Hyperliquid Fees Hit 30-Day High as Perpetuals Volume Doubles

Hyperliquid’s daily fees reached $6.36 million on Oct. 29, the highest reading in 30 days, as perpetual futures trading volume roughly doubled from the previous day, according to DefiLlama data.

The blockchain and decentralized trading platform’s fees were about 147% above the $2.57 million median for the seven preceding complete days, according to The Defiant’s calculation. Perpetuals turnover reached $17.44 billion, up from $8.63 billion on Oct. 28, in DefiLlama’s node-derived trading data. All daily totals use UTC calendar days.

The surge generated more trading income without a corresponding increase in outstanding positions. Liquidated positions totaled about $252 million, up from $60.44 million a day earlier, while open interest—the value of outstanding perpetual contracts—declined to $7.76 billion from $7.87 billion in the indexer’s last hourly snapshots of each day. That combination shows heavier turnover and forced position closures rather than an expansion in open exposure.

The previous high within the 30-day window was $4.48 million on Oct. 15. Oct. 29 is the latest complete day in the refreshed fee series; it establishes a one-day jump, not yet a sustained increase.

Where the Fees Go

The $6.36 million measure is broader than trading fees retained by Hyperliquid. DefiLlama’s methodology includes builder fees charged by applications using the exchange and payments allocated to liquidity providers. It also includes Hyperliquid’s share of stablecoin reserve yield, so the aggregate is not exclusively money paid by traders.

DefiLlama separately recorded $4.87 million in revenue for Oct. 29. Its perpetuals methodology allocates 99% of trading revenue after builder fees, market-deployer payments and maker rebates to the Assistance Fund, with 1% going to the HLP liquidity vault. Stablecoin reserve yield is included separately in revenue.

Hyperliquid’s fee documentation says fees go to HLP, the Assistance Fund and market deployers. The fund automatically converts trading fees into HYPE, and the tokens it holds are burned.