Hyperliquid's transaction fee revenue reached $11 million last week, leading all public blockchains.

Golden Finance reports that on May 14th, the ranking of transaction fee income across major blockchains last week showed a different pattern from the original activity volume indicators. Hyperliquid, with approximately $11 million in transaction fee income, accounts for about 43% of the market share, leading all public chains. Its fees mainly come from perpetual contract trading activities, where users pay for opening, holding, and closing positions. Over the past year, as derivatives traders rapidly migrated to its dedicated infrastructure, Hyperliquid’s market share has significantly increased.
In comparison, Ethereum’s transaction fee income is about $3 million, accounting for roughly 13%, with income sources covering a broader range including DeFi interactions, smart contract executions, and token transfers. Solana’s transaction fee income is around $2 million, about 10%, showing a clear gap from its DEX trading volume share, indicating that high-frequency, low-cost Meme coin trading has not effectively translated into fee income. Bitcoin’s share is relatively small, and as Ordinals and Runes activities declined sharply from their 2024 peak, the network has basically reverted to basic transfer purposes.
Analysis indicates that market share of transaction fees is becoming an important perspective for assessing which chains have sustainable, monetizable activities. Hyperliquid’s dominant position is especially noteworthy, suggesting that vertical specialization may be a more effective fee capture strategy than horizontal scaling.