Hyperliquid, a decentralized exchange, saw its 2025 notional volume nearly double that of Coinbase, reaching $2.6 trillion. The platform commands over 70% of the open interest in decentralized perpetuals, currently at $4.1 billion. HYPE trades around $31 amid volatility, boosted by major listings and innovations like HIP-3. Recent data shows Hyperliquid outperforming Coinbase in trading volume, market share, and revenue efficiency. Coinbase, while recognized globally, has limited exposure to high-leverage derivatives due to compliance. Hyperliquid operates within a decentralized framework, offering greater flexibility and attracting substantial trading activity.

Read more at Yahoo Finance: Hyperliquid Is Outpacing Coinbase Where It Matters Most, Artemis Data Finds