Hyperliquid, a decentralized futures trading platform, has quietly pulled off something big. It has now passed Coinbase in total trading volume, showing a clear shift in where crypto traders are choosing to trade.
According to data shared on February 10 by on-chain analytics platform Artemis, Hyperliquid processed around $2.6 trillion in notional trading volume in 2025. Coinbase, one of the largest and most well-known centralized exchanges in the world, handled about $1.4 trillion during the same period.
What makes this stand out is that Hyperliquid launched only a few years ago and runs fully on-chain. Even so, it handled almost double the trading volume of Coinbase. That has caught the attention of the wider crypto industry, especially as decentralized platforms continue to gain ground.
Hyperliquid built this lead by staying focused. The platform specializes in perpetual futures and derivatives and runs on its own Layer 1 blockchain. Traders looking for fast execution, low fees, and direct access to on-chain liquidity have been drawn to it.
Throughout 2025, growth accelerated quickly. On some days, trading volume climbed close to $30 billion, while monthly volume often reached hundreds of billions. Total value locked rose toward $6 billion, and open interest peaked around $16 billion.
User growth followed the same pattern. Active users jumped from about 300,000 to more than 1.4 million in just one year. Most of that growth came from word of mouth and strong performance, not heavy advertising.
Another factor helping Hyperliquid is how it uses fees. Part of the revenue is used to buy back and burn its HYPE token, which has helped support interest in the ecosystem. As of early 2026, HYPE is up about 31.7% for the year and continues to stay on traders’ radar.
Coinbase, meanwhile, plays a very different role. It still serves as a major entry point for retail users, with strong compliance and a fully centralized setup for spot and derivatives trading. But higher fees and tighter controls have pushed many professional traders to look elsewhere. Coinbase stock is down roughly 27% so far this year, reflecting the pressure traditional crypto companies are under.
The growing gap between Hyperliquid and Coinbase shows a real change in trader behavior. On-chain platforms give users speed, transparency, and control over their funds without handing custody to a central operator. For many traders, that matters more than ever.
Hyperliquid has also made usability a priority. Its interface feels familiar to users coming from centralized exchanges, which makes the switch easier. That mix of strong performance, low costs, and a smooth user experience has powered much of its rise.
Momentum has been helped by new experiments on the platform, including outcome-based contracts and limited-risk options. Well-known figures in crypto, including Arthur Hayes, who recently increased his HYPE holdings, have also shown growing interest.
That said, challenges remain. Competition in decentralized derivatives is heating up, and regulators are paying closer attention to on-chain trading. Rivals like Aster and Lighter are expanding fast as well.
Even so, Hyperliquid’s surge past Coinbase is a clear signal: crypto trading is changing, and more traders are choosing on-chain platforms as their first stop.
