Hyperliquid Overtakes Coinbase in Trading Volume as Market Turmoil Fuels DeFi Surge

Hyperliquid, a decentralized exchange built for perpetual futures trading, is quickly becoming one of the most active trading venues in crypto. Built on its own layer-1 blockchain, the platform is now challenging major centralized exchanges, including Coinbase, at a time when market volatility has pushed traders toward flexible, high-leverage products.

New data from analytics firm Artemis shows that Hyperliquid now outperforms Coinbase on several key measures that matter to derivatives traders. These include total trading volume, share of the derivatives market, and how efficiently the platform turns activity into revenue.

Moreover, while Coinbase remains one of the best-known crypto exchanges in the world, strict compliance rules limit how far it can go in offering high-leverage products. Hyperliquid operates on-chain and without a central operator, giving it more freedom to design and expand its trading tools.

Trading Volume Reveals a Clear Shift

Artemis data released in early February 2026 shows that Hyperliquid processed about $2.6 trillion in notional trading volume during 2025. Coinbase, by comparison, handled roughly $1.4 trillion over the same period.

Furthermore, many derivatives traders now prefer platforms that offer fast on-chain execution, deep liquidity, and broad asset access. Hyperliquid appears to meet those needs more directly than centralized exchanges. Moreover, even though Coinbase has expanded into derivatives, its volumes remain far lower than Hyperliquid’s, largely due to tighter limits on leverage.

Nonetheless, market performance also reflects this split. Coinbase stock has struggled in recent months, while Hyperliquid’s native HYPE token has shown stronger performance so far this year.

Dominance in Perpetuals and Revenue Strength

Hyperliquid’s lead extends beyond raw volume. Open interest on the platform reached around $4.1 billion in early February 2026, showing strong and steady trader engagement. Hyperliquid accounts for over 70% of total open interest in decentralized perpetuals.

Furthermore, daily activity remains high. The platform recently posted close to $3.9 billion in 24-hour perpetual trading volume, with sharp increases during periods of market stress. On some days in early February, total decentralized perpetuals volume hit $70 billion, with Hyperliquid contributing up to 35%.

The revenue figures also stand out. Artemis estimates Hyperliquid earned about $844 million in fees in 2025. Daily revenue has climbed as high as $4.3 million, supported by heavy trading and incentive programs. With a lean structure, the platform shares revenue with liquidity providers, HYPE stakers, and ecosystem builders.

The post Hyperliquid Overtakes Coinbase in Trading Volume as Market Turmoil Fuels DeFi Surge appeared first on CoinTab News.