Coinbase is being quietly eclipsed by Hyperliquid, whose buying and selling quantity is almost double that of Coinbase.
The outstanding decentralized perpetual futures alternate, Hyperliquid, has surpassed Coinbase by way of buying and selling quantity, in accordance with Artemis. The info revealed that Hyperliquid recorded $2.6 trillion in buying and selling quantity, in contrast with Coinbase’s $1.4 trillion inside the similar timeframe.
This represents practically double the notional quantity of Coinbase.
Hyperliquid vs. Coinbase
Findings shared by Artemis additionally disclosed that the year-to-date value efficiency highlights a stark distinction between the 2 platforms. Hyperliquid has gained 31.7% to this point in 2026, whereas Coinbase has declined by 27.0%. This resulted in a divergence of 58.7% over only a few weeks.
Coinbase is without doubt one of the most established centralized exchanges on the earth, whereas Hyperliquid continues to be an rising decentralized participant within the house. Following the numerous hole in each buying and selling exercise and asset efficiency, Artemis described it as an indication that the market is taking note of the decentralized perpetuals alternate’s speedy development.
All through 2025, the platform generated $822 million in revenues. Thus far this yr alone, it recorded $79.1 million in revenues.
In the meantime, open curiosity on Hyperliquid, over the previous 24 hours, stood at $4.1 million.
Amid speedy development, Ripple announced that its Ripple Prime brokerage platform will now help Hyperliquid. This may permit institutional purchasers to entry Hyperliquid’s on-chain derivatives whereas cross-margining publicity throughout different property, together with cleared derivatives, OTC swaps, fastened revenue, foreign exchange, and digital property, beneath a single counterparty.
You may additionally like:
Michael Higgins, worldwide CEO of Ripple Prime, mentioned the combination merges decentralized finance with conventional prime brokerage, enhancing liquidity entry and buying and selling effectivity. The transfer comes as Hyperliquid continues to see billions in every day volumes, because the platform sees rising affect within the decentralized perpetual futures market.
HYPE Shorting Controversy
Hyperliquid’s reputation has not been with out controversy. In December, the alternate confirmed {that a} former worker, dismissed in early 2024 for insider buying and selling, was behind massive brief positions in its native HYPE token. On-chain evaluation verified that the pockets accountable executed leveraged shorts totaling over $223,000, together with $180,000 in HYPE at 10x leverage.
The platform reiterated its zero-tolerance coverage for insider buying and selling and mentioned workers and contractors are prohibited from buying and selling HYPE derivatives.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in unique BingX Change rewards (restricted time provide).
