Hyperliquid dominance is a sign of a different revenue hierarchy
Blockchains are changing the way they earn money, starting with where users actually do their work.
Hyperliquid’s share increased steadily from 2025 to March 2026. This shows that traders have been focusing on platforms for derivatives.
Perpetual trading generates a continuous flow of fees, rather than a single transaction. Capital is attracted to environments in which it can move quickly. This naturally drives revenue towards chains that are focused on trading.
Solana [SOL] Nearly 16% of the market, down from 18%. The usage is still strong, however, it’s decreasing as more competition arises. Meanwhile, Ethereum [ETH] Base is now at 2.4% and the fee cap has dropped to 7.7%. This shows that there are no fees for broad activities.
It changes the market dynamics. Value follows intensity of trading, and users are driven to platforms with more efficient monetization.
Hyperliquid transforms trading into direct value capture
HIP-3’s rapid growth is a good example of how derivatives can grow quickly when there’s a real demand for trading. The total volume is about $154,95 billion. This was achieved by 212 843 traders who executed 59.36 millions trades.
The growth of daily volume and the cumulative trend increase in January.
Fees are increasing as participation grows, reaching about $12.43million, which confirms a steady increase in monetary value.
The activity doesn’t remain abstract because it affects the token dynamic directly. The fees have reached approximately $403,475. All of this money has been redirected to buybacks, which remove roughly 10,794 tokens from circulation.
The trading generates fees which in turn drive the buy-pressure. As activity increases, the value of the stock begins to increase.
Final Summary
- Hyperliquid [HYPE] The continuous flow of derivatives converts volume into direct fees and reduction in supply.
- Hyperliquid’s market share increases as the revenue concentrates on specialized platforms where trading activity is sustained and both token liquidity and value are supported.
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Source: ambcrypto.com
