Hyperliquid Overtakes Coinbase in Trading Volume, Challenging Crypto Exchange Hierarchy

New data from Artemis reveals that the on-chain derivatives platform Hyperliquid has surpassed Coinbase, the largest US-based exchange, in notional trading volume, recording $2.6 trillion compared to Coinbase's $1.4 trillion. This milestone suggests that high-performance on-chain platforms are capturing significant global derivatives flows, fueling debate over decentralized venues rivaling centralized exchanges. Furthermore, year-to-date performance shows Hyperliquid up 31.7% while Coinbase is down 27.0%. While Binance remains dominant in overall derivatives volume, Hyperliquid's comparison with Coinbase highlights a structural shift where metrics like liquidity and execution quality are beginning to challenge brand recognition. Despite this surge, some industry figures, like Kyle Samani, have criticized Hyperliquid for being closed-source and facilitating illicit activity, while others point to discrepancies between reported volume and actual market activity on various decentralized exchanges.

(Source：BeInCrypto)