Hyperliquid Crypto Falls Despite Growing Exchange Dominance Over Coinbase

Key Insights:

• Hyperliquid crypto outgrows Coinbase in notional trading volume and year-to-date price performance.
• Whale bets big on HYPE token by depositing 12.88 million USDC stablecoin into Hyperliquid.
• HYPE price faces volatility, plunged on the daily and weekly charts, but analysts expect a rebound soon.

Hyperliquid (HYPE) crypto signaled bearish continuation despite its growing dominance over the Coinbase exchange. The HYPE token price is down on the daily and weekly timeframes, but whales are betting on the altcoin.

Hyperliquid Crypto Beats Coinbase in Key Metric

According to the on-chain analytics platform Artemis, Hyperliquid crypto is quietly outgrowing Coinbase in a key metric.

Notably, Hyperliquid’s notional trading volume for 2025 reached $2.6 trillion. On the other hand, Coinbase recorded $1.4 trillion in the same metric.

This means Hyperliquid, a decentralized on-chain perpetual futures exchange, processed nearly twice the notional trading volume of Coinbase. Note that Coinbase is one of the largest centralized exchanges globally.

Additionally, the price of the HYPE token increased by 31.7% year-to-date (YTD). In contrast, Coinbase stock (COIN) plunged 27.0% within the same period.

Hyperliquid and Coinbase Dominance: Source: Artemis

This creates a massive 58.7% divergence, meaning the gap between the two performances in just weeks. It, therefore, showed strong market enthusiasm for Hyperliquid crypto amid broader market challenges.

To provide context, Hyperliquid crypto specializes in perpetual futures leveraged derivatives contracts that let traders bet on crypto prices. These products attract high-volume, speculative traders, especially during volatile markets.

Notional volume measures the total value of contracts traded. For instance, if someone opens a $10 position with 100x leverage, it counts as $1,000 notional. This is different from spot trading volume on platforms like Coinbase, which focuses more on buying and selling actual assets.

Hyperliquid currently sits at the top of decentralized derivatives platforms based on recent market data. In late January, Hyperliquid HIP-3 open interest jumped to a new all-time high of $790 million.

Hyperliquid Whales Bets Big

Lookonchain, a popular on-chain data tracker, also spotted a recent whale activity in real time on February 10, 2026.

The platform spotted a new wallet address starting with 0x6C85 that deposited 12.88 million USDC stablecoin into Hyperliquid crypto.

The whales used the funds to open a long position on Ethereum (ETH) perpetual futures with 20x leverage. With 20x leverage, the trader controls a position 20 times larger than their collateral.

Hyperliquid Whale Bet Analysis | Source: Lookonchain

Lookonchain further noted that the same wallet opened a total of 6,270 ETH long positions, valued at about $33.38 million. Such a move suggests escalating conviction rather than backing off.

Moreover, the high-risk, high-reward is a reminder that Hyperliquid is not just growing in volume but also drawing serious directional bets.

HYPE Token Price Analysis

Despite Hyperliquid’s growing dominance and whale attention, the HYPE token price is still facing volatility.

Currently, HYPE token hovers around $30.15, down 5.7% over the past 24 hours. The value of HYPE also plunged over the previous week, but surged 21.1% on the monthly charts.

However, analysts have predicted that downside pressure could resume toward the lower support area if sellers remain active.

Technical analysis showed Hyperliquid crypto has formed a descending structure with a corrective bounce into resistance. The key resistance to watch is around $33 to $35, while support is near $24 to $22.

This bearish continuation scenario could be invalidated if price breaks and holds above the descending resistance with strong follow-through.

The potential launch of a HYPE exchange-traded fund (ETF) is another key move that could spark a price rally.

In October 2025, crypto investment firm 21Shares filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for a Hyperliquid crypto ETF. The application quickly ignited a 2% price increase for HYPE in 24 hours, extending the weekly rally to 40%.

Multiple developments, including support for the HIP-4 outcome-trading proposal, also supported this upside momentum.

The post Hyperliquid Crypto Falls Despite Growing Exchange Dominance Over Coinbase appeared first on The Coin Republic.