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.

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