Hassan Maishera
TL;DR
-
HYPE’s price surpassed Solana on Wednesday as the coin hit the $75 mark.
-
Hyperliquid’s market capitalization has climbed to over $16 billion, but it remains well behind Solana’s $42 billion.
HYPE Hits Record High, Flips Solana in Price
Hyperliquid’s HYPE token surged past Solana’s SOL on Wednesday, marking a symbolic milestone for the fast-growing decentralized perpetuals exchange, even as the broader crypto market continued to weaken.
HYPE reached an all-time high of $74.67 on Tuesday. It has flipped Solana’s price, and now trades at $71, slightly above Solana’s $70.
The move comes during a broad market downturn that has seen major cryptocurrencies like bitcoin and ether fall by double digits over the past week.
While most top assets have been under pressure, HYPE has stood out with resilience. HYPE is up roughly 24% over the past month, while Solana (SOL) is down nearly 14% over the same period, hitting its lowest level since late 2023
Despite its strong price performance, Solana still maintains a significant lead in overall valuation. Its market capitalization stands at approximately $42 billion, compared to Hyperliquid’s $16 billion.
However, that gap has been narrowing as investor attention increasingly shifts toward Hyperliquid’s derivatives-driven growth story.
Rising Activity in Hyperliquid’s Perpetual Futures Market
Hyperliquid’s momentum has been fueled by rapid expansion in trading activity and market share gains.
In May, its share of global perpetual futures volume hit a record 6.63%. HIP-3 builder-deployed markets generated over $62 billion in monthly volume. Finally, the protocol continued to take share from centralized exchanges, including Binance, where its relative volume reached an all-time high
These figures underscore Hyperliquid’s growing influence in the decentralized derivatives sector.
Institutional participation has also begun to accelerate. On Wednesday, Grayscale launched its HYPG Hyperliquid Staking ETF, with Head of Research Zach Pandl calling Hyperliquid the “breakout success story of this cycle in crypto.”
The ETF follows similar products from 21Shares (THYP) and Bitwise (BHYP). Together, these funds have recorded nearly $600 million in trading volume and more than $136 million in net inflows in just three weeks.
CoinShares released a 30-page valuation report on Hyperliquid, arguing that HYPE is among the few crypto assets where protocol activity directly drives token demand through its buyback mechanism.
The report estimates a base-case valuation of around $147 per token by 2031, citing continued market share gains against centralized exchanges.
