Over the past few months, Hyperliquid has been playing catch-up to major centralized exchanges (CEXs). Now, it has begun flipping them on key metrics.
According to the analytics firm Artemis, the DEX platform is “quietly outgrowing” Coinbase with nearly 2x in notional trading volume.
“Notional trading volume: Coinbase $1.4T, Hyperliquid $2.6T. That’s nearly 2x Coinbase’s volume... from an onchain exchange. And the market is noticing.”
The outperformance has gone beyond ecosystem traction. Hyperliquid’s native token, HYPE, has also surpassed Coinbase’s COIN in investor returns. On a year-to-date (YTD) basis, HYPE holders have netted 32% while COIN holders were down 27% – A nearly 60% lead on investor gains.
The race for ‘everything exchange’
The comparison between the two platforms makes sense because both are pushing towards an “everything exchange” vision. Coinbase covers services spanning asset custody, trading, prediction markets, and more.
Similarly, Hyperliquid aims to house all finance under one roof and has made significant strides despite being operational for over a year.
After conquering the crypto perpetual markets and rivaling incumbents like Binance, Hyperliquid’s debut into tokenized markets via equity perps exploded. Now, over 30% of Hyperliquid’s DEX volume comes from non-crypto assets, dominated by gold and silver.
The results? Slow and steady clawing of market share from Binance and other top centralized players. Since last August, Hyperliquid has handled over 10% of Binance’s perpetual volumes.
Although the October crash led to a cool-off of the ratio to 10%, the perp DEX platform traction has since been climbing again. Compared to Bybit, Hyperliquid now handles 32% of its perpetual volumes and 24% of OKX’s activity.
Overall, at press time, the perp DEX was handling over 6% of total CEX volumes, with a strong renewed traction in 2026.
HYPE eyes key support
Market watchers have cautioned that the only threats to the massive growth can be a hack or regulatory risk, especially from the U.S Department of Justice (DoJ).
“Agree here that hype’s biggest risk is regulatory. They need to get much more embedded with the tradfi elites as regulators will eventually get involved.”
That said, HYPE has been a key beneficiary of the traction, with rising revenue funding token buybacks.
However, HYPE’s cool-off isn’t over yet, and a retest of $26-$28 support zone (white) could offer new buying opportunities if risk sentiment improves after the U.S inflation print scheduled for Friday.
Final Thoughts
- Hyperliquid saw 2x more derivatives market activity compared to Coinbase.
- The DEX platform handled over 6% of total CEX perpetual volumes amid renewed traction in 2026.
