Hyperliquid Leads Blockchain Fee Market With 43% Share, Surpassing Ethereum and Solana

Hyperliquid, the decentralized derivatives platform behind HYPE, is expanding its footprint after posting the largest share of blockchain fees among major networks.

The Block reported on May 13 that Hyperliquid accounted for about 43% of the total blockchain fee market last week, generating roughly $11 million in fees.

Blockchain fees are the costs users pay to process on-chain transactions and are widely viewed as a key gauge of a network’s ability to capture real economic value rather than simply transaction volume.

Most of Hyperliquid’s fees came from perpetual futures trading, where users pay fees to open, maintain and liquidate leveraged positions.

The rise in fees reflects a rapid migration by derivatives traders to Hyperliquid’s dedicated infrastructure, according to market participants.

Ethereum generated about $3 million in fees, or roughly 13% of the market. Its share has declined from past levels as fees fell after the Dencun upgrade.

Solana posted about $2 million in fees, or around 10% of the total. Despite strong decentralized exchange, or DEX, trading volume, its monetization efficiency is seen as relatively lower because a large share of activity comes from low-fee memecoin trading, market participants said.

Bitcoin’s share of fees remained relatively limited. That was attributed to a sharp drop in activity tied to Ordinals and Runes from last year’s peak, as the network shifted back toward simple value transfers.