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CryptoMedium•3 March 2026•

1 min read

Hyperliquid Surpasses Coinbase International in Volume, Challenges Binance Dominance

A vibrant orange image with a world map showing conflict zones. Two fists push towards a large Bitcoin symbol, with golden arrows pointing to "66,000". Financial terms like "DERIVATIVE" and "OPTIONS"

Key Facts

1Hyperliquid surpassed Coinbase International's derivatives volume in 2025 according to CoinGecko data.

Hyperliquid has emerged as a dominant force in the decentralized exchange (DEX) space, specifically within the perpetual futures segment. According to recent data from CoinGecko, the platform's trading volume surpassed that of Coinbase International in 2025. This milestone positions Hyperliquid as a primary challenger to Binance’s long-standing leadership in the crypto derivatives market. The shift reflects a growing trend of liquidity moving from centralized exchanges (CEX) to decentralized alternatives. Analysts view this growth as a significant pivot in the DeFi landscape, driven by increasing adoption of decentralized perpetual futures. Consequently, the platform is now considered a key player to watch in the evolving digital asset ecosystem as it captures greater market share.