Decentralized exchange HyperliquidX has officially surpassed Coinbase in total notional trading volume, marking a significant inflection point in how and where crypto traders are choosing to execute their activity.

According to data shared by Artemis, Hyperliquid processed approximately $2.6 trillion in notional trading volume in 2025, compared with roughly $1.4 trillion recorded by Coinbase, one of the largest and most established centralized exchanges in the industry.

BREAKING: Hyperliquid is quietly outgrowing Coinbase.

Trading Volume (Notional):

• Coinbase: $1.4T
• Hyperliquid: $2.6T

That’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing.

YTD Price Performance:

• Hyperliquid: +31.7%
• Coinbase:… https://t.co/bqWcubvu7O pic.twitter.com/49IWNadjy4

— Artemis (@artemis) February 9, 2026

The figures highlight a growing divergence between decentralized and centralized trading venues, as traders increasingly migrate toward platforms that offer deeper liquidity, continuous markets, and direct on-chain execution.

This milestone places Hyperliquid at nearly twice the trading volume of Coinbase, underscoring a structural shift in crypto market behavior rather than a short-term anomaly.

Hyperliquid’s rise reflects a broader trend: traders are moving away from centralized execution toward high-performance decentralized infrastructure.

Once considered niche or limited by liquidity and performance constraints, decentralized exchanges have rapidly evolved. Hyperliquid, in particular, has positioned itself as a venue capable of supporting institution-scale notional volume, while maintaining the transparency and self-custody benefits of on-chain trading.

Unlike traditional CEXs, where trades settle off-chain within internal ledgers, Hyperliquid executes directly within a decentralized environment. This model reduces counterparty risk and aligns with the growing demand for verifiable execution, especially following multiple centralized exchange failures over recent years.

The $2.6 trillion figure demonstrates that decentralized platforms are no longer secondary venues, they are becoming primary market centers for sophisticated traders.

The divergence between Hyperliquid and Coinbase is not limited to trading activity. It is also reflected in market performance.

Year-to-date, Hyperliquid’s native token $HYPE is up 31.7%, while Coinbase’s stock has declined 27% over the same period. That represents a 58.7% divergence in performance in just weeks, signaling a sharp contrast in how markets are pricing decentralized versus centralized business models.

This gap highlights investor and trader confidence in decentralized infrastructure as a growth vector, while centralized platforms face margin compression, regulatory pressure, and competitive displacement.

While token prices and equity performance measure different things, the contrast reinforces the narrative that capital is flowing toward on-chain trading ecosystems with scalable architectures and strong user adoption.

Several factors help explain Hyperliquid’s rapid ascent.

First is liquidity depth. High notional volume suggests the platform is attracting large traders capable of executing significant positions without excessive slippage. This is critical for professional participants who require consistent execution quality.

Second is speed and reliability. Hyperliquid has focused heavily on performance, aiming to deliver centralized-exchange-like responsiveness while retaining decentralized settlement. That combination lowers the switching cost for traders accustomed to CEX environments.

Third is trust minimization. In a post-FTX landscape, traders increasingly prefer platforms where custody risk is minimized and balances are verifiable. Decentralized execution removes the need to trust a centralized operator to remain solvent or honest.

Together, these factors create a compelling alternative to centralized exchanges, one that is no longer theoretical, but demonstrably competitive at scale.

Hyperliquid overtaking Coinbase in trading volume carries broader implications for the crypto industry.

Centralized exchanges have historically dominated due to ease of use, liquidity aggregation, and regulatory clarity. However, as decentralized platforms close the performance gap, the core advantages of CEXs begin to erode.

Coinbase’s declining volume relative to Hyperliquid reflects mounting challenges: regulatory uncertainty, higher compliance costs, and competition from on-chain venues that operate globally without intermediaries.

This does not mean centralized exchanges will disappear. Instead, it suggests a rebalancing of roles, where CEXs may focus more on fiat onramps, custody services, and regulatory-facing products, while decentralized platforms capture the bulk of pure trading activity.

The data signals that traders are increasingly comfortable executing large volumes on decentralized rails, a development that would have seemed unlikely just a few years ago.

Hyperliquid’s $2.6 trillion milestone is not just a leaderboard moment. It represents a structural shift in crypto market infrastructure.

Decentralized exchanges are no longer defined by experimentation or ideological appeal alone. They are now competing, and winning, on metrics that matter most: volume, liquidity, and performance.

As capital continues to flow toward platforms that combine decentralization with execution quality, the competitive landscape of crypto trading is being rewritten in real time.

The widening performance gap between $HYPE and Coinbase stock, alongside the near-2x difference in trading volume, suggests that this shift is already underway, not theoretical, not future-facing, but happening now.

For traders, the message is clear: the center of gravity in crypto trading is moving on-chain. For the industry, Hyperliquid’s rise marks a defining chapter in the transition from centralized dominance to decentralized scale.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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