A young, decentralized trading platform with no offices or CEOs in suits has quietly racked up almost twice the trading activity of Coinbase, the Wall Street-listed crypto giant everyone knows about. New numbers from analytics platform Artemis confirm it—Hyperliquid has officially surged ahead in 2025 trading volume. The data was shared on X from Artemis, and it quickly made rounds in crypto circles.
The standout figure? Hyperliquid posted $2.6 trillion in notional trading volume for the year. Coinbase managed $1.4 trillion over the same period. Notional volume is the total value of trades calculated at full contract price, inflated by leverage—meaning a small actual bet can count as millions.
Hperliquid focuses on perpetual futures, the high-octane trades that let people bet big on price moves with borrowed money and no expiry date. Traders flock there for lower fees, lightning-fast execution, and full control of their funds—no worrying about a company freezing accounts. The leverage on offer (often 50x or higher) dramatically pumps up those notional numbers.
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What It Means for Daily Traders
If you trade in crypto, the new trend is good news. Decentralized platforms tend to charge less and innovate faster. When a decentralized exchange starts attracting more action than centralized giants, it usually pushes fees down across the board and gives ordinary users better tools and privacy.
This is not the first time that Coinbase has been taken over. Uniswap overtook Coinbase in spot trading years ago. Now the same shift is happening in perpetuals, today’s most popular trading product. This shows more competition, cheaper trades, and new ways to participate without relying on big names. The crypto world is getting more open, and that typically benefits the little guy in the long run.
