HYPE vs BNB: 8.85x away from flipping on circulating market cap
Quote95 words
Compares BNB ($97.4B) with HYPE ($11B, FDV $33B), finding an 8.85x gap on circulating cap. HYPE has 2.5% of Binance spot volume and 12.2% of perp volume, and $1.27B in HyperEVM and HyperCore TVL vs BSC.
Key claims
HYPE is 8.85x from flipping BNB on circulating market cap
HYPE is at 2.5% of Binance spot volume and 12.2% of perp volume
HyperEVM $781M plus HyperCore $443M gives $1.27B TVL
$BNB is valued at $97.4B (FDV $97.4B)
$HYPE is valued at $11B (FDV $33B)
Based on circulating mcap, we're only 8.85x away from the flip we're all waiting for.
Admittedly, at currently only 2.5% of Binance's spot volume and 12.2% of Binance's perp volume, there is still room for growth, yet we're catching up.
The nascent HyperEVM ecosystem will also have have a long way to go still in order to catch up with the TVL on BSC, but with $781M already there + $443M on HyperCore (total of $1.27B), the trajectory looks promising.
Wen?
QUOTING @zerokn0wledge_
$HYPE still >2x away from flipping $ADA on circulating mcap. Hyperliquid has consistently generated 200-400x the daily fees of Cardano the past week, and has 3.5x the TVL. We're not done. t.co/zHudlPjEA7
$HYPE still >2x away from flipping $ADA on circulating mcap. Hyperliquid has consistently generated 200-400x the daily fees of Cardano the past week, and has 3.5x the TVL. We're not done. t.co/zHudlPjEA7
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What came next · since 24 May 2025
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This data piece reports the numbers without making a call on the token, so price moves since publication are shown as market context.
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Since then
Zero has written 39 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueCovers $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueCovers $HYPE
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