Hyperliquid has overtaken Solana in fully diluted valuation (FDV), according to Arkham. This adds a new twist to one of crypto’s most-watched comparisons: the rise of application-heavy, revenue-generating blockchains. Arkham shared the update directly on X, saying, “Hyperliquid has flipped Solana by FDV.” The Solana market page shows SOL trading around $86.51, with a fully diluted valuation of roughly $54.22 billion, a circulating market cap near $49.99 billion, and 24-hour volume of about $2.74 billion. It also lists Solana’s current supply at 577.86 million SOL and a max supply of 626.75 million SOL. On Arkham’s Hyperliquid page, HYPE is trading at $56.71, giving the network a fully diluted valuation of about $54.57 billion. That’s slightly above Solana’s FDV of roughly $54.22 billion shown in Arkham’s screenshot. This comparison stands out because Hyperliquid’s circulating market cap is much smaller, at about $13.28 billion, reflecting a current supply of 238.39 million HYPE against a max supply of 962.27 million. Arkham also shows 24-hour HYPE volume of roughly $1.20 billion, with the token trading near its 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 also tops crypto revenue rankings. In a post on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in total revenue, ahead of Solana at $532.34 million. TRON follows at $471.20 million, while Ethereum is shown at $425.56 million. Related Reading: Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20%
Horsley framed the comparison less as a zero-sum fight between HYPE and SOL and more as proof of a broader category emerging in 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 matters because the Hyperliquid-Solana comparison isn’t just about market cap. It’s also about where users, liquidity, and trading activity are concentrating. Hyperliquid’s revenue profile has become central to the HYPE thesis, while Solana remains one of the largest high-throughput ecosystems in crypto, with broad activity across trading, DeFi, consumer apps, and token issuance. Related Reading: Hyperliquid ETFs Send HYPE Closer To All-Time Highs—Here’s What The Data Shows
Horsley argued that both networks are riding the same structural trend: capital markets moving 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 also pushed back against the idea that Hyperliquid’s rise should be seen as a threat 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 once again pointed to Solana-based Phoenix Trade as a better version of Hyperliquid: “Try Phoenix Trade my HL brother.”
Meanwhile, Horsley highlighted the success of both. “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 image created with DALL.E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about Hyperliquid overtaking Solana in fully diluted valuation written in a natural tone with clear simple answers
BeginnerLevel Questions
1 What does fully diluted valuation mean
Its the total value of a cryptocurrency if all possible tokens were in circulation Think of it as the potential maximum market cap
2 Why is Hyperliquids valuation suddenly higher than Solanas
Hyperliquids token price surged because investors are betting big on its revenue chain modela blockchain that generates lots of fees from trading Solanas valuation is still huge but Hyperliquids growth rate has been faster recently
3 What is a revenue chain
A blockchain that earns real money from its own activity like trading fees lending fees or transaction fees Hyperliquid is a decentralized exchange that makes money every time someone trades on it
4 Is this a sign that Solana is failing
No Solana is still the secondlargest smart contract platform by many measures This just shows that investors see Hyperliquid as a fastergrowing more profitable niche chain right now
5 How does Hyperliquid make money
It charges small fees on every trade liquidation and perpetual futures contract executed on its exchange Those fees go to the protocol and its token holders
AdvancedLevel Questions
6 Does a higher FDV mean Hyperliquid is more valuable than Solana
Not necessarily FDV is a forwardlooking metric Solana has a much larger actual market cap and a broader ecosystem of apps Hyperliquids FDV is high because its token supply is still mostly locked or unissued
7 What caused Hyperliquids FDV to spike so quickly
A combination of factors massive trading volume on Hyperliquids exchange new token incentives and a narrative shift toward real yield chains Traders piled in driving up the token price and thus the FDV
8 Is Hyperliquids FDV sustainable
Thats the big debate If trading volume drops or competitors launch the token price could fall sharply High FDV chains often have a lot of future token unlocks which can create