Hyperliquid Is Outpacing Coinbase Where It Matters Most, Artemis Data Finds

Key Takeaways

Hyperliquid nearly doubled Coinbase’s 2025 notional volume to $2.6 trillion, driven by high-leverage perpetual contracts on its layer-1 chain.
The platform commands over 70% of the open interest in decentralized perpetuals, currently at $4.1 billion.
HYPE trades resiliently around $31 amid volatility, boosted by major listings and innovations like HIP-3.

Hyperliquid, a decentralized exchange focused on perpetual futures trading and built on its own layer-1 blockchain, is emerging as a serious competitor to established centralized platforms such as Coinbase.

Recent data from analytics firm Artemis finds that Hyperliquid is outperforming Coinbase across several metrics that matter most to derivatives traders, including trading volume, market share, and revenue efficiency.

While Coinbase is one of the most recognized crypto exchanges globally, its exposure to high-leverage derivatives is limited by compliance requirements.

Hyperliquid, by contrast, operates within a decentralized framework that allows for greater flexibility in product design and leverage offerings—an approach that has attracted substantial trading activity.

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Trading Volume Highlights a Growing Gap

According to Artemis data released in early February 2026, Hyperliquid processed approximately $2.6 trillion in notional trading volume during 2025.

Over the same period, Coinbase recorded about $1.4 trillion.

The difference underscores the growing demand for decentralized, high-leverage perpetual products, particularly during periods of elevated market volatility.

Where derivatives traders prioritize on-chain execution, leverage, and access to non-crypto assets, Hyperliquid appears to hold an advantage.

Although Coinbase has expanded its derivatives offerings, its volumes remain constrained relative to Hyperliquid’s decentralized model.

Hyperliquid volume. — Hyperliquid’s notional trading volume compared with Coinbase. Source: Artemis.

Artemis data also points to diverging market performance between the two platforms.

While Coinbase stock has faced pressure in recent months, Hyperliquid’s native HYPE token has shown comparatively stronger year-to-date performance.

Dominance in Decentralized Perpetuals

Hyperliquid’s influence within the decentralized perpetuals market extends beyond headline volume figures.

Open interest on the platform stood at approximately $4.1 billion in early February 2026, reflecting sustained trader engagement.

In the decentralized perpetuals segment, Hyperliquid frequently accounts for more than 70% of total open interest.

Daily trading activity has remained elevated.

Hyperliquid’s 24-hour perpetual volume has recently hovered near $3.9 billion, with spikes during periods of heightened market stress.

On certain days in early February, decentralized perpetuals overall reached as much as $70 billion in daily volume. Hyperliquid would contribute an estimated 30% to 35% of that total.

Over rolling 30-day periods, monthly perpetuals trading across the sector have ranged between $225 billion and $258 billion. Hyperliquid would consistently rank among the top contributors.

Revenue Efficiency and Product Expansion

Beyond volume and market share, Hyperliquid’s revenue profile highlights its operational efficiency.

Artemis estimates that the platform generated roughly $844 million in fees during 2025.

In recent daily snapshots, fees have reached around $1.1 million, translating into approximately $1.6 million in revenue.

Daily revenue peaked at nearly $4.3 million in January 2026, driven by high trading activity and incentive programs.

Compared with centralized exchanges that maintain larger operational teams and infrastructure, Hyperliquid operates with a relatively lean structure.

Revenue is distributed among liquidity providers, HYPE stakers, and ecosystem development initiatives.

Product innovation has also played a role.

HIP-3 builder-deployed perpetuals have expanded Hyperliquid’s offerings beyond cryptocurrencies to include tokenized commodities such as gold and silver.

These markets previously recorded open interest highs of around $1.1 billion, broadening the platform’s appeal.

Valuation Considerations

Artemis valuation models suggest that Hyperliquid may be undervalued relative to traditional peers.

Using a sum-of-the-parts approach, analysts estimate the exchange’s core business—including perpetuals, spot trading, and HIP-1 functionality—at roughly $48.8 billion to $50.6 billion, based on 2025 earnings multiples from Coinbase and Robinhood.

The platform’s layer-1 HyperEVM component is valued separately at an estimated $2.2 billion to $9.0 billion, based on fee-to-valuation ratios observed in networks such as Solana and Ethereum.

Combined, these estimates imply a total valuation range of approximately $51.0 billion to $59.6 billion.

As of February 9–10, 2026, the HYPE token was trading between $30.70 and $31.96, following a short-term pullback of about 6.5% over 24 hours.

Despite broader market weakness, the token has shown relative resilience, supported by reduced token unlocks, platform integrations, and sustained trading activity.

Average daily trading volume for HYPE exceeds $300 million, aided by listings on major centralized exchanges.

A Shifting Derivatives Landscape

Hyperliquid’s rise reflects a broader shift within digital asset markets toward decentralized derivatives platforms.

While centralized exchanges such as Coinbase continue to play a critical role in regulated access and fiat on-ramps, decentralized platforms are increasingly capturing activity from traders seeking flexibility, leverage, and rapid product innovation.

Ongoing developments—including expansion into options and prediction markets—could further strengthen Hyperliquid’s position.

However, market conditions, regulatory developments, and user risk preferences will continue to shape how decentralized and centralized exchanges compete in the evolving crypto derivatives landscape.