the perpetual DEX market surpassed 60%, roughly ten times greater than the nearest ￰8￱ 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 ￰9￱ VanEck researchers noted that Hyperliquid effectively lured high-value users from ￰10￱ Faces Sell Pressure Lately, however, HYPE has experienced considerable ￰11￱ started the week above $45 before tumbling sharply on October 11 and settling into a downtrend through October ￰12￱ brief recoveries, the token failed to regain previous highs and wrapped up the period at $34.2, coinciding with the broader market ￰13￱ latest downturn has pushed HYPE’s monthly losses to 38.36%.