Hyperliquid led all blockchain networks in fee generation over the past 30 days.

Latest figures suggest that it recorded $97.7 million and accounting for 35% of total fees across chains.

Hyperliquid Dominates Fee Charts

Hyperliquid regularly allocates part of this revenue for HYPE token buybacks, contributing to upward price pressure. Tron ranked second with $58.8 million in fees, followed by Ethereum at $45 million, Solana at $41.1 million, Bitcoin at $16.3 million, and BNB Chain at $10.6 million.

Beyond fees, Hyperliquid emerged as a dominant force in Q2 2025, as it recorded $648 billion in trading volume for the quarter and $1.57 trillion over the past 12 months, according to CoinMarketCaps recent report. The platform generated over $300 million in revenue during the period, and secured more than 60% of the perpetual DEX market, a performance which CMC estimates to be roughly 10 times stronger than its nearest rival.

Growth was driven by multiple factors, including the HYPE token airdrop and fair point system in late 2024, which boosted user engagement. Traders were also attracted to Hyperliquids streamlined interface, API, deep liquidity, and steady arbitrage opportunities.

High-profile figures such as James Wynn further amplified attention, while the platforms HYPE token buyback and burn program supported price stability.

Meanwhile, VanEck analysts recently said that Hyperliquid has successfully poached high-value users from Solana, thereby challenging one of the latters long-standing strengths. For years, the bullish case for Solana rested on its strong ecosystem of builders utilizing its industry-leading transaction processing capabilities, which were expected to back strong trading activity.

However, VanEck noted that Solana has failed to deliver meaningful improvements to ramp up user experience in the perpetual futures (perps) sector, which created an opportunity for Hyperliquid to step in with a more advanced and user-friendly product.

HYPE Price Action

Over the past week, HYPE has seen a notable upward trajectory, starting near $39.27 on August 6 before dipping slightly in early trading. Momentum picked up on August 8, which led to a steady rally that pushed the price above $46 on August 11. This surge represented a gain of nearly 18% from the weekly low.

However, the rally was followed by a moderate pullback, as the token consolidated around the $42-$44 range. At the time of writing, HYPE is trading near $43.