Uniswap and Hyperliquid are generating roughly the same amount in fees. Over the past 180 days, both protocols sit around $400 million in fee revenue according to Token Terminal data. That is where the similarity ends. Hyperliquid’s fully diluted market cap is around $38 to $40 billion. Uniswap is closer to $3 to $4 billion. Same fee output, ten times the valuation gap.

The Fee Parity That Makes the Comparison Interesting

The first chart from Token Terminal plots fees generated over