Hyperliquid has emerged as the undisputed leader in blockchain fee generation, accumulating $97.7 million in trading fees over the past 30 days – surpassing Tron and accounting for 35% of total blockchain fee revenue. This represents a 35% monthly increase, outpacing all Layer 1 and Layer 2 networks. The decentralized exchange generated more fees than Ethereum ($45M), Solana ($41.1M), and Binance Chain ($10.6M) combined.
Hyperliquid's annualized revenue surged 85% to $1.45 billion, with fees up 49% to $1.2 billion. The platform dominated Q2 2025 with $648 billion in trading volume and captured over 60% of the perpetual DEX market – ten times more than its nearest competitor. Growth catalysts include its 2024 HYPE token airdrop, user-friendly interface, deep liquidity, and arbitrage opportunities.
A key driver is Hyperliquid's buyback mechanism, where 97% of fees purchase HYPE tokens. The protocol has acquired $1.2 billion worth of HYPE to date, stored in reserves. Despite this, HYPE remains down 9.63% overall, though it gained 12% last week and briefly touched $46 before consolidating near $43.
Technically, HYPE shows bullish potential as it trades within an ascending triangle pattern. Analysts suggest a breakout could propel it toward $60. VanEck reports Hyperliquid is "poaching high-value users from Solana" due to superior perpetual futures execution.