Hyperliquid Priority Fees Hit Record $521,000 on Nov. 6

According to ChainCatcher, Hyperliquid, an on-chain perpetual futures platform, collected $521,000 in priority fees on Nov. 6, a record high. The fees also accounted for a record 12.7% of the platform’s daily revenue. Priority fees are extra payments users make to validators or protocols to prioritize transactions during heavy competition or network congestion. The record came as U.S. stocks suffered a historic decline, prompting liquidation bots, arbitrageurs, and other traders to compete for faster transaction processing.