Hyperliquid Flipped Coinbase’s Notional Volume for 2025

Key Insights

• Hyperliquid had almost twice Coinbase’s notional volume in 2025.
• The perp DEX reached new highs across multiple metrics, with 2025 representing a milestone year for it.
• Performance looks set to continue into 2026, with HYPE outperforming COIN year to date.

Decentralized perpetual exchange Hyperliquid outperformed US-based crypto exchange Coinbase in notional trading volume in 2025. Data from Artemis confirmed this, noting the major difference in trading volume.

According to Artemis, Hyperliquid has recorded $2.6 trillion in volume, while Coinbase recorded only $1.4 trillion during the same period. This meant Hyperliquid’s volume was almost twice Coinbase’s.

Hyperliquid Sees Solid Growth in 2025

Artemis data does not come as a surprise, given the multiple milestones that Hyperliquid reached in 2025. The perps DEX saw growth across every metric last year, with its user count increasing to 1.4 million from 300,000 in 2024.

According to a post on its X account earlier this year, it reached new all-time highs across all network metrics. Trading volume rose significantly, with daily peak volume reaching $32 billion, up from $15 billion in 2024.

Its total value locked (TVL) also increased to $6 billion from $2 billion, while open interest went from $4 billion to $16 billion.  Unsurprisingly, the increased network activity also led to higher protocol fees, driving daily revenue to as high as $20 million, far from the 2024 peak of $3.5 million.

The protocol attributes its 2025 performance to the launch of HyperEVM. This finally allowed developers to build directly on the network layer, opening up its ecosystem.

However, the protocol also introduced several products, including HIP-3 (permissionless perpetual markets), USDH governance markets, sports assets, and staking utility.

HYPE Outperforms COIN by 58%

Interestingly, that performance has continued into 2026. With Hyperliquid now focused on becoming a hub for all financial products beyond derivatives, it has seen massive volume in 2026.

According to Defillama data, trading volume in the past 30 days is around $258.91 billion, making it the top perp DEX by a far margin. It recorded $24 billion in daily volume on February 5, a day when the perp DEXs saw $70 billion in total trading volume.

A major factor driving this volume is real-world assets (RWA) derivatives. With the protocol listing perps for commodities, it has attracted more volume. 2% of all global  trading in silver in late January happened on the protocol

Meanwhile, the surge in volume has led to higher network fees, driving increased demand for the HYPE token. This has led to HYPE posting one of the strongest performances this year, with the token gaining around 25% year to date.

Although it has fallen 5% today and slipped in value over the past week, it is still trading above $30. By comparison. Coinbase stock COIN is down by 27% year-to-date, which means around 50% divergence between the two assets this year.

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