- Hyperliquid jumped to #3 in blockchain fees over 24 hours, surpassing Ethereum and Bitcoin.
- Fee hikes tested user loyalty; volume and liquidity remained firm as HYPE eyed a $50 breakout.
In a startling move up the ranks, Hyperliquid [HYPE] has soared to become the third-highest blockchain by daily fee generation in 24 hours, trailing only Solana [SOL] and Tron [TRX].
With surges in daily revenue, perpetuals volume, and bridged TVL, it has overtaken Ethereum [ETH] and Bitcoin [BTC] — an outcome almost unthinkable just months ago.
At the heart of this surge is native token HYPE, which has shown strength even in a risk-off macro environment that punishes speculative assets.
Recent price performance
HYPE traded at around $21.28 at press time, and was up more than 18% from its local bottom earlier this month.
On a recent 5-minute chart, the HYPE token showed a classic accumulation-to-expansion breakout, with bulls repeatedly defending the $19.5-$20 range.
Source: X
Despite the rally, the absence of a blow-off top in volume suggests the trend may still have legs. It’s not euphoric yet — just strong, consistent bidding and solid liquidity support.
Hyperliquid’s fee generation now tops BNB Chain, Ethereum, and even Bitcoin — an impressive feat for a protocol often dismissed as a DeFi underdog.
Its TVL has climbed past $840 million, rising nearly 2% on a daily basis. At the same time, the protocol has raked in $1.36 million in daily revenue and processed a staggering $4.47 billion in daily perpetuals volume.
Bridged capital stood at $2.63 billion, showing deep cross-ecosystem migration into the protocol.
Source: DeFiLlama
Fee hikes as a litmus test
The team’s decision to raise protocol fees mid-bear market shows great confidence. Market makers and funds must now buy and stake HYPE to remain competitive — driving real demand.
Source: Artemis
But this isn’t without risk. Higher fees could deter volume in a jittery market, resulting in weaker buybacks and a potential short-term price retreat.
Still, flipping Ethereum and Bitcoin in fee revenue during such a move is a powerful validation.
Possible scenarios
If trading volumes stay strong despite Hyperliquid’s recent fee hike, analysts suggest that HYPE could grind toward $50.
The daily chart showed bullish momentum, with RSI near 67 and MACD trending up — signs of strong buying pressure.
Source: TradingView
The fact that users are sticking around even as fees rise mid-cycle signals deep liquidity and ecosystem strength.
But if the broader market turns risk-off, higher fees could dent volumes, reduce buybacks, and trigger a cooldown. A reversal wouldn’t be surprising with RSI nearing overbought levels.