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.

Highlighted Crypto News Today:

Ethereum Foundation Backs SEAL to Combat Crypto Drainers and Phishing Attacks

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.

Пов'язані матеріали

Misjudged A-Shares: Resilience, Expectations, and Confidence

China's A-share market recently faced selling pressure, especially in tech sectors, initially triggered by a global tech sell-off that began in South Korea. However, the article argues this is a case of "mistaken injury" and highlights the market's underlying resilience. This resilience stems from three main pillars: **1) Tech Sector Fundamentals:** Unlike Korea's market dominated by a few memory chip stocks, China's tech sector is diversified across computing, communications, electronics, and semiconductors, supported by dual narratives of global AI supply chains and domestic substitution. Core areas like optical modules and fiber optics continue to show strong earnings growth. **2) "National Team" Support:** State-backed institutions and large corporations have made significant market purchases and announced buybacks, providing liquidity and signaling confidence. This is seen as a stabilizing policy signal, often associated with market bottoms. **3) Broader Market Pillars:** Other major sectors are showing endogenous recovery momentum. Consumer stocks benefit from stabilizing CPI and signs of sector recovery (e.g., liquor price hikes). Cyclical sectors like aluminum have high earnings, potential price increases due to tight supply, and low valuations. The financial sector offers stable dividends and low valuations. The conclusion is that the sell-off was driven by external contagion, not a collapse in fundamentals. With strong policy support and recovering momentum across key sectors, the A-share market possesses the toughness to regain stability.

marsbit10 хв тому

Misjudged A-Shares: Resilience, Expectations, and Confidence

marsbit10 хв тому

Quantum Computers Haven't Arrived Yet, but Satoshi's 1.1 Million Bitcoin Pose the First Problem

A zero-knowledge proof tool can help modern Bitcoin wallets migrate assets before quantum attacks in milliseconds. However, approximately 1.1 million bitcoins mined by Satoshi Nakamoto before 2012 are fundamentally unprotected by such solutions, as they reside in older P2PK addresses lacking the hierarchical structure required for this cryptographic rescue. This exposes a critical divide: post-2012 HD wallets can potentially "upgrade" signatures using tools like Project Eleven's, while early coins are cryptographically isolated. The community faces a political, not technical, dilemma with four contentious options: 1) Let quantum attackers seize the coins, risking market instability; 2) Hard fork to freeze vulnerable addresses, seen as violating property rights; 3) Implement extreme spending limits to slow any attack; 4) Redistribute "orphaned" coins, breaking immutability. Each solution threatens a core Bitcoin tenet. The market is already pricing in this governance risk, as evidenced by institutional divestment citing uncertainty. The true crisis isn't the arrival of quantum computing, but the community's inability to reconcile its foundational principles with an existential technological shift.

marsbit18 хв тому

Quantum Computers Haven't Arrived Yet, but Satoshi's 1.1 Million Bitcoin Pose the First Problem

marsbit18 хв тому

Where Will the Next Bull Market's Main Battlefield Be? The Answer Lies in These Two Types of Assets

Matt Hougan, Bitwise's CIO, identifies the fusion of traditional finance and on-chain finance as the core driver for the next crypto bull market. He expects this cycle, propelled by real-world utility and global finance adoption, to be the largest yet, centered on stablecoins, asset tokenization, 24/7 trading, instant settlement, and institutional DeFi growth. The article outlines two primary investment approaches tied to this trend. The first focuses on native crypto applications with strong revenues and sustainable tokenomics, exemplified by Hyperliquid (HYPE). Its Layer-1 chain is gaining significant trading volume from traditional assets like oil and equities. Its model of using 99% of revenues for token buybacks is a key strength. The second approach targets established traditional firms building at scale on crypto rails, like Robinhood. The launch of its Robinhood Chain, enabling global trading of tokenized stocks and DeFi activities, represents a major move towards this fusion. The author also notes other serious contenders like Coinbase, Figure, BlackRock, and JPMorgan. Ultimately, the thesis is that the most profound success will come when blockchain technology seamlessly integrates into finance, becoming invisible to end-users. Investors are advised to position ahead of this convergence.

Foresight News22 хв тому

Where Will the Next Bull Market's Main Battlefield Be? The Answer Lies in These Two Types of Assets

Foresight News22 хв тому

The Clarity Act's Journey Through Congress: The Thorny Path of Bipartisan Compromise in the U.S.

The U.S. Congress is struggling to advance the crypto market structure bill known as the Clarity Act, with bipartisan compromise proving difficult. Key hurdles include unresolved disputes over "yield" products and, more critically, the inclusion of strong ethics provisions for elected officials—a non-negotiable demand for many Democrats. While a compromise on yield was reached in May, securing only limited Democratic support in committee, the separate Senate Agriculture Committee version later passed with no Democratic votes due to the ethics impasse. As Republicans push for a full Senate vote in July, demands for ethics rules have expanded, and other contentious issues like developer protections and concerns from law enforcement and large banks further complicate negotiations. Despite consensus on the need for legislation, the path forward is unclear. Recent discussions between senators and White House officials aim to find acceptable ethics language. Some lawmakers question whether a compromise text can garner enough bipartisan support, with one Democrat stating the current proposal lacks the strong ethics provisions required for their vote. Potential short-term goals for the crypto community include symbolic Senate action before the August recess, a longer-term aim for passage by 2026, or establishing a detailed framework that addresses ethics and other compromises. The process remains arduous, relying on the traditional, vote-by-vote effort to build bipartisan support.

marsbit29 хв тому

The Clarity Act's Journey Through Congress: The Thorny Path of Bipartisan Compromise in the U.S.

marsbit29 хв тому

Are Kalshi and Polymarket Founders at Odds? This Business Rivalry Is More Brutal Than You Think

"The Rivalry Between Kalshi and Polymarket Founders Turns Bitter and Litigious" The intense feud between Tarek Mansour, CEO of Kalshi, and Shayne Coplan, founder of Polymarket, has escalated far beyond typical business competition into personal animosity and regulatory battles. Both lead billion-dollar prediction market platforms, but their approaches differ sharply. Kalshi positions itself as the compliant operator, securing U.S. regulatory approval before launching. In contrast, Polymarket initially operated offshore, allowing U.S. users to access its platform via VPN, which drew regulatory scrutiny. The conflict reached a peak in November 2024 when FBI agents raided Coplan's New York apartment. While Coplan publicly blamed political motives, his team privately suspected Kalshi was involved. According to sources, Kalshi's lawyers had previously reported Polymarket's operations to federal prosecutors, highlighting its accessibility to U.S. users despite a ban. This incident fueled mutual accusations and underhanded tactics, including social media smear campaigns and attempts to sabotage each other's major business deals. Their rivalry also played out in Washington, influencing regulatory debates. Kalshi actively lobbied against Polymarket's practices, framing them as illegal and unethical. Polymarket, after facing a CFTC fine and investigation, later acquired a licensed U.S. firm to launch a domestic app, regaining a foothold. Despite the hostility, both companies have seen massive growth, with combined trading volumes soaring. However, increased regulatory scrutiny, particularly around insider trading on Polymarket's platform, continues to pose challenges. The founders' deep-seated mutual disdain ensures their battle for market dominance remains as much a personal vendetta as a commercial one.

marsbit38 хв тому

Are Kalshi and Polymarket Founders at Odds? This Business Rivalry Is More Brutal Than You Think

marsbit38 хв тому

Торгівля

Спот