Hyperliquid Records $2.6T Perpetuals Volume, Surpassing Coinbase's $1.4T

Decentralized perpetual futures exchange Hyperliquid has recorded $2.6 trillion in trading volume versus Coinbase's $1.4 trillion in the same period, with year-to-date price performance showing a 31.7% gain for Hyperliquid in 2026 against a 27.0% decline for Coinbase, Artemis data show. Hyperliquid generated $822 million in revenues during 2025 and has brought in $79.1 million so far this year, with open interest over the past 24 hours at $4.1 million and daily volumes in the billions as the platform expands its role in decentralized perpetual futures. Ripple announced its Ripple Prime brokerage will support Hyperliquid, giving institutional clients access to the exchange's onchain derivatives with cross-margining alongside cleared derivatives, OTC swaps, fixed income, forex, and digital assets under a single counterparty, with Ripple Prime international CEO Michael Higgins saying the integration connects decentralized finance with traditional prime brokerage to enhance liquidity and trading efficiency. Hyperliquid separately disclosed that a former employee, terminated in early 2024 for insider trading, was responsible for leveraged short positions totaling over $223,000 in its HYPE token, including $180,000 in HYPE at 10x leverage, and reiterated its zero-tolerance stance on insider trading with a ban on employees and contractors trading HYPE derivatives.