On-chain derivatives trading platform Hyperliquid has surpassed both Nasdaq and the London Stock Exchange Group in fully diluted valuation (FDV). The milestone underscores the rapid growth of decentralized derivatives infrastructure relative to traditional exchange operators. The HYPE token is currently trading at approximately $95.77, reflecting the valuation benchmark that now exceeds two of the world's leading centralized securities exchanges. Data sourced from Solid Intel confirms the FDV crossover as of today.