Hyperliquid Overtakes Solana in Token Price as Perpetual Futures Share Hits Record 6.63%

Hyperliquid's HYPE token has risen above Solana's SOL in price. The decentralized exchange's share of the global perpetual futures market also reached a record high.

CoinMarketCap data on June 4 showed HYPE trading at about $72.5, down 0.4% from a day earlier. The token was still up nearly 28% from a week earlier.

SOL traded at about $70.9 on the same day, up 1.3% from the previous day. That put Hyperliquid's token above Solana's in price. Solana has fallen more than 12% over the past week, touching its lowest level since late 2023.

The gap remains wide in market capitalization. Solana is valued at about $42 billion, far ahead of Hyperliquid's roughly $16 billion. The Block reported that the gap between the two is narrowing quickly as growth in derivatives trading coincides with rising institutional demand.

Hyperliquid is also gaining traction in perpetual futures. The Block reported that Hyperliquid accounted for 6.63% of global perpetual futures trading volume last month, a record high. HIP-3-based builder-deployed perpetual futures volume exceeded $62 billion during the month.

Institutional interest is also increasing. Grayscale launched the Hyperliquid Staking ETF, HYPG, on June 3. Zach Pandl, Grayscale's head of research, called Hyperliquid "the most successful breakout of this cycle."