Hyperliquid Flips Solana By FDV As ‘Revenue | Solana News
Hyperliquid has overtaken Solana on a totally diluted valuation foundation, in keeping with Arkham, including a new market marker to 1 of crypto’s most intently 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 trading round $86.51, with a totally 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 similar 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 trading at $56.71, giving the community a totally 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 trading close to its listed all-time high of $59.30.
Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK
— Arkham (@arkham) May 21, 2026
Hyperliquid And Solana Lead All ‘Revenue 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 battle between HYPE and SOL and more 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 will not be purely about market capitalization. It can be about the place customers, liquidity and trading exercise are concentrating. Hyperliquid’s income profile has change into central to the HYPE thesis, whereas Solana stays one of the most important high-throughput ecosystems in crypto, with broad exercise throughout trading, DeFi, shopper purposes and token issuance.
Horsley argued that each networks are positioned across the similar structural tailwind: capital markets transferring 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 back in opposition to the concept Hyperliquid’s rise ought to be handled as a menace to Solana’s roadmap. Responding to a post 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 again introduced Solana-based Phoenix Trade as a higher model of Hyperliquid: “Try Phoenix Trade my HL brother.”
Meanwhile, 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.
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