Hyperliquid has overtaken Solana on a fully diluted valuation basis, according 
to Arkham, 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 has flipped Solana by 
FDV.” The accompanying Solana market page shows SOL trading around $86.51, 
with a fully diluted valuation of roughly $54.22 billion, a circulating market 
capitalization near $49.99 billion and 24-hour volume of about $2.74 billion. 
The same screen listed Solana’s current supply at 577.86 million SOL and max 
supply at 626.75 million SOL. On Arkham’s Hyperliquid page, HYPE was shown 
trading at $56.71, giving the network a fully diluted valuation of about 
$54.57 billion. That puts it slightly above the Solana FDV shown in Arkham’s 
Solana screenshot, at roughly $54.22 billion. The comparison is notable 
because Hyperliquid’s circulating market capitalization was 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 showed 24-hour HYPE volume 
of roughly $1.20 billion, with the token trading near 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 also been showing up at the top of 
crypto revenue rankings. In post on X, Bitwise CEO Hunter Horsley lists 
Hyperliquid with $790.55 million in total revenue, ahead of Solana at $532.34 
million. TRON followed at $471.20 million, while Ethereum was 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 evidence of a broader category 
emerging inside crypto. “There’s a new class in crypto: the revenue chains,” 
Horsley wrote. “The leaders are Hyperliquid &amp; 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 is not purely about market capitalization. It is 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 applications 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 positioned around the same structural 
tailwind: 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 treated 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 presented 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

Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham, 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 has flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around &#8230;

Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ Race Heats Up

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Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ Race Heats Up

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