According to Svmuu, data shows that Hyperliquid captured approximately 43% market share in on-chain fee revenue among major blockchains last week, ranking first with about $11 million in fee revenue.
On-chain fees are a better reflection of a network's actual value capture capability than trading volume. Hyperliquid's fees primarily come from perpetual contract trading, where users pay related fees during the process of opening, holding, and closing positions.