Hyperliquid has overtaken Solana on a completely diluted valuation foundation, in line with Arkham, including a brand new market marker to one in every of crypto’s most carefully watched comparisons: the rise of application-heavy, revenue-generating chains.
Arkham summarized the transfer straight on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market web page exhibits 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 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) Might 21, 2026
Hyperliquid And Solana Lead All ‘Revenue Chains’
The FDV flip comes as Hyperliquid has additionally been exhibiting up on the prime of crypto income rankings. In publish on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in whole income, forward of Solana at $532.34 million. TRON adopted at $471.20 million, whereas Ethereum was proven at $425.56 million.
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Horsley framed the comparability much less as a zero-sum battle between HYPE and SOL and extra as proof of a broader class rising inside crypto.
“There’s a new class in crypto: the revenue chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc.”
That framing issues as a result of the Hyperliquid-Solana comparability just isn’t purely about market capitalization. Additionally it is about the place customers, liquidity and buying and selling exercise are concentrating. Hyperliquid’s income profile has turn into 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.
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Horsley argued that each networks are positioned across the identical structural tailwind: capital markets shifting onchain. “I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile,” he wrote. “In the case of the revenue chains, they are riding the wave of capital markets coming onchain.”
Solana Camp Downplays Rivalry
Solana co-founder Anatoly Yakovenko additionally pushed again in opposition to the concept that Hyperliquid’s rise needs to be handled as a menace to Solana’s roadmap. Responding to a publish about Hyperliquid, Yakovenko wrote: “I am not worried about someone else succeeding. Whether hype succeeds or not isn’t going to change what I or the rest of the Solana ecosystem will be working on.”
Yakovenko as soon as once more introduced Solana-based Phoenix Commerce as a greater model of Hyperliquid: “Try Phoenix Trade my HL brother.”
In the meantime, Horsley highlighted the success of each. “If you are rooting for HYPE or SOL or both, success will be less about the competition between the two — healthy ofc — but rather the rise of onchain capital markets,” he wrote. “Root for capital markets coming onchain.”
At press time, HYPE traded at $58.354.
Featured picture created with DALL.E, chart from TradingView.com
