Hyperliquid Surpasses Ethereum and BNB Chain, Generating $20M in Daily Fees

Hyperliquid has officially overtaken all major blockchains in daily network fees, generating over $20 million in the past 24 hours, far surpassing certain other chains, according to new data from a data platform shared by a media outlet.

The decentralized perpetuals and derivatives network continues to gain traction following its recent HIP-3 upgrade, which introduced permissionless perpetual markets and boosted user activity across its ecosystem. The upgrade has positioned Hyperliquid as one of the most used DeFi infrastructures globally, with trading volumes and transaction fees reaching record-breaking levels.

In comparison, other major chains, long-standing leaders in on-chain revenue, trailed significantly behind Hyperliquid’s surge.

Analysts note that this shift marks one of the first times a Layer-1 decentralized derivatives protocol has outperformed traditional smart contract platforms by fee volume, underscoring growing demand for specialized financial primitives rather than generalized DeFi platforms.

Hyperliquid’s momentum also follows a steady price recovery in its native token, HYPE, which has climbed back toward the $42 range after last week’s market-wide correction. The network’s rising fee dominance suggests strong organic activity rather than speculative volume, signaling a maturing user base and increasing on-chain utility.

If current trends persist, Hyperliquid could redefine the hierarchy of high-revenue blockchains, moving from an experimental derivatives layer to a top-tier on-chain financial hub rivaling other major chains’ fee economy.