Data: Hyperliquid's priority fees reached $521,000, setting a new historical high

The on-chain perpetual contract platform Hyperliquid reached a priority fee of $521,000 on November 6, setting a historical record. This revenue also accounted for a historical high of 12.7% of the platform's total daily revenue.

Priority fees refer to the additional fees paid by users to validators or protocols to have their transactions prioritized during times of intense market competition or network congestion. On that day, the U.S. stock market experienced a historic drop, and under extreme market conditions, on-chain liquidation bots, arbitrageurs, and ordinary traders competed for transaction processing priority to execute their expected operations more quickly.