Amid a broader market drawdown, HYPE — Hyperliquid’s native token — has rallied while the on-chain derivatives exchange quietly surpassed Coinbase in notional perpetual trading volume. Hyperliquid processed about $2.6 trillion, nearly twice Coinbase’s total, signaling a notable shift from centralized to decentralized trading. HYPE rose 31.7% in 2025 as Coinbase’s market share fell roughly 27%.