Solana outpaces Hyperliquid in foreign token spot volume, claiming 40% of DEX activity

Solana has pulled ahead decisively in spot trading volume for foreign tokens, tokens native to other blockchains, turning itself into a cross-chain liquidity magnet that now accounts for nearly 40% of total DEX activity on the platform.

The clearest illustration came when Monad’s MON token launched. Within its first 24 hours of trading, Solana handled roughly $28 million in MON spot volume. Hyperliquid managed about $24 million.

By the end of MON’s first week, Solana had accumulated approximately $213 million in cumulative trading volume for the token. Hyperliquid’s total sat at around $105 million. That’s a 2-to-1 ratio.

Why foreign tokens are flocking to Solana

Solana’s sub-second finality and negligible transaction fees make it attractive for retail traders who don’t want to hemorrhage value on gas costs. Prop AMMs, automated market makers operated by professional trading firms, have flooded the network with liquidity for spot pairs, making it easier to execute large trades without significant slippage.

Foreign token volumes now approaching 40% of Solana’s total DEX activity means nearly half the trading happening on Solana involves assets that aren’t even native to the chain. The trend has been especially pronounced in memecoins and quick token launches, where traders prize speed above all else.

Hyperliquid’s stronghold remains in perpetuals

Hyperliquid commands somewhere between 40% and 70% of decentralized perpetual trading volume on any given day, processing billions in daily volume.

The platform has been making moves into spot trading recently, adding native spot markets for assets like SOL and FARTCOIN. The MON results suggest that ambition is running into a wall named Solana.

Hyperliquid built a purpose-specific appchain optimized for order-book trading. Solana built a general-purpose Layer 1 that happens to be fast enough for everything. In the perps market, Hyperliquid’s specialization wins. In spot, Solana’s breadth of liquidity and existing user base appear to be the deciding factors.

Hyperliquid’s HYPE token briefly saw its fully diluted valuation surpass Solana’s in mid-May, reaching estimates between $49.7 billion and $54 billion.

What this means for investors

Solana’s growing role as a foreign token trading hub reinforces its value proposition as crypto’s high-speed settlement layer. If the trend continues, SOL benefits from increased network activity, higher fee revenue, and a gravitational pull that attracts even more liquidity.

The 40% foreign token share on Solana is the number to watch going forward. Traders should also pay attention to which new token launches choose Solana as their primary spot venue. The MON example set a template: even tokens native to entirely separate chains are seeing their deepest spot liquidity on Solana.