Hyperliquid has overtaken Solana on a fully diluted valuation basis, Arkham said, adding a new market marker to one of crypto’s most closely watched comparisons: the rise of application-heavy, revenue-generating chains.
Arkham summarized the move directly on X, writing: “Hyperliquid flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around $86.51, with a fully diluted valuation of approximately $54.22 billion, a circulating market cap of almost $49.99 billion, and a 24-hour volume of approximately $2.74 billion. The same screen showed Solana’s current supply at 577.86 million SOL and the maximum supply at 626.75 million SOL.
On Arkham’s Hyperliquid page, HYPE traded at $56.71, giving the network a fully diluted valuation of approximately $54.57 billion. That puts it slightly above the Solana FDV shown in Arkham’s Solana screenshot, at about $54.22 billion. The comparison is notable because Hyperliquid’s circulating market cap was much smaller, at approximately $13.28 billion, reflecting a current supply of 238.39 million HYPE versus a maximum supply of 962.27 million. Arkham also showed 24-hour HYPE volume of around $1.20 billion, with the token trading near its all-time high of $59.30.
Hyperliquid flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK
— Arkham (@arkham) May 21, 2026
Hyperliquid and Solana lead all ‘revenue chains’
The FDV turnaround comes as Hyperliquid also tops the crypto income rankings. In message on XBitwise CEO Hunter Horsley mentions Hyperliquid with total revenue of $790.55 million, ahead of Solana with $532.34 million. TRON followed at $471.20 million, while Ethereum was shown at $425.56 million.
Horsley framed the comparison less as a zero-sum battle between HYPE and SOL and more as evidence of a broader category emerging within crypto.
“There’s a new class in crypto: the revenue chains,” Horsley wrote. “The leaders are Hyperliquid and Solana. Both do some overlapping things, and some different things. Both have exceptional communities, uses, use cases, etc.”
That framework is important because the comparison between Hyperliquid and Solana is not just about market capitalization. It is also about where users, liquidity and trading activities are concentrated. Hyperliquid’s revenue profile is central to the HYPE thesis, while Solana remains one of the largest high-throughput ecosystems in crypto, with broad operations across trading, DeFi, consumer applications and token issuance.
Horsley argued that both networks are positioned around the same structural tailwind: capital markets move on-chain. “I think both will rise together, just as iOS and Android both drove the structural adoption of mobile,” he wrote. “In the case of the income chains, they are riding the wave of capital markets that are coming towards the chain.”
Solana Camp downplays the rivalry
Solana co-founder Anatoly Yakovenko too pushed back against the idea that Hyperliquid’s rise should be treated as a threat to Solana’s roadmap. In response to a post about Hyperliquid, Yakovenko wrote: “I’m not worried about anyone else’s success. Whether the hype succeeds or not won’t change what I or the rest of the Solana ecosystem will be working on.”
Yakovenko re-presented Phoenix Trade from Solana as a better version of Hyperliquid: “Try Phoenix Trade, my HL brother.”
Meanwhile, Horsley highlighted the success of both. “If you favor HYPE or SOL or both, success will have less to do with competition between the two – healthy things – and more to do with the rise of on-chain capital markets,” he wrote. “Carrot for capital markets coming into the chain.”
At the time of writing, HYPE was trading at $58,354.
