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The landscape of Layer-1 (L1) blockchain fees has shifted dramatically in 2025, with Hyperliquid and BNB Chain emerging as dominant players amid a surge in on-chain derivatives trading.
HYPERLIQUID AND BNB CHAIN HAS CAPTURED MAJORITY OF L1 FEES LAST WEEK!!!
COMBINED, THEY DID ~60% OF TOTAL FEES GENERATED 👀 pic.twitter.com/NHiJAmvi6h
— Altcoin Buzz (@Altcoinbuzzio) October 29, 2025
At the start of the year, Solana (SOL) accounted for more than half of all major L1 transaction fees. By October, that figure had plunged to 9%, while Hyperliquid captured over 40% and BNB Chain surpassed 20%. Combined, the two networks have risen from a 10% share at the start of 2025 to nearly 60%, marking a complete reversal in market structure.
Derivatives Trading Redefines L1 Revenue Dynamics
The shift reflects a clear transition from low-fee meme coin activity to high-fee derivatives markets. Demand for decentralized perpetual trading and the fee intensity that comes with it has reshaped how Layer-1 networks generate revenue.
Hyperliquid’s rapid rise is largely attributed to the rollout of HIP-3, which enabled permissionless perpetual futures trading and introduced a strategic fee reduction program.
In October 2024, Hyperliquid generated $2.4 million in fees. By October 2025, that number had soared to $41 million, a 1,600% year-over-year increase.
The platform recorded $648 billion in trading volume during Q2 2025, bringing its 12-month cumulative total to $1.57 trillion. To date, cumulative platform revenue has exceeded $300 million, giving Hyperliquid more than 60% market share in the decentralized perpetual futures (DEX) segment , roughly 10 times higher than its nearest competitor.
BNB Chain Gains Momentum from Binance Ecosystem
BNB Chain has also surged past a 20% share of all L1 fees, powered by strong integration with the Binance ecosystem. Retail onramps like Binance Alpha and Binance Wallet have funneled user activity and liquidity into the chain, reinforcing its position as a trading-focused network.
The chain’s ongoing infrastructure upgrades , including the Aster integration , have further anchored derivatives users within its ecosystem. The seamless bridge between Binance’s centralized exchange infrastructure and its native blockchain has created powerful user retention effects.
Together, Hyperliquid and BNB Chain now generate over half of total Layer-1 network fees, up from just 10% a year ago , highlighting a broad market shift away from general-purpose or meme-coin activity toward derivative-driven revenue.
In contrast, Solana’s fee revenue fell 34% year-over-year to $6.6 million, following weaker meme coin trading activity after the TRUMP token hype cycle cooled.
While Ethereum (ETH) remains a high-functioning general-purpose Layer-1, its October 2025 fee revenue of $21.6 million is roughly half that of Hyperliquid. The divergence underscores how differences in revenue sources , derivatives vs. decentralized applications , can lead to short-term volatility in network economics.
Looking ahead, Ethereum faces pressure to diversify revenue streams, while Solana’s recovery may depend on the arrival of new DApps or renewed speculative momentum.
In 2026, Western Union plans to launch a USD-pegged stablecoin (USDPT) on Solana, a move that could bring institutional legitimacy but may not directly address the fee gap driven by derivatives trading.
As long as on-chain derivative volumes continue to expand, analysts expect Hyperliquid and BNB Chain to maintain their fee dominance, signaling a structural shift in how value accrues within Layer-1 ecosystems.
