Hyperliquid has overtaken Solana on a completely diluted valuation foundation, based on Arkham, including a brand new market marker to considered one 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 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 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 ‘Income Chains’
The FDV flip comes as Hyperliquid has additionally been displaying 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.
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 forth.”
That framing issues as a result of the Hyperliquid-Solana comparability just isn’t purely about market capitalization. It’s also about the place customers, liquidity and buying and selling exercise are concentrating. Hyperliquid’s income profile has change 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, client functions and token issuance.
Horsley argued that each networks are positioned across the similar structural tailwind: capital markets shifting onchain. “I believe that each will rise collectively, simply as iOS and Android each rode the structural adoption of cell,” 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 again in opposition to the concept Hyperliquid’s rise must be handled as a risk to Solana’s roadmap. Responding to a publish about Hyperliquid, Yakovenko wrote: “I’m not anxious 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 likely be engaged on.”
Yakovenko as soon as once more introduced Solana-based Phoenix Commerce as a greater model of Hyperliquid: “Attempt Phoenix Commerce my HL brother.”
In the meantime, Horsley highlighted the success of each. “In case you are rooting for HYPE or SOL or each, success will likely be much less concerning 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.
