Over the past few months, Hyperliquide has caught up with the large centralized exchanges (CEX). Now he has started to reverse them on key indicators.
According to the analysis company Artemisthe DEX platform “quietly overtakes” Coinbase with almost 2 times the notional trading volume.
“Theoretical trading volume: Coinbase $1.4T, Hyperliquid $2.6T. This is almost 2x the volume of Coinbase…from an on-chain exchange. And the market is noticing.”
Outperformance goes beyond ecosystem traction. Hyperliquide’s native token, HYPE, has also surpassed Coinbase’s COIN in terms of investor returns. On a year-to-date basis, HYPE holders are up 32%, while COIN holders are down 27%, a nearly 60% lead on investor gains.
Source: Artemis
The race for “all exchange”
The comparison between the two platforms makes sense because both push towards a vision of “all exchange”. Coinbase covers services covering asset custody, trading, prediction markets, etc.
Likewise, Hyperliquide aims to bring all finances under one roof and has made significant progress despite being in business for over a year.
After conquering crypto perpetual markets and competing with incumbents like Binance, Hyperliquide’s debut in tokenized markets via stocks has exploded. Now, over 30% of Hyperliquid’s DEX volume comes from non-crypto assets, dominated by gold and silver.
The results? Slow and steady recovery of market share from Binance and other large centralized players. Since last August, Hyperliquide has processed more than 10% of Binance perpetual volumes.
Source: Le Bloc/DeFiLlama
Although the October crash caused the ratio to drop to 10%, the perp DEX platform’s traction has since increased again. Compared to Bybit, Hyperliquid now manages 32% of its perpetual volumes and 24% of OKX’s business.
Overall, at press time, the perp DEX was processing over 6% of total CEX volume, with strong traction renewed in 2026.
Source: Hype Feed
HYPE eyes key support
Market observers have warned that the only threats to this massive growth may be hacking or regulatory risk, particularly from the US Department of Justice (DoJ).
“Agree here that the biggest risk of hype is regulatory. They need to integrate much more with the business elites, because regulators will eventually get involved.”
That said, HYPE has been one of the main beneficiaries of this traction, with increase in income financing token redemptions.
However, the HYPE cooling is not over yet, and a retest of the $26-$28 support zone (in white) could provide further buying opportunities if risk sentiment improves after US inflation numbers due on Friday.
Source: HYPE/USDT, TradingView
Final Thoughts
- Hyperliquide saw 2x more activity in the derivatives market compared to Coinbase.
- The DEX platform processed over 6% of total CEX perpetual volumes amid a surge in popularity in 2026.
