G5 time limit prevents him from surpassing Kaido.
Kaido was already surpassed by Luffy awakening G5.
1. Luffy took each attack Kaido has shown in manga , during G5 round Luffy tanked :
- 10 acoc kanabo attack from Kaido which included :
- direct hit to head from strongest version of Ragnaraku ( Warai Jogo Ragnaraku )
- direct hit from strongest version of thunder baguya ( destroyer of death thunder baguya ) ( lesser version was enough to one shot him before )
- Kundali dragon swarm
- couple direct acoc attacks directly to head
- tanked full force of blast breath
- tanked his wind attack demolition gust
- tanked heat from his lava dragon and overpowered it
There isnt any attack Kaido has show that G5 Luffy didnt tank .
2. Defeated his strongest form / attack with Barajung gun. Kaido didnt show any attack that surpasses Barajung gun
3. G5 Luffy Haki overpowered Kaido Haki . This was evident with description of their final attacks colliding where it was stated a fierce haki clash , we know Luffy won . But this should not be surprise because even without G5 Luffy matched Kaido haki when they split the sky.
4. Defeated him.
Summary : G5 Luffy showed capability to tank every attack Kaido has shown in manga , he demonstrated higher attack power with Barajung gun, and strength of his haki proved superior.
Yeah that is surpassing my friend no matter how you look at it.