HYPE vs SOL: key numbers
Hyperliquid as a percentage of Solana. 100% means Hyperliquid has caught up. Data as of .
| Metric | Now | 1 year ago | Peak | Data since |
|---|---|---|---|---|
| Market cap | 35.2% | 12.2% | 40.0% Jun 3, 2026 | Dec 2024 |
An exchange token against a blockchain
SOL pays for transactions and staking on Solana, a general-purpose blockchain. Hyperliquid runs a perpetual futures exchange on its own chain, and HYPE launched on November 29, 2024, with an airdrop of 310 million tokens to its users. Nearly all of the exchange's trading fees go to an Assistance Fund that buys HYPE on the open market. In December 2025, validators voted to treat the fund's tokens as burned. HYPE's value is therefore tied closely to trading volume on one venue, while SOL's rests on activity across a whole chain.
How the gap closed in 2026
For its first year HYPE stayed small next to SOL. The ratio peaked at 18.8% on July 13, 2025, and was back down to 7.0% on January 20, 2026. It then climbed to a record 40.0% on June 3, 2026, as HYPE more than tripled in price and SOL lost about 40%. US spot HYPE ETFs from 21Shares and Bitwise began trading in May 2026. Even at that June peak, HYPE would have needed to grow 2.5 times relative to SOL to pass it.
The Polymarket question
Polymarket runs a market, "Will HYPE flip SOL by December 31?", that resolves Yes if HYPE's market cap passes SOL's on CoinGecko at any point before 11:59 pm ET on December 31, 2026. CoinMarketCap is the fallback source. This page uses Coin Metrics' estimated market cap at the daily close in UTC. Over the past year the two sources have usually agreed to within a couple of percentage points. They can still differ, and a brief intraday crossing on CoinGecko might never show up here.
SOL is the challenger on three other trackers: Solana vs Ethereum, Solana vs XRP and Solana vs BNB.
HYPE vs SOL flip history
Hyperliquid has never closed above Solana in this data, which begins in Dec 2024.
Frequently asked questions
Has Hyperliquid flipped Solana?
No. As of November 10, 2026, Hyperliquid's market cap is 35.2% of Solana's, so HYPE would need to grow 2.8× relative to SOL to flip it. The closest it has come in this data was 40.0% on June 3, 2026.
What is the HYPE/SOL market cap ratio today?
Hyperliquid's market cap is 35.2% of Solana's as of November 10, 2026. A year earlier, on November 10, 2025, it was 12.2%. Over the past 12 months it ranged from 7.0% to 40.0%.
How close has Hyperliquid come to flipping Solana?
The highest reading in this data is 40.0%, on June 3, 2026. Hyperliquid has never closed above Solana in this data, which begins in Dec 2024.
How much would HYPE need to rise to flip SOL?
If Solana's market cap stayed where it is, Hyperliquid's market cap would need to grow 2.8× (about +184%) to reach parity. What matters is HYPE outgrowing SOL by that much, not its dollar price on its own. At today's Solana market cap, that is roughly $205 per HYPE (it closed at $72.23 on Nov 10, 2026), assuming HYPE's supply stays the same.
Where does this data come from?
Market caps are Coin Metrics' estimated market capitalization (CapMrktEstUSD): the daily closing price (00:00 UTC) times a circulating supply sourced from CoinGecko, so figures can differ slightly from CoinGecko's or CoinMarketCap's own. Each chart plots Hyperliquid as a percentage of Solana, so 100% is parity. The data refreshes daily shortly after 00:00 UTC; the raw series is hype-sol.json.