HYPE hit an all-time high near $75.40 while Solana dropped to its lowest level since 2023. Hyperliquid’s perp volume hit a record 6.63% global share, and Grayscale launched its HYPG ETF.
Posted June 4, 2026 at 4:56 am EST.
Hyperliquid’s HYPE token briefly traded above Solana’s SOL in dollar price Wednesday, with HYPE hitting an all-time high near $75.40 on Tuesday and continuing to trade above SOL into Wednesday morning at approximately $74 versus SOL’s $72. Solana has fallen to its lowest levels since late 2023, dropping nearly 14% over the past month, while HYPE has gained approximately 24% during the same window.
The price flip is more symbolic than structural. By market capitalization, Solana is still comfortably ahead at roughly $42 billion versus Hyperliquid’s approximately $16 billion. But the gap has been narrowing quickly as investors continue to reward Hyperliquid’s growth in derivatives trading and institutional interest.
This story is an excerpt from the Unchained Daily newsletter.
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In May, Hyperliquid’s share of global perpetual futures volume reached a record 6.63%, while its HIP-3 builder-deployed perpetuals generated more than $62 billion in monthly trading volume. The platform continues to take market share from larger rivals like Binance, with Hyperliquid’s volume relative to the exchange also hitting an all-time high during the month.
Grayscale launched its HYPG Hyperliquid Staking ETF on Nasdaq on Wednesday at a 0.29% sponsor fee, undercutting Bitwise’s BHYP and 21Shares’ THYP. Grayscale Head of Research Zach Pandl described Hyperliquid as “the breakout success story of this cycle in crypto.”
Arthur Hayes has publicly bet $100,000 that HYPE will overtake SOL in market cap by year-end, calling for HYPE to reach $150 by August 2026. Today’s price flip and the underlying revenue and ETF inflows are starting to make that target less of an outlier than it sounded earlier this spring.
Bitcoin and ether have both posted double-digit declines over the past week while HYPE continues to advance, defying the broader crypto market crash. The combination of HYPE ETFs absorbing 1.04% of market cap in the first 10 days (the strongest crypto ETF debut on record by that metric), validator-run prediction markets, pre-IPO derivatives, and a roughly $2 billion RWA open interest figure has given Hyperliquid the structural narrative that Solana enjoyed during its 2023-2024 run.
Peter Pan, a research partner at venture firm 1kx, wrote Tuesday that the last projects he had seen generate a similar combination of “consensus, market conviction and price action” were ether in 2017, BNB in 2021, and Solana in 2023. “There is officially a new contender for the #2 spot behind BTC,” Pan added.
Related Listen: Can Hyperliquid Come Onshore Without Killing What Makes It Special?
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