Hyperliquid, the decentralized exchange for perpetual futures, has surpassed Coinbase in total notional trading volume, signalling a shift in the crypto trading landscape.
According to statistics released on February 10 by on-chain analytics platform Artemis, Hyperliquid processed around $2.6 trillion in notional trade volume in 2025.
Coinbase, one of the world’s biggest centralized exchanges, saw over $1.4 trillion in trading during the same period.
But the nearly doubling of volume on decentralized platforms shows a clear shift in trader preferences. More people are turning to on-chain systems because they offer greater flexibility and smoother trading, without relying on a central operator.
Traders now seem to value control, speed, transparency and efficiency as much as convenience, which is reshaping the way digital assets are bought and sold.
Why is Hyperliquid gaining traction?
One of the biggest alluring features for Hyperliquid is its decentralized nature. The feature helps the platform specialise in perpetual futures and derivatives on its own Layer 1 blockchain.
It has also become a favorite for active traders who want fast trades, low fees, and direct access to on-chain liquidity, making it a compelling alternative to traditional exchanges.
The platform saw rapid growth in 2025, with daily volumes sometimes nearing $30 billion and monthly volumes regularly hitting hundreds of billions. Its total value locked reached about $6 billion, and open interest peaked around $16 billion, showing strong engagement and market depth.
On the other hand, Coinbase runs in a very different way and for a very different user base. The higher fees and regulations have made the biggest crypto exchange cumbersome and less attractive to investors.
That combined with the high levels of centralization required for both spot and derivatives trading make it a platform geared towards the everyday investor and not the high-frequency trader/professional investor.
Professional traders, on the other hand, are increasingly turning to alternatives that provide greater flexibility and cheaper prices.
Traders choose Hyperliquid over Coinbase: But why?
The gap in trading volume between Hyperliquid and Coinbase is an indication of the change shift of the crypto trading realm. People are increasingly using on-chain trading platforms as these are quick, transparent, and allow the user to maintain ownership of money.
Instant settlement is done through smart contracts, like that on the Hyperliquid platform, allowing derivatives to automatically settle on the blockchain without the need to rely on the central operator, which is attractive for those unwilling to trust existing trading platforms.
At the same time, Hyperliquid hasn’t sacrificed ease of use; its interface feels familiar to anyone who’s used a big centralized exchange, making it simple for newcomers to jump in.
Additionally, developing platforms offer both convenience and decentralization to draw in both experienced and cautious traders.
Coinbase now has to compete with platforms that offer more freedom and control to market participants. The trend is causing its market share and trade volumes to fall behind those of new competitors.