Coinbase has been quietly overshadowed by Hyperliquid, whose trading volume is almost double that of Coinbase.
The most prominent futures exchange, Hyperliquid, has surpassed Coinbase in terms of trading volume, according to Artemisi. The data revealed that Hyperliquid recorded $2.6 billion in trading volume, compared to Coinbase’s $1.4 trillion in the same period.
This represents almost twice the volume of the Coinbase concept.
Hyperliquid vs. Coinbase
The findings shared by Artemis also revealed that year-to-date price performance highlights a significant difference between the two platforms. Hyperliquid has gained 31.7% so far in 2026, while Coinbase is down 27.0%. This resulted in a 58.7% split in just a few weeks.
Coinbase is one of the most established exchanges in the world, while Hyperliquid is still an emerging decentralized player in the space. Following a significant gap in both trading activity and asset performance, Artemisi described it as a sign that the market is paying attention to the rapid growth of exchange perpetuals.
Throughout 2025, the platform generated $822 million in revenue. So far this year alone, it has recorded $79.1 million in revenue.
Meanwhile, open interest in Hyperliquid, in the last 24 hours, stood at $4.1 million.
Amid rapid growth, Ripple has announced that its Ripple Prime brokerage platform will now support Hyperliquid. This will allow institutional clients to access Hyperliquid derivatives while cross-border exposure to other assets, including cleared derivatives, OTC swaps, fixed income, forex, and digital assets, under one company.
You may also like:
Michael Higgins, CEO of Ripple Prime International, said that the merger combines decentralized finance and traditional prime brokerage, improving liquidity and trading efficiency. The move comes as Hyperliquid continues to see billions of volumes daily, as the platform sees growing influence in the perpetual futures market.
The HYPE Shorting Controversy
The popularity of Hyperliquid has not been without controversy. In December, the exchange confirmed that a former employee, who was fired in early 2024 for insider trading, was behind large short positions in its HYPE token. On-chain analysis confirmed that the responsible wallet spent more than $223,000 worth of shorts, including $180,000 in HYPE with a 10x leverage.
The platform reiterated its zero-tolerance policy on insider trading and said that employees and contractors are not allowed to trade HYPE derivatives.
SECRET AFFILIATE BONUS for CryptoPotato readers: Use this link to sign up and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
