Hyperliquid has overtaken Solana on a fully diluted basis, according to Arkham, adding a new market marker to one of the most closely watched cryptocurrency comparisons: the rise of revenue-heavy app chains.
Arkham summarized the move directly on X, writing, “Hyperliquid reversed Solana with FDV.” The accompanying market page for Solana shows SOL trading around $86.51, with a fully diluted valuation of approximately $54.22 billion, a market cap in circulation near $49.99 billion, and a 24-hour volume of around $2.74 billion. The same screen lists Solana’s current bid of 577.86 million SOL and maximum bid of 626.75 million SOL.
Arkham’s Hyperliquid page shows HYPE trading at $56.71, giving the network a fully discounted valuation of around $54.57 billion. That puts it just above the Solana FDV shown in the screenshot of Arkham’s Solana, at roughly $54.22 billion. The comparison is significant because Hyperliquid’s circulating market cap was much smaller at around $13.28 billion, reflecting a current supply of 238.39 million HYPEs versus a maximum supply of 962.27 million. Arkham also showed 24-hour HYPE volume of roughly $1.20 billion, with the token trading near its stated all-time high of $59.30.
Hyperliquid overturned Solana with FDV. pic.twitter.com/rDF5FRg4TK
— Arkham (@arkham) May 21, 2026
Hyperliquid and Solana leading in all ‘revenue chains’
The reversal of FDV comes as Hyperliquid also appears at the top of the crypto revenue chart. IN post on XBitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in total revenue, ahead of Solana with $532.34 million. TRON follows with $471.20 million, while Ethereum is shown with $425.56 million.
Horsley described the comparison less as a battle between HYPE and SOL and more as evidence of a broader category emerging within crypto.
“There’s a new class in crypto: revenue chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. They both do some overlapping things and some different things. Both have exceptional communities, usage, use cases, etc.”
That framework is important because the Hyperliquid-Solan comparison is not just about market capitalization. It is also about where users, liquidity and trading activity are concentrated. 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 in trading, DeFi, user applications and token issuance.
Horsley argued that both networks are positioned around the same structural tailwind: capital markets move in a chain. “I think both will grow together, just as iOS and Android have driven structural mobile adoption,” he wrote. “In the case of revenue chains, they ride the wave of capital markets coming into the chain.”
Solana Camp downplays the importance of the rivalry
Co-founder of Solana, Anatolij Jakovenko, too push back against the idea that the rise of Hyperliquid should be treated as a threat to Solana’s plan. Responding to a post about Hyperliquid, Yakovenko wrote: “I’m not worried if anyone else succeeds. Whether the hype succeeds or not, it won’t change what I or the rest of the Solana ecosystem will be working on.”
Yakovenko once again introduced Solana-based Phoenix Trade as a better version of Hyperliquid: “Try Phoenix Trade my HL bro.”
Meanwhile, Horsley highlighted the success of both. “If you’re rooting for HYPE or SOL or both, success will be less about competition between the two — a healthy phenomenon — than about the rise of onchain capital markets,” he wrote. “Root for capital markets coming on chain.”
At press time, HYPE was trading at $58,354.
