Hyperliquid Surpasses Coinbase with Twice Its 2025 Notional Trading Volume

TheNewsCryptoОпубліковано о 2026-02-10Востаннє оновлено о 2026-02-10

Анотація

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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Пов'язані питання

QWhat is Hyperliquid and how has it performed compared to Coinbase in 2025?

AHyperliquid is a decentralized perpetual futures exchange built on its own blockchain. It has outperformed Coinbase in total notional trading volume for 2025, handling approximately $2.6 trillion compared to Coinbase's $1.4 trillion.

QWhat was the price difference between Hyperliquid's native token (HYPE) and Coinbase's shares (COIN) so far in the year?

AHyperliquid's native token HYPE has increased 31.7% in price so far in the year, while Coinbase's shares (COIN) have decreased 27.0%, reflecting a roughly 59% difference in performance.

QWhat data did Coinglass share about Hyperliquid on February 9th among the top perpetual DEXs?

AOn February 9, Coinglass shared that Hyperliquid posted $3.76 billion in volume, $4.05 billion in open interest, and $122.96 million in liquidations among the top perpetual DEXs.

QWhat bet did Arthur Hayes make regarding the HYPE token's performance?

AArthur Hayes, co-founder of BitMEX, made a $100,000 price bet that would track HYPE's price performance for the coming six months against any cryptocurrency with a market capitalization above $1 billion.

QWhat is the current trading price of the HYPE token and what was its 24-hour performance?

AThe HYPE token is currently priced at $29.99 and is down over 7% for the past 24 hours. This price fall coincided with liquidations totaling $4.41 million, the majority of which were from long positions.

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DAT Failing? Listed Companies Betting on HYPE Have Floating Profits of $12.5 Billion

Facing a potential need to sell Bitcoin to pay dividends amid a $12.5B quarterly net loss, the crypto treasury strategy pioneered by Strategy appears strained. In contrast, public companies that adopted a similar strategy by betting on the HYPE token are seeing massive gains, with collective unrealized profits exceeding $1.25 billion. Three key HYPE treasury companies are highlighted: 1. **Hyperliquid Strategies Inc. (PURR):** The largest holder, with approximately 22.3 million HYPE tokens valued at ~$1.636 billion, resulting in ~$1.22 billion in unrealized gains. It has fully transitioned from a biotech firm to a native crypto treasury, focusing on staking and ecosystem participation via validator operations. 2. **Hyperion DeFi (HYPD):** Holds about 2 million HYPE tokens (~$147M value) with ~$49.4M in gains. It is deeply integrated into the Hyperliquid ecosystem, running a top validator node and building DeFi products to generate additional yield. 3. **Lion Group Holding (LGHL):** A smaller player holding ~193,775 HYPE tokens (~$14.14M value), maintaining a long-term holding strategy alongside other crypto assets. The article argues that HYPE treasuries have an advantage over Bitcoin-based ones like Strategy's. Their success stems not just from price appreciation but from active on-chain participation—staking, earning validator rewards, and engaging with ecosystem protocols—creating a compounding "flywheel" effect. With Hyperliquid dominating the on-chain perpetuals market and HYPE's tokenomics encouraging buys and burns, these treasuries are positioned to benefit further if HYPE's price rises as some predict. While the original Bitcoin treasury strategy isn't declared a failure, the current narrative highlights the outsized success of early movers into the HYPE ecosystem.

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