Polymarket Took $95M in Fees in 30 Days, More Than Hyperliquid's Perps

Prediction markets have become one of the larger fee earners in crypto. In DefiLlama's fee table, read by Vultax at 21:15 UTC on 2 October 2026, Polymarket's two exchanges together took $95.0 million in fees over the previous 30 days. Hyperliquid's perpetuals, the largest on-chain derivatives venue, took $68.3 million.

• Polymarket US, the exchange regulated in the United States, accounts for $63.6 million of it, up from $32.4 million in the 30 days before.
• Polymarket's international exchange, on Polygon, took $31.4 million, down from $34.5 million.
• Over twelve months the order reverses: Hyperliquid's perpetuals took $866.4 million, Polymarket's two exchanges $431.9 million.
• Prediction markets as a group took $102.9 million in 30 days, close to all on-chain lending ($112.8 million) and all on-chain derivatives ($117.3 million).

DefiLlama files some businesses under several entries and groups them under one parent. The table uses those parents: Uniswap's versions, pump.fun with its exchange and apps, Polymarket's exchanges, Hyperliquid's perpetuals, spot book and vault.

On that basis Polymarket ranks sixth. The two stablecoin issuers are far ahead of everything else, and their line is interest earned on reserves, not a fee a user pays per trade.

By category, the money sits with stablecoin issuers, exchanges and token launchpads. Prediction markets are ninth of DefiLlama's categories, within about $15 million of both lending and derivatives.

The rise is on the US exchange. Its 30-day fees went from $32.4 million to $63.6 million, an increase of 96%, while the international exchange slipped 9%. Over twelve months the international exchange is still the larger of the two, $233.9 million against $198.0 million.

The table does not say why. The window covers the opening weeks of the American football season and the last full month before the United States midterm elections on 3 November, both of which are traded heavily on the US exchange. That is context, not a measured cause.

How Polymarket charges, and where the fees go, is set out in how Polymarket makes money.

The rows are not measured the same way, and DefiLlama says so in each entry's method note. For Hyperliquid the figure is trading fees paid on perpetual contracts. For Polymarket's international exchange it is fees paid on trades. For Polymarket US it is taker fees computed from the exchange's daily time-and-sales files. For Tether and Circle it is the yield on the assets backing the coins, and for Lido it is staking rewards.

So the comparison that holds up best is the one in the headline: two trading venues, each measured by the fees its traders paid. The ranking across categories is a guide to where money collects, not a like-for-like league.

Vultax downloaded DefiLlama's fees overview at 21:15 UTC on 2 October 2026 and summed the entries named above. The 30-day figures are DefiLlama's; the family sums, the comparison with the preceding 30 days and the twelve-month totals are Vultax's arithmetic on its figures. Vultax did not recompute any venue's fees from trades for this report.

Vultax measures Polymarket's markets directly, and reads Hyperliquid's public order book and funding next. Corrections: [email protected].