Hyperliquid Surpasses Coinbase with Twice Its 2025 Notional Trading Volume

TheNewsCryptoPublished on 2026-02-10Last updated on 2026-02-10

Abstract

Hyperliquid, a decentralized perpetual futures exchange, has surpassed Coinbase in 2025 notional trading volume, handling $2.6 trillion compared to Coinbase's $1.4 trillion. This highlights a significant shift towards decentralized trading platforms. The exchange's native token, HYPE, has also seen a 31.7% price increase this year, while Coinbase shares declined 27%. Despite a recent 7% drop in HYPE's value to $29.99, largely long-position liquidations of $4.41 million, the platform continues to demonstrate strong performance with high volume and open interest. The growing discussion around Hyperliquid underscores the rising prominence of decentralized exchanges in the crypto derivatives market.

As a major step in the growth of on-chain trading activity, Hyperliquid, a decentralized perpetual futures exchange built on its own blockchain, has outperformed Coinbase in total notional trading volume for 2025, showing the increasing trend of traders toward decentralized finance.

Hyperliquid has handled almost $2.6 trillion in trade volume so far in 2025, far more than Coinbase’s $1.4 trillion, according to Artemis post on February 10, as Hyperliquid posted almost twice Coinbase’s notional volume, and is gradually surpassing the popular centralized exchange in the crypto trading space.

Even Hyperliquid’s native token HYPE price has increased 31.7%, over the year so far, while Coinbase’s shares (COIN) have decreased 27.0%, which reflects a roughly 59% difference; the contrast in price performance is also evident, as per the post.

As Hyperliquid’s momentum continues to draw attention, on February 9, Coinglass shared data that among the top perpetual DEXs, Hyperliquid posted $3.76 billion in volume, $4.05 billion in open interest, and $122.96M in liquidations, and mentioned that Hyperliquid shows much stronger consistency when compared to Aster and Lighter, which have moved to a debate later.

Earlier that day, Arthur Hayes, co-founder of BitMEX, turned a public criticism over the project’s fundamentals from Multicoin Capital co-founder Kyle Samani into a challenge by making a $100,000 price bet that would track HYPE’s price performance for the coming six months against any crypto with a market cap above $1 billion.

Altogether, Hyperliquid continues to be a recurring point of discussion in the crypto derivatives area, highlighting that trading in decentralized exchanges is rising over the centralized ones.

Hyperliquid (HYPE) Price Update

The HYPE token has been down over 7% for the past 24 hours and is trading at $29.99. As the price fall coincided with liquidations totalling $4.41 million for the past 24 hours, the majority of which were from long positions by more than $4 million. As this price movement is largely due to the border crypto downturn, the market as a whole is down about 1.75%, and the market cap stands at $2.35 trillion.

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