Hyperliquid is generating $14M in weekly fees and leading DeFi growth, but analysts say HYPE still trades at a discount to its fee run‑rate and CEX-style positioning.

Hyperliquid (HYPE), a decentralized perpetuals exchange built around its own HyperEVM chain, has emerged as one of DeFi’s most aggressive fee‑generating protocols in early March 2026. In its latest weekly market brief, altFINS highlighted that “Hyperliquid generated $14.0M in fees over the past week, a +56% increase week‑on‑week, this is exceptional for a derivatives platform and confirms that on‑chain perps activity is picking up meaningfully.”

The same report singled out the underlying chain, noting that “HyperEVM deserves a specific mention, 55% transaction growth this week and a 25% uptick in active users. It’s the fastest‑growing chain by proportional activity, which correlates with HYPE’s strong price momentum.”

Off‑chain statistics mirror that acceleration. HyperEVM has processed roughly 97.8 million total transactions with average daily volume near 434,000, while cumulative on‑chain fees have surpassed $256.2 million since launch, according to analytics compiled by CoinLaw. Daily DEX volumes on HyperEVM peaked near $0.9 billion in late May 2025, with app fees topping $8 million in June and weekly active addresses recently pushing above 106,000 as TVL approached $1.9 billion. “Sustained growth signals that both traders and developers are participating in HyperEVM ecosystem activities,” the report concluded, underscoring how deeply Hyperliquid’s order books now anchor DeFi trading flows.​

HYPE trades like a growth stock, but multiples lag revenue

That surge in usage is feeding directly into HYPE’s token economics. A recent daily market analysis from MEXC noted that Hyperliquid’s platform “generated $13M in weekly fees with TVL exceeding $6.2B, signaling strong institutional demand,” even as HYPE “is up 662% since its November 2024 launch, currently trading 44% below its all‑time high.” On March 3, the token “surged 17.1% to $31.86 as traders flocked to its 24/7 commodity derivatives during US‑Iran tensions,” with open interest hitting $1.23 billion and deflationary buybacks removing 17,146 tokens to offset an upcoming $316 million contributor unlock, according to a follow‑up report.

Crucially, the market still appears to undervalue that growth relative to traditional exchanges. “With HYPE’s price also rallying, the market is beginning to price in the fundamental activity, though fees‑to‑valuation remains compelling relative to CEX comps,” altFINS wrote, framing Hyperliquid as a rare example where protocol revenues are outrunning token appreciation. On a simple revenue model, annualizing this week’s $14 million in fees implies roughly $728 million in run‑rate protocol revenue if activity holds, a level that would command mid‑to‑high single‑digit forward multiples in listed exchange stocks.​

For traders, the setup resembles a late‑stage SaaS rerating: either fees and user growth normalize back toward DeFi peers, or HYPE continues to climb until its market cap better reflects a derivatives venue that is already capturing billions in on‑chain flow. Key live metrics and charts for HYPE can be tracked via dedicated market‑cap dashboards, while broader DeFi coverage on crypto.news—including analyses of derivatives platforms, protocol fee trends and altcoin market structure—provides additional context for Hyperliquid’s rise.