Hyperliquid (HYPE), an on-chain derivatives platform, has recorded roughly $2.6 trillion in notional trading volume — nearly double the $1.4 trillion posted by Coinbase (COIN) — marking one of the clearest signs yet that decentralized trading venues are encroaching on territory long dominated by centralized exchanges.
What Happened: On-Chain Platform Doubles Coinbase
Analytics firm Artemis published the comparison on Feb. 9, showing Hyperliquid's notional volume at $2.6 trillion versus Coinbase's $1.4 trillion.
"Hyperliquid is quietly outgrowing Coinbase," Artemis stated, noting the figures represent "nearly 2x Coinbase's volume… from an on-chain exchange."
The gap extends beyond raw trading numbers. Year-to-date performance data shows Hyperliquid up 31.7% while Coinbase is down 27.0%, creating a 58.7% divergence.
The comparison notably excluded Binance, the world's largest crypto derivatives exchange, which processes over $53 billion in daily derivatives volume — far exceeding Hyperliquid's $6.4 billion. Artemis focused its analysis specifically on the Hyperliquid-Coinbase dynamic, where the milestone highlights a shift in market structure rather than a direct challenge to the largest derivatives venue.
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Why It Matters: Structural Shift in Trading
Anthony, a data analyst at Artemis, argued that fundamentals are now showing up in the charts, suggesting the divergence reflects deeper structural changes rather than short-term volatility.
Hyperliquid Hub, a community account tracking the ecosystem, wrote that "people are only comparing Hyperliquid with major centralized exchanges like Binance, OKX, and Bybit" because "other perp DEXs have already been left far behind."
Not everyone views the trend favorably. Kyle Samani, a prominent industry executive, called Hyperliquid "everything wrong with crypto," citing its closed-source code and claims that it "openly facilitates crime and terror."
Separately, CoinGlass data published on Feb. 9 showed major gaps between volume, open interest, and liquidations across decentralized perpetual exchanges, raising questions about how "real" activity is defined in these crypto markets.
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