The decentralized perpetual futures exchange Hyperliquid has quietly overtaken Coinbase in trading volume, according to data from Artemis. Hyperliquid recorded $2.6 trillion in volume, nearly double Coinbase’s $1.4 trillion over the same period.
Hyperliquid Outperforms Coinbase
Year-to-date performance highlights a stark contrast between the two platforms. Hyperliquid has gained 31.7 percent in 2026, while Coinbase has fallen 27 percent, creating a divergence of nearly 59 percent in just a few weeks. Artemis noted that this gap in trading activity and asset performance demonstrates growing market attention toward Hyperliquid’s rapid rise in the decentralized exchange sector.
While Coinbase remains one of the largest centralized exchanges worldwide, Hyperliquid is an emerging player in decentralized finance. In 2025, the platform generated $822 million in revenue, and so far in 2026, it has recorded $79.1 million. Open interest on Hyperliquid stood at $4.1 million over the past 24 hours.
Institutional Integration with Ripple Prime
Hyperliquid’s expansion continues as Ripple announced that its Ripple Prime brokerage will now support the exchange. This integration allows institutional clients to access Hyperliquid’s on-chain derivatives while cross-margining exposure across cleared derivatives, OTC swaps, fixed income, forex, and digital assets with a single counterparty.
Michael Higgins, international CEO of Ripple Prime, said the move combines decentralized finance with traditional prime brokerage, improving liquidity and trading efficiency. Hyperliquid continues to see billions in daily trading volume, further solidifying its position in the decentralized perpetual futures market.
HYPE Shorting Controversy
Despite its growth, Hyperliquid has faced challenges. In December, the exchange confirmed that a former employee dismissed in early 2024 for insider trading executed large short positions in its native HYPE token. On-chain analysis showed that the wallet used leveraged shorts totaling over $223,000, including $180,000 in HYPE at 10x leverage.
The platform reiterated its strict insider trading policy, prohibiting employees and contractors from trading HYPE derivatives.
