Hyperliquid Tops Coinbase In Trading Volume And Reshapes Crypto Trading

TLDR

Table of Contents

Hyperliquid hit $2.6 trillion in notional trading volume, nearly 2x that of Coinbase.
Coinbase recorded $1.4 trillion in volume, falling behind an on-chain exchange.
Hyperliquid is up 31.7% YTD while Coinbase is down 27.0% this year.
Binance still leads in daily derivatives volume with over $53 billion traded.

Hyperliquid has overtaken Coinbase in trading volume, according to new data, showing a shift in crypto market dynamics. The on-chain derivatives platform posted $2.6 trillion in notional trading volume, nearly double Coinbase’s $1.4 trillion. This event raises fresh questions about the scale and competitiveness of decentralized exchanges in global crypto markets.

Hyperliquid Trading Volume Surpasses Coinbase

Data from Artemis shows that Hyperliquid has reached $2.6 trillion in notional trading volume. Coinbase, the largest US-based crypto exchange, recorded $1.4 trillion in the same period.

The nearly 2x gap shows growing user activity on decentralized exchanges. Hyperliquid, which operates fully on-chain, is now seen as a major player in the crypto derivatives space. Artemis stated, “Hyperliquid is quietly outgrowing Coinbase… and the market is noticing.”

According to Artemis data, onchain trading platform Hyperliquid has surpassed Coinbase in trading volume. In terms of notional volume, Coinbase recorded $1.4 trillion, while Hyperliquid reached $2.6 trillion, nearly twice as much. Year-to-date price performance also shows a sharp…
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This change has added pressure on centralized platforms, which are now competing not just with each other but also with advanced on-chain systems.

Market Performance Diverges Sharply Between Platforms

Year-to-date data reveals a large performance gap between the two exchanges. Hyperliquid has gained 31.7%, while Coinbase has lost 27.0%. This difference suggests that investors are starting to focus on user activity, liquidity, and execution speed.

A data analyst at Artemis noted that market movements are “increasingly driven by underlying metrics” rather than brand alone. Analysts also believe that structural differences are influencing the performance of these platforms more than short-term changes in price.

Centralized and Decentralized Models Under Scrutiny

While decentralized exchanges like Hyperliquid are gaining traction, centralized exchanges still play key roles. Coinbase continues to lead in regulated markets and fiat onboarding. In contrast, Hyperliquid operates without the same regulatory oversight, relying on smart contracts and blockchain-based execution.

Some traders see on-chain systems as safer due to transparency and reduced counterparty risks. Others argue that centralized exchanges offer better customer support and easier access for retail users.

There is also a debate around what qualifies as “real” volume in decentralized trading. Data from Coinglass shows mismatches between volume, open interest, and liquidation levels across perpetual DEXs.

Binance Maintains Lead in Derivatives Despite Hyperliquid’s Rise

Although Hyperliquid has passed Coinbase in total volume, it remains behind Binance in derivatives trading. According to CoinGecko, Binance handles over $53 billion in daily derivatives volume, far ahead of Hyperliquid’s $6.4 billion.

The Artemis comparison focused on Coinbase because of its large market share and regulation-heavy model. Hyperliquid’s gain over Coinbase reflects changes in user behavior and preferences, not a direct competition with Binance.

Community trackers like Hyperliquid Hub note that the DEX now leads among decentralized platforms. They report that other DEXs no longer match Hyperliquid in terms of liquidity and performance.