According to Artemis data, onchain trading platform Hyperliquid has surpassed Coinbase in trading volume. In terms of notional volume, Coinbase recorded $1.4 trillion, while Hyperliquid reached $2.6 trillion, nearly twice as much. Year-to-date price performance also shows a sharp divergence, with Hyperliquid up 31.7% and Coinbase down 27.0%, resulting in an approximately 58.7% gap in the short term.
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