Hyperliquid has overtaken Solana on a completely diluted valuation foundation, in accordance with Arkham, including a brand new market marker to one in every of crypto’s most intently watched comparisons: the rise of application-heavy, revenue-generating chains.
Arkham summarized the transfer instantly on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market web page reveals SOL buying and selling round $86.51, with a completely diluted valuation of roughly $54.22 billion, a circulating market capitalization close to $49.99 billion and 24-hour quantity of about $2.74 billion. The identical display screen listed Solana’s present provide at 577.86 million SOL and max provide at 626.75 million SOL.
On Arkham’s Hyperliquid web page, HYPE was proven buying and selling at $56.71, giving the community a completely diluted valuation of about $54.57 billion. That places it barely above the Solana FDV proven in Arkham’s Solana screenshot, at roughly $54.22 billion. The comparability is notable as a result of Hyperliquid’s circulating market capitalization was a lot smaller, at about $13.28 billion, reflecting a present provide of 238.39 million HYPE in opposition to a max provide of 962.27 million. Arkham additionally confirmed 24-hour HYPE quantity of roughly $1.20 billion, with the token buying and selling close to its listed all-time excessive of $59.30.
Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK
— Arkham (@arkham) May 21, 2026
Hyperliquid And Solana Lead All ‘Income Chains’
The FDV flip comes as Hyperliquid has additionally been exhibiting up on the high of crypto income rankings. In post on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in complete income, forward of Solana at $532.34 million. TRON adopted at $471.20 million, whereas Ethereum was proven at $425.56 million.
Horsley framed the comparability much less as a zero-sum combat between HYPE and SOL and extra as proof of a broader class rising inside crypto.
“There’s a brand new class in crypto: the income chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. Each do some overlapping issues, and a few various things. Each have distinctive communities, utilization, use circumstances, and so on.”
That framing issues as a result of the Hyperliquid-Solana comparability is just not purely about market capitalization. Additionally it is about the place customers, liquidity and buying and selling exercise are concentrating. Hyperliquid’s income profile has grow to be central to the HYPE thesis, whereas Solana stays one of many largest high-throughput ecosystems in crypto, with broad exercise throughout buying and selling, DeFi, shopper functions and token issuance.
Horsley argued that each networks are positioned across the similar structural tailwind: capital markets transferring onchain. “I believe that each will rise collectively, simply as iOS and Android each rode the structural adoption of cellular,” he wrote. “Within the case of the income chains, they’re driving the wave of capital markets coming onchain.”
Solana Camp Downplays Rivalry
Solana co-founder Anatoly Yakovenko additionally pushed back in opposition to the concept that Hyperliquid’s rise ought to be handled as a menace to Solana’s roadmap. Responding to a put up about Hyperliquid, Yakovenko wrote: “I’m not apprehensive about another person succeeding. Whether or not hype succeeds or not isn’t going to alter what I or the remainder of the Solana ecosystem will probably be engaged on.”
Yakovenko once again presented Solana-based Phoenix Trade as a greater model of Hyperliquid: “Strive Phoenix Commerce my HL brother.”
In the meantime, Horsley highlighted the success of each. “If you’re rooting for HYPE or SOL or each, success will probably be much less in regards to the competitors between the 2 — wholesome ofc — however fairly the rise of onchain capital markets,” he wrote. “Root for capital markets coming onchain.”
At press time, HYPE traded at $58.354.
