Hyperliquid Hits $1.7M in Daily Fees, Surpasses Ethereum and Bitcoin as Price Battles $40 Resistance

• HYPE stalls near $40 as tight range and flat indicators signal market indecision
• Hyperliquid’s fee surge to $1.7M outpaces Ethereum and Solana, fueling interest
• Volume jumps 30% as traders eye breakout above key $40.10 resistance level

The decentralized perpetuals exchange Hyperliquid is generating more in daily fees than major blockchains like Ethereum and Solana, yet its native token, HYPE, remains locked in a tight consolidation range, creating a puzzle for traders.

The platform generated a staggering $1.7 million in fees in the last 24 hours, a sign of intense trading activity and user adoption. Despite this fundamental success, the HYPE token is struggling to find direction, with its price hovering around $39.53 amid signs of market indecision.

A Fee-Generating Powerhouse

Hyperliquid’s surge in fee generation underscores a growing market shift toward performance-based DeFi platforms. This strong revenue performance is backed by a nearly 30% spike in 24-hour trading volume, which recently hit $188.8 million. The token’s healthy volume-to-market cap ratio of 19.22% indicates there is deep liquidity for traders.

This on-chain success, however, ha…

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