Hyperliquid clocked approximately $12.8 million in protocol revenues over the past seven days as of Feb. 3, compared with around $11.5 million for the Ethereum network, according to DefiLlama. 

The flip in revenue reflects Hyperliquid’s rapid ascent as a venue for trading perpetual futures, or “perps,” and Ethereum’s difficulty competing against upstart blockchains with faster transaction settlements and lower fees. 

Perpetual futures are derivatives that let traders buy or sell an asset at a future date with no expiration.

As of Feb. 3, Hyperliquid has clocked approximately $470 million per day in transaction volume, nearly double its daily transaction volume at the start of the year, according to DefiLlama. 

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