Decentralized derivatives exchange Hyperliquid has surpassed the largest US-based crypto exchange, Coinbase, in notional trading volume, signaling a shift as on-chain perpetuals attract meaningful trading flow away from centralized exchanges.
According to data reported by on-chain analytics firm Artemis, Hyperliquid recorded $2.6 trillion in notional trading volume, compared with Coinbase’s $1.4 trillion, nearly double, marking a symbolic turning point for on-chain derivatives markets.
The growth suggests that serious trading activity is increasingly migrating toward on-chain, high-speed derivatives venues, challenging the long-standing dominance of centralized exchanges.
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