Hyperliquid Surpasses Coinbase in Trading Volume with $2.6 Trillion
The on-chain derivatives platform Hyperliquid has significantly overtaken established crypto exchange Coinbase in nominal trading volume, recording $2.6 trillion in turnover.
The decentralized trading platform Hyperliquid has achieved a remarkable milestone: with a trading volume of approximately $2.6 trillion, it has surpassed Coinbase for the first time, which recorded around $1.4 trillion during the same period. This is according to recent data from analytics provider Artemis [1].
The performance differences have been clearly visible since the beginning of the year: while Hyperliquid gained 31.7 percent, Coinbase stock lost approximately 27 percent in value. Market observers interpret this development as a signal of structural changes in the crypto sector, where factors such as liquidity depth and execution quality are becoming increasingly important compared to pure brand recognition [1].
However, context is important: nominal trading volume represents only a fraction of Coinbase's business. The regulated exchange serves as the custodian for BlackRock's Bitcoin spot ETF, among other services, with institutional business likely being significantly more substantial [1].
Nevertheless, Hyperliquid remains controversial: Kyle Samani, co-founder of Multicoin Capital, sharply criticized the platform, accusing it of "openly promoting crime and terrorism" [1].
Sources
- [1]btc-echo.de
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