Hyperliquid, a decentralized perpetual futures exchange, has quietly overtaken Coinbase in total notional trading volume, marking a major shift in how crypto traders are choosing to trade.
According to data shared on Feb. 10 by on-chain analytics platform Artemis, Hyperliquid processed about $2.6 trillion in notional trading volume in 2025. Coinbase, one of the world’s largest centralized exchanges, recorded around $1.4 trillion over the same period.
Despite Hyperliquid 
hype-5.2%Hyperliquid launching only a few years ago and running entirely on-chain, the numbers show that it handled almost twice Coinbase’s trading volume. The milestone has drawn attention across the crypto industry, especially as decentralized platforms continue to challenge traditional exchanges.
How hyperliquid built its lead
Hyperliquid primarily focuses on trading perpetual futures and derivatives on its proprietary Layer 1 blockchain. Active traders seeking quick execution, cheap fees, and direct access to on-chain liquidity have been drawn to it thanks to its focused approach.
User growth also accelerated. The platform’s active user base grew from about 300,000 to more than 1.4 million in a year, driven largely by word-of-mouth and product performance rather than heavy marketing.
