Latest data, shared by Artemis, shows Hyperliquid led all blockchains in 24-hour fee generation at $1.6 million on March 3, 2026, outpacing Ethereum, Tron, and Solana while producing more than double the fees of the second-place chain.
The Artemis top chains by fees chart has one bar that runs far beyond everything else. Hyperliquid at approximately $1.6 million. Then Tron at $703,500, Solana, and edgeX clustered around $650,000 to $750,000. Ethereum sits around $450,000. BNB Chain around $300,000. Then a long tail.
Hyperliquid generating more than twice Tron’s fees in a single day is not routine. Tron processes billions in stablecoin volume daily. The fact that a perpetuals exchange built in 2023 is currently outpacing it reflects exactly what is happening in derivatives markets right now.
Hyperliquid is a decentralized perpetuals exchange. Its fees come almost entirely from trading activity. Bitcoin breaking toward $70,000 with a 15% OI surge and $500 million in aggressive buying, covered earlier this week, is the environment that drives perpetuals volume. Traders positioning for directional moves with leverage are a significant part of what Hyperliquid is built for.
The Binance OI surge was the centralized exchange side of the story. Hyperliquid’s fee spike is the decentralized exchange side. Same underlying market activity, different venues.
Ethereum at roughly $450,000 sits fifth. Behind Hyperliquid, Tron, Solana, and edgeX. Two years ago that ranking was unthinkable.
The structural explanation is L2 migration and competing L1 capture. Arbitrum, Base, and Optimism moved transaction activity off Ethereum mainnet. Tron captured stablecoin transfers. Solana captured DeFi users. Hyperliquid captured derivatives. Ethereum’s fee generation now reflects a narrower slice of on-chain activity than it used to, despite remaining the largest TVL chain by a wide margin.
edgeX appearing fourth, between Solana and Ethereum at roughly $700,000, is the less-discussed data point. Another derivatives-optimized chain generating near-Ethereum-level fees during a volatile market session. Two derivatives chains, Hyperliquid at $1.6 million and edgeX at roughly $700,000, collectively exceeded Ethereum in fee generation in a single day. That is the structural shift the chart is actually showing.
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