Hyperliquid Flips Solana in FDV as HYPE Trades 2% From All-Time High

• Hyperliquid passed Solana in fully diluted valuation as HYPE traded near $58, only about 2% below its $59.30 all-time high.
• HYPE’s rally gained support from strong protocol revenue, higher derivatives activity, ETF volume, and renewed focus on Arthur Hayes’ $150 target.

Hyperliquid has moved ahead of Solana in fully diluted valuation, giving the market a new comparison point between one of crypto’s fastest-growing derivatives platforms and a major layer-1 network. The shift came as HYPE traded near $58, only about 2% below its all-time high of $59.30, while Solana traded near $86.

According to Arkham data on May 21, HYPE reached a fully diluted valuation of about $54.57 billion. Solana’s FDV stood near $54.22 billion at the same time. The margin remains narrow, yet the flip drew attention as Hyperliquid has grown from a specialist derivatives venue into one of the most-watched projects in the market.

The comparison also shows a major gap in circulating value. HYPE’s circulating market cap stood near $13.28 billion, with about 238.39 million tokens in circulation from a maximum supply of 962.27 million. Solana had about 577.86 million tokens in circulation from nearly 626.75 million total supply.

Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK

— Arkham (@arkham) May 21, 2026

That supply structure means traders are assigning strong future value to Hyperliquid, even though it remains much newer than Solana. HYPE also trades close to its record high, while SOL remains far below its last cycle peak near $294. That contrast has sharpened debate around revenue, token design, and market share.

Hyperliquid’s rally has followed a sharp rise in trading activity. The platform has gained ground in decentralized perpetual futures, where traders use on-chain markets to take leveraged positions. Its user base reportedly grew to around 1.4 million, while daily trading volume briefly moved near $32 billion during peak activity.

Revenue Growth Strengthens Hyperliquid

Revenue has become a key part of the Hyperliquid story. Hyperliquid generated roughly $790.55 million in revenue, ahead of Solana at $532.34 million, Tron at $471.2 million, and Ethereum at $425.56 million. That comparison has added weight to the view that active fee generation now plays a larger role in crypto valuations.

Despite Hyperliquid gaining more than 90% in 2026, Bitwise says HYPE still looks cheap as its revenue grows and its market reach expands. Bitwise CIO Matt Hougan said investors still value Hyperliquid like a crypto trading app, even as it moves toward a broader super-app model for global assets. 

The network’s model also differs from many blockchain networks. The project directs trading fees back into its ecosystem through buybacks, burns, and liquidity incentives. That structure has supported demand for HYPE during a period when traders continue to reward tokens with visible revenue links.

Institutional attention has also increased. Reports said Goldman Sachs disclosed a $3.3 million position in Hyperliquid Strategies Inc., which trades under the ticker PURR. The position was revealed as the bank reduced exposure to some Bitcoin, XRP, and Ethereum-linked products.

Market data also points to heavy speculative activity. Santiment reported a spike in negative funding, showing that many traders had short positions before HYPE moved higher. As price pressure increased, short sellers had to buy back positions, adding more force to the rally.

ETF-linked activity has added another layer to the move. Bloomberg ETF analyst Eric Balchunas said 21Shares’ THYP and Bitwise’s BHYP saw a 50% jump in volume, with combined trading volume near $40 million. Rising ETF activity has helped traders frame HYPE as more than a DeFi token.

Arthur Hayes’ earlier forecast has returned to focus after HYPE moved back above $50. The BitMEX co-founder said in March that HYPE could reach $150 by August 2026. He argued that Hyperliquid could grow even without a broad crypto rally, as the platform can take share from centralized derivatives exchanges.

Hayes also pointed to Hyperliquid’s expansion beyond crypto markets. He said perpetual markets tied to commodities, equity indexes, and prediction markets could increase demand for the platform.

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