Hyperliquid, a decentralized perpetual futures exchange, has surpassed Coinbase in total notional trading volume, highlighting a growing shift in trader preference toward on-chain platforms.
Data shared on February 10 by on-chain analytics firm Artemis shows that Hyperliquid processed approximately $2.6 trillion in notional trading volume in 2025. By comparison, Coinbase recorded about $1.4 trillion over the same period.
BREAKING: Hyperliquid is quietly outgrowing Coinbase.
Trading Volume (Notional):
• Coinbase: $1.4T
• Hyperliquid: $2.6TThat’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing.
YTD Price Performance:
• Hyperliquid: +31.7%
• Coinbase:… https://t.co/bqWcubvu7O pic.twitter.com/49IWNadjy4— Artemis (@artemis) February 9, 2026
How Hyperliquid pulled ahead
Hyperliquid’s rise has been driven by its narrow focus on perpetual futures and derivatives, all running on its proprietary Layer 1 blockchain. Traders have been drawn to the platform for its fast execution, low fees, and direct access to on-chain liquidity.
Throughout 2025, daily trading volumes on Hyperliquid occasionally approached $30 billion, with monthly volumes frequently climbing into the hundreds of billions. Total value locked moved close to $6 billion, while open interest peaked around $16 billion.
User adoption also accelerated rapidly. Active users grew from roughly 300,000 to more than 1.4 million in a year, largely fueled by word-of-mouth and product performance rather than aggressive marketing campaigns.
Part of Hyperliquid’s fee revenue is used to buy back and burn its native HYPE token, a mechanism that has helped sustain long-term interest. As of early 2026, HYPE is up about 31.7% year-to-date, drawing increasing attention from active traders.
What the gap with Coinbase reveals
Coinbase continues to play a major role as a regulated entry point for retail users, but its higher fees, strict compliance framework, and centralized custody model have made it less attractive to professional traders seeking flexibility.
The contrast is becoming clearer as derivatives traders migrate toward platforms that allow them to retain custody of funds while benefiting from transparent, on-chain settlement. Hyperliquid’s smart-contract-based risk management and exchange-like user interface have helped lower the learning curve for new users.
Market pressures are also visible on the traditional side. Coinbase shares are down roughly 27% so far this year, reflecting broader challenges facing centralized crypto companies during the current market slowdown.
Hyperliquid’s momentum has been further supported by experimentation with new products, including outcome-based contracts and limited-risk options. The platform rolled out HIP-4, a major protocol upgrade that introduces outcome trading.
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