Analytics from Artemis reveal that the Hyperliquid blockchain recorded the highest network fees across all tracked networks in the past 24 hours. Network fees, a key indicator of demand and congestion, surged as increased user activity, smart contract deployments, and trading volumes drove up transaction costs. Following Hyperliquid, the edgeX and Tron networks registered the next highest fee levels, indicating significant activity across both emerging and established blockchain ecosystems.
Separately, a comprehensive review of the 2025 derivatives market by CryptoRank shows an unprecedented surge in perpetual contract (perp) trading volume, which roughly tripled compared to 2024. This growth coincided with a major shift in market structure. While Hyperliquid had long been the dominant platform for perp trading, its market share diversified significantly throughout the year.
Emerging platforms Lighter and Aster climbed steadily, capturing substantial volume and establishing a new competitive landscape alongside Hyperliquid. This shift was driven by innovative product offerings, improved liquidity incentives, and competitive fee structures, giving traders more choice and fostering a healthier market.
