Hyperliquid Overtakes Coinbase in Trading Volume

New data from Artemis shows Hyperliquid recorded roughly $2.6 trillion in notional trading volume, nearly double Coinbase’s $1.4 trillion. The figures mark a clear sign that high-performance on-chain derivatives platforms are capturing a growing share of global derivatives flows and are prompting a reassessment of where serious trading activity takes place.

Year-to-date performance also diverged sharply: Hyperliquid is up 31.7% while Coinbase is down 27.0%, creating a 58.7% gap in a matter of weeks. Artemis observed that "Hyperliquid is quietly outgrowing Coinbase," and an Artemis analyst, Anthony, emphasized that underlying metrics such as liquidity, execution quality and user activity are increasingly driving market sentiment rather than brand recognition alone.

Binance was excluded from the comparison because the analysis focused on Hyperliquid overtaking Coinbase, a major centralized exchange with a business weighted toward spot trading and regulated markets.

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