HYPE vs LEO
Hyperliquid and UNUS SED LEO scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
HYPE scores 193 of 250 and ranks 1st of 251. LEO scores 126 and ranks 53rd. HYPE leads by 67 points, which is a wide enough margin that the framework is not ambivalent. HYPE takes 20 of the 25 variables, LEO takes 4, and one is level.
The framework rates HYPE HOLD CORE and LEO CAUTIOUS HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. HYPE is clear on Network Growth (9 against 3), Institutional Adoption (10 against 4) and Catalyst Calendar (9 against 3). LEO is clear on Circulating / FDV Ratio (9 against 4).
HYPE still has 77.8% of its eventual supply to enter circulation against 6.6% for LEO. On the same market capitalisation, a buyer of HYPE is taking the 4.5x dilution path and a buyer of LEO the 1.07x one.
HYPE is valued at $19.71B against $8.19B for LEO, a 2.4x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 10 | 6 | HYPE +4 | |
| Revenue Trend | 9 | 5 | HYPE +4 | |
| P/S Multiple | 7 | 5 | HYPE +2 | |
| Real Staking Yield | 7 | 3 | HYPE +4 |
Supply
| Supply Inflation | 5 | 8 | LEO +3 | |
| Vesting Schedule | 5 | 8 | LEO +3 | |
| Circulating / FDV Ratio | 4 | 9 | LEO +5 | |
| Buyback and Burn | 10 | 8 | HYPE +2 |
Ownership
| Smart Money Flows | 9 | 4 | HYPE +5 | |
| Insider Selling | 5 | 6 | LEO +1 | |
| Holder Concentration | 5 | 3 | HYPE +2 |
Traction
| TVL Trend | 9 | 4 | HYPE +5 | |
| Active Users | 8 | 5 | HYPE +3 | |
| Developer Activity | 6 | 4 | HYPE +2 | |
| Network Growth | 9 | 3 | HYPE +6 |
Position
| Market Share | 9 | 5 | HYPE +4 | |
| Competitive Moat | 9 | 5 | HYPE +4 | |
| Institutional Adoption | 10 | 4 | HYPE +6 | |
| Exchange Depth | 7 | 4 | HYPE +3 | |
| Social Mindshare | 9 | 3 | HYPE +6 |
Risk
| Regulatory Safety | 4 | 4 | level | |
| Catalyst Calendar | 9 | 3 | HYPE +6 | |
| BTC Alpha Potential | 9 | 5 | HYPE +4 | |
| Team Execution | 10 | 5 | HYPE +5 | |
| Treasury Runway | 9 | 7 | HYPE +2 |
Bars read outward from the centre: HYPE to the left, LEO to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| HYPE | LEO | |
|---|---|---|
| Price | $88.55 | $8.90 |
| Market cap | $19.71B | $8.19B |
| Circulating | 22.2% | 93.4% |
| Dilution to full supply | 4.5x | 1.07x |
| Off all-time high | -9.6% | -16.2% |
| To recover the high | 1.1x | 1.2x |
| Total value locked | $5.88B | not published |
| Network | Hyperliquid | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
HYPE · HOLD CORE
3 ETFs accumulating, HIP-3 RWAs ($62B/mo volume), Coinbase USDC partnership, a16z $322M accumulation, ICE CEO 'bigger than NASDAQ'
Closed-source code, 22% circ w/ 428M S3 airdrop overhang, FCA unauthorized warning, JELLY exploit precedent (validators force-settled), Arthur Hayes $18M exit
LEO · CAUTIOUS HOLD
Continuous LEO token buyback and burn funded by at least 27% of iFinex consolidated gross revenue, accelerating token burn from Q3 2025.
DOJ indictment of Bitfinex/Tether executives for bank fraud or sanctions violations.
Common questions
- Is HYPE or LEO the better investment?
- On this framework HYPE scores higher: 193 against 126 of 250, and it is rated HOLD CORE against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and HYPE still wins 20 of the 25 individual variables against LEO.
- What is the biggest difference between HYPE and LEO?
- Network Growth. HYPE scores 9 of 10 there and LEO scores 3, a gap of 6 points on a single variable.
- Which is bigger, HYPE or LEO?
- HYPE is valued at $19.71B and LEO at $8.19B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.