Hyperliquid, a decentralized perpetual liquid exchange, has quietly reached Coinbase with the largest number of transactions in consideration, marking a major shift in the way crypto traders choose to trade.
Summary
- Hyperliquid recorded approximately $2.6T in projected trading volume by 2025.
- Coinbase posted about $1.4T during the same period.
- The gap reflects the increasing demand for on-chain egress platforms.
According to data shared on Feb. 10 is the on-chain analytics platform Artemis, Hyperliquid has processed about 2.6 billion dollars in the volume of trade considered in 2025. Coinbase, one of the largest centralized exchanges in the world, recorded around $1.4 trillion in the same period.
Despite the fact that Hyperliquid (HYPE) launched a few years ago and operates entirely on-chain, the numbers show that it managed almost twice the trading volume of Coinbase. The milestone has drawn attention across the crypto industry, especially as established platforms continue to challenge traditional exchanges.
How hyperliquid builds its lead
Hyperliquid primarily focuses on trading perpetual futures and derivatives on a proprietary Layer 1 blockchain. Emerging traders looking for quick execution, cheap fees, and direct access to on-chain liquidity are drawn to it because of its focused approach.
The field grew rapidly in the year 2025. Daily trading occasionally reaches $30 billion, while monthly volumes often reach hundreds of billions of dollars. The total amount locked up rose to $6 billion, while open interest reached nearly $16 billion.
User growth has also accelerated. The platform’s active user base has grown from 300,000 to over 1.4 million annually, driven primarily by word of mouth and product performance rather than heavy marketing.
Fees collected from Hyperliquid are partially used to purchase and burn HYPE tokens. This model has helped support long-term interest in the ecosystem. Since the beginning of 2026, HYPE has increased by approximately 31.7% per year and continues to attract increasing attention from retailers.
Coinbase works very differently. Its high costs, strict compliance requirements, and fully centralized model for spot and derivatives trading make it a prime entry point for retail users. However, professional traders are increasingly turning to focus on alternatives that offer more flexibility and lower costs.
Coinbase stock is down about 27.0% so far this year, indicating that traditional crypto companies are under pressure in the current market downturn.
What this change means for crypto trading
The widening gap between Hyperliquid and Coinbase reflects a change in the way users trade. On-chain platforms offer speed and transparency without requiring users to grant permission, and many merchants are comfortable using them.
With Hyperliquid, derivatives traders do not need to trust a central operator with their funds. Smart contracts are used to manage risk, and trades are stable on-chain. Users who have been wary of trading in the past will find this appealing.
At the same time, Hyperliquid has put a lot of emphasis on the user experience. Its user interface is similar to that of major central platforms, making it easy for new users to get started. Its growth is largely due to this combination of collaboration and localization.
The momentum has been boosted by recent developments. The platform is used to test new products such as performance-based contracts and limited risk options. Notable industry figures, such as Arthur Hayes, who recently expanded the size of his HYPE portfolio, have also noticed.
But there are still problems. The competition between the decentralized ones is increasing, and the regulators are paying more attention to the activity of trading chains. Aster and Lighter, two competitors, are also expanding their product lines.
