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Hyperliquid On-Chain Derivatives Volume Hits $2.6 Trillion, Tops Coinbase

Hyperliquid On-Chain Derivatives Volume Hits $2.6 Trillion, Tops Coinbase

On-chain analytics show Hyperliquid surpassing Coinbase in total notional trading volume, highlighting a shift toward decentralized perpetual futures in crypto markets.

HYPE

Summary

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.

Terms & Concepts
  • On-chain derivatives: Derivatives contracts executed and settled directly on a blockchain, enabling transparent and decentralized trading.
  • Nominal trading volume: The total notional value of all trades over a period, without adjusting for leverage or price changes.
  • Decentralized perpetual futures: A type of derivative traded without an expiry date on decentralized platforms, allowing continuous speculation or hedging.