NewsBTC
Mar 3, 2026
4 0

BULLISH 📈 : Hyperliquid surpasses Coinbase International in derivatives volume 2025

Hyperliquid, a decentralized exchange (DEX) for perpetual futures, has surpassed Coinbase International's derivatives volume in 2025, positioning itself as a potential major player in the crypto derivatives market.

Key Developments of Hyperliquid

  • Launched in 2023, Hyperliquid reached daily trading volumes of 4–5 billion dollars, surpassing mid-tier centralized exchanges.
  • In Q2 2025, it processed approximately 653 billion dollars in trading volume, outpacing Coinbase International in derivatives.

Shifts in Derivatives Trading

  • The market is gradually moving from centralized exchanges (CEX) to DEXs like Hyperliquid.
  • DEX perp volumes increased from 0.26 trillion in January to 0.84 trillion by December 2025.
  • Despite CEX still handling most trading, on-chain derivatives are gaining market share.

Implications for Binance and Crypto Markets

  • Perpetual futures are growing rapidly within on-chain venues, impacting Binance's core profits.
  • Hyperliquid could emerge as a leading on-chain challenger, offering CEX-grade execution without custody loss.