{"id":1575,"date":"2026-02-10T09:08:52","date_gmt":"2026-02-10T09:08:52","guid":{"rendered":"https:\/\/foreignnewstoday.com\/?p=1575"},"modified":"2026-02-10T09:08:52","modified_gmt":"2026-02-10T09:08:52","slug":"hyperliquid-is-outpacing-coinbase-where-it-matters-most-artemis-data-finds","status":"publish","type":"post","link":"https:\/\/foreignnewstoday.com\/?p=1575","title":{"rendered":"Hyperliquid Is Outpacing Coinbase Where It Matters Most, Artemis Data Finds"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div data-testid=\"article-body\">\n<div class=\"bodyItems-wrapper\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><span> <span class=\"ccn-focus-text-wrap\">Key Takeaways<\/span><\/span><!-- HTML_TAG_END --><\/p>\n<ul class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><span>Hyperliquid nearly doubled Coinbase\u2019s 2025 notional volume to $2.6 trillion, driven by high-leverage perpetual contracts on its layer-1 chain.<\/span><!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><span>The platform commands over 70% of the open interest in decentralized perpetuals, currently at $4.1 billion.<\/span><!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><span>HYPE trades resiliently around $31 amid volatility, boosted by major listings and innovations like HIP-3.<\/span><!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ul>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.ccn.com\/education\/glossary\/decentralized-exchange\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid, a decentralized exchange;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid, a decentralized exchange<\/a> focused on perpetual futures trading and built on its own layer-1 blockchain, is emerging as a serious competitor to established centralized platforms such as Coinbase.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Recent data from analytics firm Artemis finds that Hyperliquid is outperforming Coinbase across several metrics that matter most to derivatives traders, including trading volume, market share, and revenue efficiency.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->While <a href=\"https:\/\/www.ccn.com\/news\/crypto\/after-bitcoin-funding-epstein-files-reveal-coinbase-connection-too\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Coinbase;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Coinbase<\/a> is one of the most recognized crypto exchanges globally, its exposure to high-leverage derivatives is limited by compliance requirements.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.ccn.com\/news\/crypto\/hyperliquid-most-liquid-platform-crypto-ceo-how-true-claims\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid<\/a>, by contrast, operates within a decentralized framework that allows for greater flexibility in product design and leverage offerings\u2014an approach that has attracted substantial trading activity.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->According to Artemis data released in early February 2026, Hyperliquid processed approximately $2.6 trillion in notional trading volume during 2025.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Over the same period, Coinbase recorded about $1.4 trillion.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->The difference underscores the growing demand for <a href=\"https:\/\/www.ccn.com\/bitcoin-traders-turn-to-derivatives-in-droves-the-ultimate-sign-of-crypto-winter\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:decentralized, high-leverage perpetual products;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">decentralized, high-leverage perpetual products<\/a>, particularly during periods of elevated market volatility.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Where derivatives traders prioritize on-chain execution, leverage, and access to non-crypto assets, Hyperliquid appears to hold an advantage.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Although Coinbase has expanded its derivatives offerings, its volumes remain constrained relative to Hyperliquid\u2019s decentralized model.<!-- HTML_TAG_END --><\/p>\n<figure data-testid=\"article-figure-image\" class=\"yf-1ems0tc\">\n<div class=\"image-container yf-lglytj\" style=\"--max-height: 1227px;\">\n<div class=\"image-wrapper yf-lglytj\" style=\"--aspect-ratio: 960 \/ 1227; --img-max-width: 960px;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/SCyx3j.PqYcZ8McuggBfmQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTEyMjc7Y2Y9d2VicA--\/https:\/\/media.zenfs.com\/en\/ccn_928\/6ca9ddd697705b7f93a1f60573bc0657\" alt=\"Hyperliquid volume.\" loading=\"eager\" height=\"1227\" width=\"960\" class=\"yf-lglytj  loaded\"\/><\/div>\n<\/div><figcaption class=\"yf-1ems0tc\"><!-- HTML_TAG_START -->Hyperliquid\u2019s notional trading volume compared with Coinbase. Source: Artemis.<!-- HTML_TAG_END -->  <\/figcaption><\/figure>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Artemis data also points to diverging market performance between the two platforms.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->While <a href=\"https:\/\/www.ccn.com\/analysis\/crypto\/hype-crypto-price-prediction-hyperliquid-challenges-polymarket-prediction-markets\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Coinbase stock;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Coinbase stock<\/a> has faced pressure in recent months, Hyperliquid\u2019s native HYPE token has shown comparatively stronger year-to-date performance.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.ccn.com\/education\/crypto\/perpetual-dexs-hyperliquid-aster-explained-1000x-leverage-risks\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid\u2019s influence;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid\u2019s influence<\/a> within the decentralized perpetuals market extends beyond headline volume figures.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Open interest on the platform stood at approximately $4.1 billion in early February 2026, reflecting sustained trader engagement.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->In the decentralized perpetuals segment, Hyperliquid frequently accounts for more than 70% of total open interest.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Daily trading activity has remained elevated.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.ccn.com\/analysis\/crypto\/hype-coin-price-surges-hyperliquid-dex-open-interest\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid\u2019s 24-hour perpetual volume;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid\u2019s 24-hour perpetual volume<\/a> has recently hovered near $3.9 billion, with spikes during periods of heightened market stress.<!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<p>   <button class=\"secondary-btn fin-size-large readmore-button    rounded   yf-r7dg9i\" data-ylk=\"elm:readmore;itc:1;sec:content-canvas;slk:Story%20Continues\" data-yga=\"{&quot;yLinkElement&quot;:&quot;readmore&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;Story Continues&quot;}\" aria-label=\"Story Continues\" title=\"Story Continues\"> <span>Story Continues<\/span> <\/button> <\/p>\n<div class=\"read-more-wrapper\" style=\"display: none\" data-testid=\"read-more\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->On certain days in early February, decentralized perpetuals overall reached as much as $70 billion in daily volume. Hyperliquid would contribute an estimated 30% to 35% of that total.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Over rolling 30-day periods, monthly perpetuals trading across the sector have ranged between $225 billion and $258 billion. Hyperliquid would consistently rank among the top contributors.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Beyond volume and market share, Hyperliquid\u2019s revenue profile highlights its operational efficiency.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Artemis estimates that the platform generated roughly $844 million in fees during 2025.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->In recent daily snapshots, fees have reached around $1.1 million, translating into approximately $1.6 million in revenue.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Daily revenue peaked at nearly $4.3 million in January 2026, driven by high trading activity and incentive programs.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Compared with centralized exchanges that maintain larger operational teams and infrastructure, Hyperliquid operates with a relatively lean structure.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Revenue is distributed among liquidity providers, HYPE stakers, and ecosystem development initiatives.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Product innovation has also played a role.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.ccn.com\/education\/crypto\/hyperliquid-hip3-builders-launch-perp-markets\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:HIP-3 builder-deployed perpetuals;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">HIP-3 builder-deployed perpetuals<\/a> have expanded Hyperliquid\u2019s offerings beyond cryptocurrencies to include <a href=\"https:\/\/www.ccn.com\/analysis\/crypto\/gold-price-slides-china-etf-outflow-silver-not-exempted\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:tokenized commodities such as gold and silver.;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">tokenized commodities such as gold and silver.<\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->These markets previously recorded open interest highs of around $1.1 billion, broadening the platform\u2019s appeal.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Artemis valuation models suggest that <a href=\"https:\/\/www.ccn.com\/analysis\/crypto\/hype-crypto-price-prediction-hyperliquid-challenges-polymarket-prediction-markets\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid<\/a> may be undervalued relative to traditional peers.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Using a sum-of-the-parts approach, analysts estimate the exchange\u2019s core business\u2014including perpetuals, spot trading, and HIP-1 functionality\u2014at roughly $48.8 billion to $50.6 billion, based on 2025 earnings multiples from Coinbase and Robinhood.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->The platform\u2019s layer-1 HyperEVM component is valued separately at an estimated $2.2 billion to $9.0 billion, based on fee-to-valuation ratios observed in networks such as Solana and Ethereum.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Combined, these estimates imply a total valuation <a href=\"https:\/\/www.ccn.com\/analysis\/technology\/hyperliquid-vs-aster-analysis\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:range of approximately $51.0 billion to $59.6 billion.;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">range of approximately $51.0 billion to $59.6 billion.<\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->As of February 9\u201310, 2026, the HYPE token was trading between $30.70 and $31.96, following a short-term pullback of about 6.5% over 24 hours.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Despite broader market weakness, the token has shown relative resilience, supported by reduced token unlocks, platform integrations, and sustained trading activity.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Average daily trading volume for HYPE exceeds $300 million, aided by listings on major centralized exchanges.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Hyperliquid\u2019s rise reflects a broader shift within digital asset markets toward decentralized derivatives platforms.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->While centralized exchanges such as Coinbase continue to play a critical role in regulated access and fiat on-ramps, decentralized platforms are increasingly capturing activity from traders seeking flexibility, leverage, and rapid product innovation.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Ongoing developments\u2014including expansion into options and prediction markets\u2014could further strengthen Hyperliquid\u2019s position.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->However, market conditions, regulatory developments, and user risk preferences will continue to shape how decentralized and centralized exchanges compete in the evolving crypto derivatives landscape.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->The post <a href=\"https:\/\/www.ccn.com\/news\/crypto\/hyperliquid-outpacing-coinbase-matters-most-artemis-data-finds\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Hyperliquid Is Outpacing Coinbase Where It Matters Most, Artemis Data Finds;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Hyperliquid Is Outpacing Coinbase Where It Matters Most, Artemis Data Finds<\/a> appeared first on <a href=\"https:\/\/www.ccn.com\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:ccn.com;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">ccn.com<\/a>.<!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/hyperliquid-outpacing-coinbase-where-matters-085911423.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Hyperliquid nearly doubled Coinbase\u2019s 2025 notional volume to $2.6 trillion, driven by high-leverage perpetual contracts on its layer-1 chain. The platform commands over 70%&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-1575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-finance"],"_links":{"self":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts\/1575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1575"}],"version-history":[{"count":0,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts\/1575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/media\/1576"}],"wp:attachment":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}