Key Insights
- Hyperliquid racked up the highest blockchain fees, overtaking major networks and showing a clear surge in activity across its trading ecosystem.
- HYPE displayed consistent positive funding trends as traders held leveraged long positions, supported by expanding liquidity and steady derivatives participation.
- HYPE futures open interest rose across major exchanges, Bybit and Binance recorded strong totals during this period of active market positioning.
Hyperliquid (HYPE) is traded at $30.03 today with $403.9M in 24-hour volume. The token is down -2.82% intraday, extending its weekly fall to -1.31% . Despite the short-term dips, Hyperliquid leads blockchain fees with $2M in 24-hour transactions. Rising derivatives activity is drawing attention to futures and growing funding trends across the chain.
Hyperliquid Surges to the Top of the Fee Rankings
According to a Cointelegraph’s report Hyperliquid generated $2 million in fees over the past 24 hours .This placed the network well ahead of Tron and edge X. This heightened activity is signalling stronger throughput and a growing user base.
Tron came second with a stable performance driven by its dominance in stablecoin transfers and frequent payments. Its consistent fee output reflected in the ongoing usage across its core services. Meanwhile, edge X secured the third position as a newer chain focused on efficiency continued to draw investors attention.
https://x.com/Cointelegraph/status/1997901520361148735?s=20
Chains such as Solana, BNB Chain, and Ethereum remained integral to ecosystem infrastructure, despite generating fewer fees during this period. Their continued presence shows that activity is diversifying and the traders’ users are adopting networks tailored for different priorities.
HYPE Funding Rates Reveal Steady Market Positioning
The funding-rate heatmap chart reveals the presence of largely neutral readings across most assets. However, HYPE displayed intervals of positive funding, and this typically means that traders favoured long exposure during active periods. The unfolding of these trends was smooth and did not cause any extreme swings between long and short pressure.
This consistent and disciplined move indicated that traders kept their leveraged long positions despite the market conditions cooling off. In turn , this pattern forced a steady backdrop in price.
All this happened despite the token continuing gaining attention in derivatives markets. Mild positive funding rates recorded indicated the ongoing willingness among traders to pay for extended exposure.
This behavior matched the asset’s expanding liquidity footprint. The chain appeared more frequently across major trading discussions, and this heightened the participation as more derivatives tools supported the asset. This move brought about a stable environment and this prompted the funding rates to edge upward during market shifts.
Rising Open Interest and Short-Term Price Consolidation
Notably, HYPE futures open interest hit 51.41 million tokens valued at $1.56 billion. Bybit leads the distribution across major exchanges with 8.33 million HYPE followed by Binance with 5.86 million tokens. In both ,platforms reports show that the short-term movements showed mixed momentum.
Despite this they recorded a positive index activity over the past 24 hours.OKX posted the strongest 24-hour increases in open interest as KuCoin, Gate, and Bitget also expanded their totals. This created a landscape where open interest rose across most exchanges.
This spread shows that traders were in participation and it was not an isolated accumulation. Price action on the 3-minute chart showed a fast climb toward 31.00 before stabilizing between 30.20 and 30.40.
After the initial move MACD momentum softened and RSI remained near neutral levels. Bulls need a clean move above 30.60 for renewed and sustained upward interest. However a fall under 30.00 may define the next short-term direction.
