#ArthurHayes看好HYPE超越SOL Hyperliquid versus Solana — How exactly is "being better" measured!

Arthur Hayes sets a $150 price target for the token HYPE behind Hyperliquid, believing that before the current cycle ends, HYPE will surpass Solana.
Hyperliquid is a dedicated layer-one blockchain optimized for high-speed derivatives trading; Solana is a general-purpose layer-one blockchain with a large developer community and broad use cases.
In mid-May, Hyperliquid's fully diluted valuation briefly surpassed Solana, but when measured by total value locked (TVL), developer activity, and other metrics, Solana remains far larger than Hyperliquid.
Hyperliquid's support fund collects protocol trading fees to buy back HYPE, creating a self-reinforcing cycle.
In Q1 2026, Hyperliquid's trading volume reached $619 billion, accounting for 34%–44% of the decentralized derivatives market, with total revenue of about $790 million, surpassing Solana's $532 million.
In mid-May, CME Group and Intercontinental Exchange urged U.S. regulators to review Hyperliquid, arguing that its anonymous perpetual futures trading could distort global commodity benchmarks, cause insider trading, and pose sanctions risks.
The CEO of Intercontinental Exchange stated that Hyperliquid is "bigger than Nasdaq."
Hyperliquid is operated by 30 validator nodes, with its code not fully open source, and has previously raised concerns about centralization due to validator node transparency and treasury product review issues.
Future focus should include the structural theme of financial tracks splitting into dedicated systems, and whether Hyperliquid's model can be extended beyond derivatives.
Additionally, attention should be paid to lobbying efforts by CME Group and Intercontinental Exchange, and how Hyperliquid's focused features may influence its development.