Hyperliquid, a decentralized perpetual futures exchange, has overtaken Coinbase in total notional trading volume, according to Feb. 10 data from Artemis. Hyperliquid recorded $2.6 trillion in 2025, nearly doubling Coinbase’s $1.4 trillion. Its token HYPE gained 31.7% in recent weeks, while Coinbase’s stock COIN fell 27%, resulting in a 58.7% performance gap. The trend points to growing trader preference for decentralized derivatives platforms over centralized exchanges.