Hyperliquid Tops Fees, Beats BNB Chain and Tron in 24 Hours
- Hyperliquid surpassed BNB Chain, Tron and Ethereum in daily blockchain fees activity.
- Token buyback commitments reached $645M, nearly half of 2025 sector totals combined.
- RSI at 34.60 and MACD below signal line show weak momentum despite $30 support level.
Hyperliquid earned the most blockchain fees in the past 24 hours, surpassing BNB Chain, Tron, and Ethereum. It brought in over $3 million, totaling to about $3.9 million in revenue and buybacks. This happened while broader market sentiment stayed uncertain and trading in derivatives increased across onchain platforms.
Rising Daily Revenue and Ratios
Strong fee growth placed Hyperliquid ahead of major networks, with BNB Chain and Tron next in line, while Ethereum, Solana, and Bitcoin rounded out the top six. Annualized figures based on this pace indicate an estimated $1.4 billion in projected revenue.
Its market cap is at $11 billion, placing its price-to-earnings ratio above single digits. Price metrics continue to move with market direction and liquidity conditions. Fee leadership on Hyperliquid comes from derivatives volume rather than base layer gas fees.
Hyperliquid’s derivatives markets include more than 100 spot and perpetual contracts. Each order is hosted fully onchain, allowing real-time transparency. Whale Watch and fees tracking tools use this data to monitor large positions and trading flows.
Hyperliquid Structural Design and Market Behavior
Order books run without a central authority, making the platform a fully onchain Layer 1 exchange. Since trades happen directly on the blockchain, everyone can see large orders and how prices react in real time without waiting for delayed updates. Professional traders often use leverage, complex strategies, and large orders to find the best prices.
This high level of transparency limits price manipulation, unlike centralized exchanges, because every trade is visible on the blockchain. This helps users follow fast sentiment changes across contracts and spot pairs.
Notably, Hyperliquid has also led the current token buyback push. The project allocated about $645 million to buy back its tokens this year. That total accounts for nearly half of the $1.4 billion committed to buybacks across the sector in 2025. The next nine projects combined did not match that total, indicating the scale of the program.
The initiative aims to reduce token float and concentrate ownership through recurring repurchases. As per reports additional $300 million in buyback demand could enter during the fourth quarter. Further annualized projections from associated funds place that figure near $1 billion to $1.5 billion once current programs continue.
Related: Hyperliquid Enables Transparent, Permissionless DeFi Trading
Technical Outlook and Price Levels
At press time, HYPE was trading at $36.24 up by 6.22% in the past 24 hours. Price action has trended lower since mid-September after reaching near $52.000. This decline formed a sequence of lower highs and lower lows, indicating a bearish continuation structure.
Source: TradingView
Price recently rebounded from the $30 to $32 support area, indicating a defense of that range. However, momentum indicators continue to show weakness. The RSI i at 34.60, below the midpoint and near the oversold boundary at 30. The RSI moving average holds at 40.10, suggesting mild divergence and attempts at stabilization if buyers step in.
The MACD indicator shows the line at -3.245, below the signal line at -2.445. The histogram is negative, though the gap has narrowed. That narrowing hints at reduced bearish momentum without confirming any reversal. Technical levels point to upside interest near $38 to $40 if support holds.
If the price drops below $30, it could fall further to between $25 and $28. Market sentiment is cautious, and low trading volume shows traders are less confident about holding long positions. The overall market trend will likely guide the next move, especially with derivatives activity affecting fee data.
Meanwhile, Hyperliquid leads in daily fee earnings, surpassing bigger networks. Its performance is shaped by buybacks, strong derivatives use, and clear onchain operations. The next few weeks will reveal if revenues stay steady and how prices adjust to changing market conditions.
