Hyperliquid Perps rose to third place in 24-hour protocol fees, generating $1.9 million in the period ending August 1, according to on-chain data from DefiLlama. The perpetuals platform surpassed PumpSwap, which posted $1.8 million in fees over the same window. The ranking represents a jump from seventh place the previous day.
The move marks a sharp single-day concentration of volume on a platform built on Hyperliquid's own Layer 1 blockchain. Hyperliquid Perps has grown trading volume steadily since its launch but has competed against larger, more established perpetuals platforms including Bybit, Binance, and Deribit.
The fee spike came as Bitcoin and Ethereum prices moved in early August 2026. Perpetuals platforms capture the majority of their fees during periods of heightened price movement and trading activity. A jump from seventh to third in a single 24-hour window coincided with shifting volumes across competing platforms.
Hyperliquid Perps operates as a self-contained exchange on the Hyperliquid L1, where users trade perpetual contracts without bridging assets between chains. The platform has marketed itself as offering zero-slippage execution and lower latency than cross-chain alternatives. Its native blockchain also processes its own settlement and liquidation logic.
Fee rankings on DefiLlama shift daily based on 24-hour transaction volumes and protocol fee structures. A protocol's position does not indicate cumulative market share; daily rankings show only the prior 24 hours of activity. PumpSwap, a memecoin launchpad platform, has seen episodic spikes in fee generation during periods of high token creation activity.
