TL;DR
- Artemis data show Hyperliquid at $2.6T notional perp volume versus Coinbase at $1.4T, marking a symbolic shift toward onchain derivatives scale.
- Coinglass argued volume needs cross-checks: Hyperliquid’s 24h snapshot showed $3.76B volume, $4.05B OI, and $122.96M liquidations, versus much lower liquidations for Aster and Lighter.
- CoinGecko cited Hyperliquid over $6.5B 24h volume; centralized futures still dominate, with Binance Futures above $56B and total derivatives at $500B.
Hyperliquid’s onchain perpetuals business hit a symbolic inflection point after data cited from onchain analytics firm Artemis showed the decentralized venue surpassing Coinbase in notional trading volume. The milestone signals that onchain perps are pulling meaningful flow away from centralized exchanges, not just experimenting at the edges. Artemis reported Hyperliquid at $2.6 trillion in notional volume versus Coinbase at $1.4 trillion, nearly double, and framed the crossover as a turning point for onchain derivatives markets as traders route more activity into high-speed onchain venues with visible settlement.
BREAKING: Hyperliquid is quietly outgrowing Coinbase.
Trading Volume (Notional):
• Coinbase: $1.4T
• Hyperliquid: $2.6TThat’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing.
YTD Price Performance:
• Hyperliquid: +31.7%
• Coinbase:… https://t.co/bqWcubvu7O pic.twitter.com/49IWNadjy4— Artemis (@artemis) February 9, 2026
Hyperliquid Onchain Metrics Raise Questions
The crossover also reignited a standards debate about what counts as “real” activity in perpetual DEX markets. Coinglass’s message was that volume alone is a weak KPI unless it reconciles with open interest and liquidations. In a 24-hour snapshot, Hyperliquid posted $3.76 billion volume, $4.05 billion open interest, and $122.96 million liquidations. Aster showed $2.76 billion volume, $927 million open interest, and $7.2 million liquidations, while Lighter recorded $1.81 billion volume, $731 million open interest, and $3.34 million liquidations. Coinglass said the low-liquidation profiles can raise questions about incentives, self-trading, or reporting methodology differences.
Category data in the report still shows centralized derivatives towering over onchain venues, even as Hyperliquid leads its segment. The operational takeaway is that onchain perps are scaling quickly, but within a much larger futures arena that sets the global price of risk. CoinGecko data put Hyperliquid above $6.5 billion in 24-hour trading volume and leading 24-hour open interest, while total perpetual DEX volume reached $22.6 billion. In the broader derivatives category, Binance Futures posted more than $56 billion in 24-hour volume and open interest, followed by Bybit with nearly $16 billion, as total derivatives volume hit $500 billion.
Performance dispersion added narrative fuel to the flow story. Markets are increasingly pricing Hyperliquid as a benchmark for onchain derivatives momentum rather than a niche DeFi venue. The report highlighted year-to-date performance of +31.7% for Hyperliquid versus a 27% drop in Coinbase shares, a gap of more than 58% in weeks. Among 195 exchanges, Coinbase remains the second-largest by volume after Binance, with Bybit and OKX close behind, but the notional crossover underscores that liquidity can migrate when product design and distribution align. For allocators, it raises fresh diligence on data quality and venue resilience.
