Intraday Gas Fee Heterogeneity on Ethereum: Evidence from Operational Firms

Irene Aldridge, Gavhar Annaeva, Leyla Beriker, Zhiheng Cai, Samyak Choudhary, Camila Godoy, Kaicheng Gong, Zitao Huang, Jonah Ji, Hetvi Kharvasiya, Heng Li, Yuxuan Li, Tianchi Ma, Qingcheng Meng, Ruiyang Shi, Ananya Shrivastava, Jiaqi Wang, Yifan Wang, Zihua Wu, Jiayang Xu, Yuheng Yan, Zijun Zeng, Bowen Zhang and Francesco Zhang

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Abstract: Ethereum's EIP-1559 fee mechanism was designed under the assumption of homogeneous, myopic agents responding to a single congestion signal. We examine how this assumption interacts with the heterogeneous demand structure of real-world Ethereum users. Analyzing 62,142 confirmed transactions from seven operational firms across seven industries (January--March 2026), we document significant intraday gas-fee variation: fees peak at hour~12 UTC (7\,AM ET, $\hat{\beta}_{12}=\$0.054$ above the U.S.\ evening baseline, $p

Date: 2026-04, Revised 2026-07
New Economics Papers: this item is included in nep-ene and nep-pay
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