Hyperliquid Flips Solana on FDV and Weekly Fees as HYPE Surges 20% in 24 Hours!

Hyperliquid's fully diluted valuation has crossed above Solana's for the first time — $56 billion to $50 billion — while HYPE posted a 20% single-session gain against SOL's 2.2%, a divergence that capital allocators are reading as a directional statement, not noise. The fee engine behind that re-rating is now producing $12.6 million in 7-day protocol fees, edging out Solana's $11.8 million in the same window, a crossover that would have been dismissed as implausible a year ago.

Hyperliquid runs on a purpose-built L1 optimized for high-frequency perpetuals execution — taker fees of 0.045%, maker fees of 0.015% — structured to attract professional flow. Artemis data puts notional volume throughout 2025 at $26 trillion, compressing years of typical DeFi adoption into a single cycle. Staking yields are currently outpacing Solana's liquid staking derivatives by a meaningful spread,…