Hyperliquid recently destroyed approximately $130000 in priority fees in a single day, approaching a historical high But the proportion of priority fees to agreement revenue has dropped from 8.55% to 3.58% Why is the proportion getting lower and lower despite receiving more? Smart you should know, because the denominator rises faster Everyone may know about priority fees It refers to trading programs, market makers, and data service providers on Hyperliquid that can pay additional fees to obtain faster order writing or data reading capabilities The write priority fee is mainly used for order priority execution, while the read priority fee is used to compete for more efficient data access These expenses have a very direct purpose, 100% for the destruction of HYPE That is to say, Priority Fees does not enter a team wallet, but continuously reduces HYPE supply as transaction and data demand increases According to the latest on chain data, since the launch of priority fees, a total of about 7.8 million US dollars have been destroyed, corresponding to about 129100 HYPEs, of which about 4.7 million US dollars have been written into priority fees, corresponding to about 76700 HYPEs; The priority fee for reading is approximately 3.1 million US dollars, corresponding to approximately 52300 HYPEs In the past week, the absolute value of priority fees has significantly increased, with a latest single day of about $130700, not far from the historical peak of $204000 Based on the static calculation of the past 30 days, the annualized operating scale of priority fees is approximately 43.5 million US dollars But a seemingly abnormal phenomenon has emerged simultaneously: the proportion of priority fees to Hyperliquid revenue is continuously decreasing The latest daily proportion is only 3.58%, with an average of about 4% in the past 7 days, 4.65% in 14 days, and 5.65% in 30 days. At the end of July, this proportion reached 8.55% at one point, with a historical high of 9.49% Why are priority fees being charged more and more, but their proportion is getting lower and lower? Because Hyperliquid's revenue from other businesses is growing faster In the past 7 days, Hyperliquid protocol revenue was approximately $26.2 million, an increase of 279% compared to the previous 7 days. The latest daily revenue is about 3.6 million US dollars, and the cumulative revenue in the past 30 days is about 52.75 million US dollars. The annualized operating rate calculated based on the last 30 days has risen to about 642 million US dollars In other words, Priority Fees are indeed growing, but native sustainability HIP-3、 The revenue from spot auctions, HyperEVM Gas, and other sources rebounded simultaneously, rapidly amplifying the denominator of the entire agreement revenue Especially after recent market fluctuations and the recovery of trading heat, Hyperliquid's core native perpetual transaction fee has become the main growth force again. From the perspective of historical revenue structure, native perpetual still contributes about 90.4% of Hyperliquid's cumulative revenue In contrast, Priority Fees has contributed approximately $7.9 million cumulatively, accounting for only about 0.6% of the total historical revenue So it's not currently the main way Hyperliquid makes money, but that doesn't mean it's not important Protocol revenue and priority fees represent two different needs. Transaction fees indicate that users are willing to trade on Hyperliquid, while priority fees indicate that professional traders, market makers, and data service providers are willing to pay additional costs for faster order and data access The former reflects the market size, while the latter is closer to the professional needs of financial infrastructure And after the ordinary transaction fees enter the agreement income, they also need to go through different distribution paths, while Priority Fees are more direct: payment, conversion, and destruction of HYPE Therefore, even if its revenue share decreases, the impact on HYPE supply is still real The current situation is not that priority fees have lost growth, but that Hyperliquid has entered a more comprehensive period of revenue recovery The priority fee has been reduced from 8.55% to 3.58%, which may seem like a decrease in proportion, but in reality reflects a faster growth in other income This is even healthier than relying solely on priority fee growth. If Hyperliquid's revenue can only rely on traders spending money to obtain execution priority, then the growth structure will be very single Currently, native sustainability HIP-3、 The simultaneous contribution of spot, HyperEVM, and priority fees indicates that Hyperliquid is gradually forming multiple sources of revenue from a trading platform that mainly relies on perpetual contract fees Welcome to Hyperliquid HYPE Hyperliquid PriorityFees DeFi