Hyperliquid Surges Past Pump.fun in Fees Amid Market Volatility
Decentralized derivatives platform Hyperliquid has surpassed Pump.fun in fees over the past day. In contrast to $1.5 million generated by Pump.fun, Hyperliquid earned $6.5 million. This surge is largely due to increased demand for leveraged markets following recent market swings.
The sharp price moves prompted traders to close or change their positions on Hyperliquid's futures market. A notable example is the liquidation of a Bitcoin position worth nearly $25 million. Pump.fun, which focuses mainly on meme coins, saw its fee income decrease after introducing 0% trading fees on its Solana app.
The strong activity surrounding Hyperliquid has also propelled its native token, HYPE, to an all-time high of $82.43. This represents a 52% gain over the past week. While the token later pulled back due to some traders taking profits, it remains at a significant level of $78.42.
The platform's growing position is attributed not only to its increasing fees but also to President Donald Trump's recent statement regarding CFTC Chair Michael Selig's efforts to bring Hyperliquid to the U.S. in compliance with regulations.