According to Artemis data, the crypto exchange Hyperliquid has surpassed Coinbase in trading volume, marking a notable shift in the competitive landscape of centralized and hybrid trading platforms.

This milestone highlights:

• the growing demand for high-performance derivatives and on-chain trading venues
• increased trader migration toward platforms with lower latency and deeper liquidity
• changing preferences among active and professional market participants

Hyperliquid’s rapid rise underscores a broader market trend: traders are increasingly prioritizing execution quality, transparency, and speed over legacy brand dominance.

For market participants, this development may signal structural changes in exchange market share and deserves close attention in the coming weeks.