Hyperliquid leads Solana and Ethereum in fees – What it means for HYPE

ambcryptoPublished on 2026-01-19Last updated on 2026-01-19

Abstract

Hyperliquid [HYPE] has recently led all major blockchain networks, including Solana and Ethereum, in both fees and trading volume over a 24-hour period, according to Artemis data. This indicates strong user demand, as fees are only incurred during transactions. Additionally, Hyperliquid network has recorded the highest weekly perpetual DEX trading volume and open interest, suggesting sustained trader engagement. While competitors like Lighter have seen a decline in activity, Hyperliquid’s liquidity and consistent participation have made it a central player in the perps market. The question remains whether this momentum can be sustained and positively impact the price of its native token, HYPE.

Hyperliquid [HYPE] is back! In the past 24 hours, it topped all chains by fees and trading volume. Zoom out, and it’s leading weekly perps readings too!

Can this push be a mainstay and help push native token price?

A standout moment

In the last day, Hyperliquid topped every major network by fees and volume, per Artemis data. The network pulled ahead of established names like Solana [SOL], TRON [TRX], and Ethereum [ETH].

Since fees are paid only when users transact, there’s real demand too.

Hyperliquid is at the top of the perps race

Over the past seven days, Hyperliquid has recorded the highest perpetual DEX trading volume, pulling ahead of its rivals.

The chart shows the network leading both Weekly Volume and Open Interest, which clearly means traders are keeping positions open.

In contrast, Lighter’s [LIGHTER] volumes have dropped while its airdrop distribution plays out, with weekly activity down nearly three times from its peak.

Looks like traders are rotating back toward platforms with liquidity and consistent participation. That’s perhaps why Hyperliquid is back at the center of the perps market.

Related Questions

QAccording to the article, which blockchain led in fees and trading volume in the past 24 hours?

AHyperliquid [HYPE] led all chains in fees and trading volume in the past 24 hours.

QWhat does the article suggest is the reason for Hyperliquid's high fee generation?

AThe high fees indicate real demand, as fees are only paid when users transact on the network.

QHow does Hyperliquid's weekly perpetual DEX trading volume compare to its rivals?

AOver the past seven days, Hyperliquid has recorded the highest perpetual DEX trading volume, pulling ahead of its rivals.

QWhat two key metrics does the article mention that Hyperliquid is leading in for the weekly perps readings?

AThe article states that Hyperliquid is leading in both Weekly Volume and Open Interest for perpetual trading.

QWhy does the article suggest traders are rotating back to platforms like Hyperliquid?

ATraders are rotating back towards platforms with liquidity and consistent participation, which Hyperliquid offers.

Related Reads

Stuck Polymarket: The Real Test After Riding the Traffic Boom Has Arrived

Polymarket, a leading prediction market platform, is facing significant technical challenges as its growth outpaces its current infrastructure on Polygon. Users are experiencing laggy transactions, unresponsive orders, and delayed confirmations, severely impacting the trading experience. In response, DeFi Engineering VP Josh Stevens outlined a comprehensive engineering overhaul. The plan includes reducing on-chain data delays, fixing order cancellation issues, rebuilding the central limit order book (CLOB), improving website performance, and developing a unified SDK and API. A major revelation was the ongoing "chain migration," indicating a potential move away from Polygon. The core issue is that Polymarket has evolved from a simple prediction market into a high-frequency trading platform, making Polygon's limitations—such as block space, gas fees, and block time—a ceiling for further growth. The migration is not just a simple chain switch but a fundamental rebuild of its trading system to support more complex products like perpetual contracts (Perps). This announcement has sparked competition among chains like Solana, Sui, and Algorand, all vying to host Polymarket. For Polygon, losing this key application, which contributes significantly to its gas fee revenue, would be a major setback. The real test for Polymarket is no longer attracting users but proving it can provide a stable, reliable trading environment that retains them.

Odaily星球日报2m ago

Stuck Polymarket: The Real Test After Riding the Traffic Boom Has Arrived

Odaily星球日报2m ago

Key Lawmaker 'Relents', Wash's Biggest Obstacle to Assuming Fed Chair on May 15 Cleared

Key political opposition to Kevin Warsh's nomination as Federal Reserve Chair has been removed after Senator Thom Tillis (R-N.C.) withdrew his objection, clearing the way for a committee vote on April 29. Tillis had previously blocked the nomination due to a criminal investigation into current Chair Jerome Powell, which he viewed as a threat to Fed independence. The Justice Department has since dropped the investigation. Warsh, who has broad Republican support, is expected to be confirmed by the Senate in time for Powell’s term expiration on May 15. If confirmed, Warsh has signaled significant policy changes, including abolishing the "dot plot" of interest rate projections and reevaluating the Fed’s forward guidance framework. These changes could fundamentally alter the market’s pricing mechanisms for stocks, bonds, and currencies. Although the criminal case against Powell is closed, uncertainty remains as he retains his board seat until 2028. President Trump has not fully endorsed Powell, citing an ongoing review of Fed renovation spending. Warsh’s potential reforms target the communication tools developed post-2008, which have become foundational to global asset pricing.

marsbit25m ago

Key Lawmaker 'Relents', Wash's Biggest Obstacle to Assuming Fed Chair on May 15 Cleared

marsbit25m ago

Lowering Expectations for BTC's Next Bull Market

The author, Alex Xu, explains his decision to significantly reduce his Bitcoin holdings (from full to ~30% of his portfolio) during the current bull cycle, citing a lowered long-term outlook for BTC's price appreciation in the next cycle. He outlines six key reasons for this reduced expectation: 1. **Diminished Growth Drivers:** The narrative of exponential user adoption has largely played out with institutional ETF adoption. The next major growth phase—adoption by sovereign national reserves or central banks—seems unlikely in the near future. 2. **Personal Opportunity Cost:** More attractive investment opportunities have emerged in other assets, such as undervalued companies. 3. **Industry-Wide Contraction:** The broader crypto industry is struggling, with most Web3 business models (SocialFi, GameFi, DePIN) failing. This overall萧条 (depression) reduces the fundamental demand and consensus for Bitcoin. 4. **Strain on Major Buyer:** MicroStrategy, a major corporate buyer of BTC, faces rising financing expenses for its debt, which could slow its purchasing rate and create significant marginal pressure on the market. 5. **Increased Competition from Gold:** The emergence of "tokenized gold" has closed the functional gap (portability, divisibility) between physical gold and Bitcoin, offering a strong competitor in the non-sovereign store-of-value space. 6. **Security Budget Concerns:** The block reward halving continues to exacerbate the long-standing issue of funding Bitcoin's network security, with new fee source explorations like Ordinals and L2s largely failing. The author's decision to hold a significant (though reduced) position reflects a cautious, not bearish, outlook. He remains open to increasing his exposure if the fundamental reasons for his skepticism change or if new positive catalysts emerge.

marsbit40m ago

Lowering Expectations for BTC's Next Bull Market

marsbit40m ago

Prediction Markets Cannot Exist Without Insider Trading, But Insider Trading Is Killing Them

Prediction markets face a fundamental contradiction: they rely on insider trading to generate accurate prices, yet this same activity erodes public trust and threatens their survival. Recent scandals, such as a U.S. special forces member making $400,000 on Polymarket using classified information about a raid, highlight the severity of the issue. While platforms like Polymarket and Kalshi market themselves as venues where "everyone is an expert" and encourage informed trading, they also enforce policies against illegal insider trading. The core dilemma is that these markets depend on informed insiders for price efficiency but require uninformed retail participants to provide liquidity. If insider trading is too rampant, retail traders leave, perceiving the market as unfair. If restrictions are too strict, valuable information flow dries up, reducing the market’s predictive utility. The challenge is finding a balance that maintains both accuracy and perceived fairness—a task complicated by regulatory pressures and recurring scandals.

marsbit46m ago

Prediction Markets Cannot Exist Without Insider Trading, But Insider Trading Is Killing Them

marsbit46m ago

Can Iran 'Control' the Strait of Hormuz?

Iran has announced a comprehensive plan to assert control over the strategic Strait of Hormuz, a critical global oil shipping chokepoint. The proposed measures include requiring all vessels to obtain Iranian permission for passage, imposing fees for security, environmental protection, and navigation management—preferably paid in Iranian rials—and absolutely banning Israeli ships. Vessels from countries deemed hostile by Iran’s top security bodies may also be barred. Analysts suggest Iran’s motives are multifaceted: increasing pressure on the U.S. and Israel by leveraging control over oil transit to influence global prices and inflation; creating a new revenue stream, potentially exceeding $7.7 billion annually, to counter Western sanctions and support postwar reconstruction; and using transit permissions as bargaining chips in future negotiations, notably with the U.S. However, the plan faces significant practical and diplomatic challenges. Enforcing comprehensive interception and fee collection in the busy waterway, patrolled by international military forces, would be difficult. The U.S. has already countering with a blockade of Iranian ports and threats to intercept any ship paying fees, potentially strangling Iran’s oil exports and fee revenue. Broad international opposition, led by European and Gulf states, and legal controversies further complicate implementation. The proposal may ultimately serve more as a negotiating tactic than a feasible policy, with its execution remaining highly uncertain.

marsbit1h ago

Can Iran 'Control' the Strait of Hormuz?

marsbit1h ago

Trading

Spot
Futures

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of ETH (ETH) are presented below.

活动图片

Top Questions