coin-img-XAUTXAUT+0.03%coin-img-HYPEHYPE-2.43%coin-img-PAXGPAXG+0.38%coin-img-WLFIWLFI-6.59%coin-img-ASTERASTER+0.15%coin-img-ONDOONDO-2.19%coin-img-ZAMAZAMA-26.93%coin-img-POKEEPOKEE+770.22%coin-img-XAUTXAUT+0.03%coin-img-HYPEHYPE-2.43%coin-img-PAXGPAXG+0.38%coin-img-WLFIWLFI-6.59%coin-img-ASTERASTER+0.15%coin-img-ONDOONDO-2.19%coin-img-ZAMAZAMA-26.93%coin-img-POKEEPOKEE+770.22%coin-img-XAUTXAUT+0.03%coin-img-HYPEHYPE-2.43%coin-img-PAXGPAXG+0.38%coin-img-WLFIWLFI-6.59%coin-img-ASTERASTER+0.15%coin-img-ONDOONDO-2.19%coin-img-ZAMAZAMA-26.93%coin-img-POKEEPOKEE+770.22%coin-img-XAUTXAUT+0.03%coin-img-HYPEHYPE-2.43%coin-img-PAXGPAXG+0.38%coin-img-WLFIWLFI-6.59%coin-img-ASTERASTER+0.15%coin-img-ONDOONDO-2.19%coin-img-ZAMAZAMA-26.93%coin-img-POKEEPOKEE+770.22%

Hyperliquid's 2025 notional volume hits $2.6 trillion, surpassing Coinbase's $1.4 trillion

Decentralized perpetuals exchange Hyperliquid recorded $2.6 trillion in notional trading volume for 2025, exceeding Coinbase's $1.4 trillion, Artemis data show. The perps DEX saw its user base grow to 1.4 million from 300,000 in 2024, daily peak volume rise to $32 billion from $15 billion, TVL reach $6 billion from $2 billion, open interest climb to $16 billion from $4 billion, and daily revenue peak at $20 million compared with $3.5 million in 2024. Defillama reports roughly $258.91 billion in volume over the past 30 days and $24 billion on Feb. 5, when perp DEXs handled $70 billion total, placing Hyperliquid at the top; the protocol also accounted for 2% of global silver trading in late January. HYPE is up around 25% year to date and trading above $30, while Coinbase's COIN is down 27% year to date.
HYPE
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