HYPE vs WSTETH
Hyperliquid and Wrapped Lido Staked ETH 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. WSTETH scores 185 and ranks 3rd. HYPE leads by 8 points, which is inside the range where the individual variables matter more than the total. HYPE takes 14 of the 25 variables, WSTETH takes 7, and 4 are level.
5 variables separate them by 3 points or more. HYPE is clear on Buyback and Burn (10 against 5) and BTC Alpha Potential (9 against 5). WSTETH is clear on Circulating / FDV Ratio (10 against 4), Vesting Schedule (10 against 5) and Supply Inflation (8 against 5).
HYPE still has 77.8% of its eventual supply to enter circulation against 0% for WSTETH. On the same market capitalisation, a buyer of HYPE is taking the 4.5x dilution path and a buyer of WSTETH the 1x one.
HYPE is valued at $19.71B against $11.76B for WSTETH, a 1.7x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
WSTETH trades 56% below its all-time high and HYPE 9.6% below its own. Recovering the high needs 2.3x from WSTETH and 1.1x from HYPE, which is the same statement read as the return each one has to produce.
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 | 9 | HYPE +1 | |
| Revenue Trend | 9 | 8 | HYPE +1 | |
| P/S Multiple | 7 | 7 | level | |
| Real Staking Yield | 7 | 9 | WSTETH +2 |
Supply
| Supply Inflation | 5 | 8 | WSTETH +3 | |
| Vesting Schedule | 5 | 10 | WSTETH +5 | |
| Circulating / FDV Ratio | 4 | 10 | WSTETH +6 | |
| Buyback and Burn | 10 | 5 | HYPE +5 |
Ownership
| Smart Money Flows | 9 | 9 | level | |
| Insider Selling | 5 | 8 | WSTETH +3 | |
| Holder Concentration | 5 | 5 | level |
Traction
| TVL Trend | 9 | 7 | HYPE +2 | |
| Active Users | 8 | 8 | level | |
| Developer Activity | 6 | 7 | WSTETH +1 | |
| Network Growth | 9 | 7 | HYPE +2 |
Position
| Market Share | 9 | 8 | HYPE +1 | |
| Competitive Moat | 9 | 8 | HYPE +1 | |
| Institutional Adoption | 10 | 7 | HYPE +3 | |
| Exchange Depth | 7 | 6 | HYPE +1 | |
| Social Mindshare | 9 | 7 | HYPE +2 |
Risk
| Regulatory Safety | 4 | 6 | WSTETH +2 | |
| Catalyst Calendar | 9 | 6 | HYPE +3 | |
| BTC Alpha Potential | 9 | 5 | HYPE +4 | |
| Team Execution | 10 | 7 | HYPE +3 | |
| Treasury Runway | 9 | 8 | HYPE +1 |
Bars read outward from the centre: HYPE to the left, WSTETH 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 | WSTETH | |
|---|---|---|
| Price | $88.55 | $3,193 |
| Market cap | $19.71B | $11.76B |
| Circulating | 22.2% | 100% |
| Dilution to full supply | 4.5x | 1x |
| Off all-time high | -9.6% | -56% |
| To recover the high | 1.1x | 2.3x |
| Total value locked | $5.88B | $26.00B |
| 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
WSTETH · HOLD CORE
WstETH becoming default collateral across all major lending protocols; MakerDAO, Aave, Spark all natively integrated
Lido centralization risk (about 24% of staked ETH, down from a 32% peak in 2023); Ethereum validator concentration concerns; potential regulatory classification as security
Common questions
- Is HYPE or WSTETH the better investment?
- On this framework HYPE scores higher: 193 against 185 of 250, and it is rated HOLD CORE against HOLD CORE. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and HYPE still wins 14 of the 25 individual variables against WSTETH.
- What is the biggest difference between HYPE and WSTETH?
- Circulating / FDV Ratio. HYPE scores 4 of 10 there and WSTETH scores 10, a gap of 6 points on a single variable.
- Which is bigger, HYPE or WSTETH?
- HYPE is valued at $19.71B and WSTETH at $11.76B on the latest market snapshot.
Related comparisons
Keep reading
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.