Hyperliquid has surged up the ranks of blockchain networks, surpassing industry titans Ethereum and Bitcoin in daily fee generation. Once considered a second-tier protocol in the decentralized finance (DeFi) space, Hyperliquid now finds itself in the global top three for daily blockchain revenue, trailing only Solana and Tron.

The spotlight is now firmly on Hyperliquid’s native token, HYPE, which has posted an impressive 18 percent gain from its recent local bottom. Trading at around $21.28, HYPE has shown remarkable resilience in a cautious, risk-off macroeconomic environment that has left many speculative assets floundering. Unlike the euphoric rallies often seen in volatile altcoins, HYPE’s price action reflects steady buying pressure, repeated support at key levels, and a convincing breakout that analysts believe still has room to run.

This upward trend is not just driven by speculation. On-chain activity supports the rally, with Hyperliquid generating approximately $1.36 million in fees within 24 hours. This performance places it ahead of Binance’s BNB Chain, Ethereum, and Bitcoin in daily revenue—a significant milestone for a protocol that was largely off the radar just months ago. The platform also processed an astonishing $4.47 billion in daily perpetual futures trading volume, signaling strong user engagement and liquidity.

At the same time, Hyperliquid’s total value locked has grown to over $840 million, rising by nearly 2 percent daily. But perhaps even more telling is the $2.63 billion in capital that has been bridged to the protocol from other blockchains. This suggests not just fleeting interest, but a sustained migration of capital into the Hyperliquid ecosystem. For a platform that operates in a competitive DeFi landscape, this level of traction indicates that its offerings are resonating with users, traders, and funds seeking efficient trading infrastructure and lower execution costs.

One of the most surprising elements of Hyperliquid’s rise is how it handled a recent protocol fee hike. Rather than lower fees to attract more users in a risk-averse climate, the team made the bold decision to increase them. Conventional logic would suggest that higher costs would push users away, especially during a market downturn. But the opposite happened. Trading volume remained strong, and in fact, demand for HYPE grew stronger.

This counterintuitive move worked largely because of how Hyperliquid structured its ecosystem. Market makers and institutional players are now required to buy and stake HYPE tokens to continue participating competitively. This creates real, organic demand, grounded in utility rather than hype. The fee hike served as a test of user loyalty—and the community passed with flying colors.

However, not everything is without risk. Analysts caution that a shift in broader market sentiment could impact trading activity. If a larger risk-off trend emerges and volumes begin to drop, the higher fees might start to hurt, potentially affecting revenue and reducing token buybacks. Technical indicators also show the relative strength index nearing overbought levels, which could precede a short-term correction.

Despite these risks, the outlook for Hyperliquid remains largely optimistic. The protocol has proven its ability to attract liquidity, generate revenue, and retain users even in challenging market conditions. Its current momentum, combined with strong technical and fundamental support, suggests that HYPE could continue to climb—potentially targeting the $50 mark in the coming months if bullish sentiment holds.

Hyperliquid’s breakout performance is more than just a token rally—it’s a signal that the DeFi space is evolving. In a sector dominated by Ethereum for years, the emergence of alternative platforms that can outperform in core metrics like fee generation shows the competitive landscape is shifting. As capital continues to search for efficient and profitable platforms, Hyperliquid’s rise could mark the beginning of a new chapter in decentralized finance.