Hyperliquid has recorded $2.6 trillion in trading volume, compared with Coinbase’s $1.4 trillion in the same timeframe, according to Artemis. This nearly doubles Coinbase’s volume and underscores a shift toward decentralized perpetual futures trading.
Year-to-date price performance also diverges, with Hyperliquid up 31.7% in 2026 while Coinbase declines by 27.0%. The divergence widened to about 58.7% over just a few weeks. Hyperliquid reported $822 million in revenue for 2025 and $79.1 million so far this year, signaling rapid growth. Ripple Prime brokerage will now support Hyperliquid, enabling institutional clients to access its on-chain derivatives across other assets and products.
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