Hyperliquid Overtakes Coinbase in 2025 Notional Perp Volume as On‑Chain Derivatives Surge

Decentralized perpetual futures exchange Hyperliquid has overtaken Coinbase in total notional trading volume for 2025, according to on‑chain analytics firm Artemis, signaling a significant shift in where traders execute perpetuals ^[1][2].

Reports described the move as occurring quietly, reflecting growing trader preference for on‑chain perpetuals and demonstrating that decentralized venues can match or exceed centralized rivals on volume metrics ^[1][3].

Multiple outlets framed the development as a milestone for decentralized derivatives markets and noted a broader surge in on‑chain perp activity, while published coverage relied on Artemis data and did not consolidate a single industry‑wide volume figure ^[2][3].

The shift highlights accelerating adoption of on‑chain perpetuals and suggests a potential reshaping of derivatives trading infrastructure, with Artemis’s on‑chain measurements cited as the basis for the ranking ^[1][2].