Hyperliquid records volume of $2.6 trillion, leaving Coinbase behind: Artemis

Coinbase is quietly being overshadowed by Hyperliquid, whose trading volume is almost double that of Coinbase.

The prominent decentralized perpetual futures exchange, Hyperliquid, has surpassed Coinbase in terms of trading volume, according to Artemis. The data showed that Hyperliquid recorded a trading volume of $2.6 trillion, compared to Coinbase’s $1.4 trillion within the same time frame.

This represents almost double Coinbase’s theoretical volume.

Hyperliquid vs Coinbase

Findings shared by Artemis as well revealed that year-to-date price performance highlights a stark contrast between the two platforms. Hyperliquid is up 31.7% so far in 2026, while Coinbase is down 27.0%. This resulted in a difference of 58.7% in just a few weeks.

Coinbase is one of the most established centralized exchanges in the world, while Hyperliquid is still an emerging decentralized player in the space. Following the significant gap in both trading activity and asset performance, Artemis described this as a sign that the market is paying attention to the rapid growth of the decentralized perpetuals exchange.

During 2025, the platform generated $822 million in revenue. This year alone, the company recorded $79.1 million in revenue.

Meanwhile, open interest on Hyperliquid in the last 24 hours was $4.1 million.

Amid the rapid growth, Ripple has announced that its Ripple Prime brokerage platform will now support Hyperliquid. This would allow institutional clients to access Hyperliquid’s on-chain derivatives, while cross-linking exposure to other assets, including cleared derivatives, OTC swaps, fixed income, forex and digital assets, under a single counterparty.

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Michael Higgins, global CEO of Ripple Prime, said the integration combines decentralized finance with traditional prime brokerage, improving access to liquidity and trading efficiency. This move comes as Hyperliquid continues to see billions in daily volumes as the platform sees growing influence in the decentralized perpetual futures market.

HYPE Shorting controversy

Hyperliquid’s popularity 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 native HYPE token. On-chain analysis confirmed that the responsible wallet executed leveraged shorts totaling over $223,000, including $180,000 worth of HYPE with 10x leverage.

The platform reiterated its zero-tolerance policy on insider trading and said employees and contractors are prohibited from trading HYPE derivatives.