Foreign media reports indicate that on-chain speculative trading will continue to heat up in 2026, with a significant increase in trading volume on perpetual contract DEXs. DefiLlama data shows that on-chain perpetual contract trading volume reached $1.89 trillion in the first quarter of this year, nearly doubling the $982 billion in the same period of 2025. Hyperliquid and Solana remain the two most active chains in this type of trading.

Hyperliquid continues to lead in trading volume

The report, citing DefiLlama data, states that Hyperliquid has maintained its lead throughout major perpetual trading cycles. Over the past 30 days, Hyperliquid's perpetual contract trading volume was approximately $212 billion, while Solana's was approximately $74 billion, further widening the gap.

The trading volume advantage was also reflected in the token's performance. HYPE briefly broke through $73 in June, setting a new high; during the same period, SOL hovered around $72, with HYPE briefly exceeding SOL's price. This change quickly attracted market attention and intensified discussions about Hyperliquid's growth momentum.

Market capitalization differences are still determined by circulating supply.

However, a price that is close to or even briefly surpasses that of HYPE does not necessarily mean that the market capitalization will catch up. The article points out that SOL's current market capitalization is still more than twice that of HYPE, primarily due to the difference in their circulating shares.

According to CoinMarketCap data, the circulating supply of SOL exceeds 570 million, approximately 2.3 times that of HYPE's 250 million. At an estimated price of $73 per coin, SOL's market capitalization is approximately $41.6 billion, while HYPE's is approximately $18.3 billion, a difference of over $23 billion.

The focus of competition shifts to supply structure

The article argues that as Hyperliquid translates on-chain transaction activity into demand for HYPE, Solana faces pressure not only from transaction share but also from its valuation structure. If HYPE continues to expand its transaction and cash flow advantages, discussions about Solana's valuation premium may intensify.

The report also mentioned that Solana's recent push to reduce token inflation is easier to understand in the current context. If SOL's market capitalization advantage largely stems from its higher circulating supply, controlling new supply helps maintain this leading position.

Overall, this commentary concludes that Hyperliquid currently holds an advantage in perpetual trading activity and recent price performance, but SOL maintains its market capitalization lead due to its larger circulating supply. Whether the competition will extend further to the market capitalization level depends on whether HYPE's demand growth can be sustained and the effectiveness of Solana's adjustments to token supply.