Hyperliquid Surges Past Pump.fun in Fees as HYPE Token Hits New All-Time High

Decentralized derivatives platform Hyperliquid has seen significant growth in recent days, surpassing Solana-based meme coin launchpad Pump.fun in terms of fees. According to data from Token Terminal, Hyperliquid generated $6.5 million in fees over the past day, more than four times Pump.fun's $1.5 million. This surge in activity comes as traders increasingly turn to leveraged markets, which has helped the native HYPE token reach a new all-time high of $82.43.

The rise of Hyperliquid is also attributed to sharp price moves in the market, which prompted more traders to close or change their positions on its futures market. During the sell-off, a significant Bitcoin position worth nearly $25 million was liquidated on Hyperliquid.

Additionally, President Donald Trump's recent statement about CFTC Chair Michael Selig working to bring Hyperliquid to the U.S. in a 'fully compliant and legal fashion' has likely contributed to the increased attention and interest in the platform.