Hyperliquid is no longer just a shiny new decentralized exchange for perpetual futures (perp DEX). CoinGecko’s latest data suggests that it will even surpass Coinbase International’s derivatives volume in 2025, making it the most reliable candidate for “Binance Killer” in the crypto derivatives market.
Hyperliquid: Rise of the Underdog
Despite only launching in 2023, Hyperliquid has scaled mountains that most DEXs will never approach, going from a DeFi oddball to a true force of nature in derivatives stacks. At its peak, the platform cleared about $4-5 billion in daily trading volume, rivaling and sometimes even surpassing centralized mid-tier exchanges in terms of both activity and open interest.
In the second quarter of 2025 alone, the purpose-driven venue handled nearly $653 billion in trading volume, marking the first time a decentralized platform has surpassed a legacy player like Coinbase International in derivatives.
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CEX vs. DEX: The Story of Mass Migration
It looks like Hyperliquid, sitting in the center of the market, is finally starting to move off the rails of concentration. Capital that used to default to centralized futures platforms such as Binance is now routed via smart contracts.
CEX vs. DEX Spot and Perps Trading Volumes (Source: CoinGecko Crypto Industry Report 2025)
On the derivatives front, despite centralized exchanges (CEX) still handling the bulk of trading, DEX revenue rose from around $0.26 trillion in January to $0.84 trillion in December 2025. In 2025, 10 centralized exchanges still dominated spot trading between $0.925. volume, but once again DEXs have quietly carved out a meaningful slice, ranging from 0.16 trillion to 0.42 trillion per year over the course of the year.
Top 10 Perp CEXes & DEXes Trading Volume (Source: CoinGecko Crypto Industry Report 2025)
Even after the seasonal cooldown in December, with CEX worth close to 5.3 trillion and DEX still over 0.8 trillion, on-chain derivatives will certainly maintain a larger market share than a year ago.
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The fastest growing spot on the chain is perpetual futures, which is one of Binance’s main profit engines. Hyperliquid isn’t just part of a wider transition: it’s taking a large, even disproportionate share of it, making itself the default route choice for traders who want CEX-level performance without having to surrender custody. So, even as Binance remains the center of gravity for crypto derivatives today, if the market were to anoint a true on-chain competitor in the coming period, the numbers show that the competitor is Hyperliquid more than anyone else.
HYPE's price trends to the upside as seen on the daily chart. Source: HYPEUSD on Tradingview
Cover image from ChatGPT, HYPEUSD chart from Tradingview
