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▲ Hyperliquid (HYPE)/AI generated image
An unprecedented trend is emerging where decentralized exchanges are overwhelming existing large exchanges, rapidly reshaping the power structure of the virtual asset market.
According to U.Today, a cryptocurrency specialized media outlet, on April 10 (local time), on-chain derivatives exchange Hyperliquid is leading the shift in the market's center of gravity by overwhelming Coinbase in terms of trading volume. Hyperliquid recently recorded a cumulative trading volume of $828 billion, continuing its strong growth.
On-chain data analysis shows that Hyperliquid has already recorded an annual trading volume of approximately $2.6 trillion, significantly surpassing Coinbase's approximately $1.4 trillion. This is considered a symbolic figure demonstrating that the decentralized derivatives market is encroaching upon existing centralized exchanges.
Hyperliquid's rapid growth stems from its structure focused on derivatives trading. Futures trading utilizing leverage generates much larger trading volumes than spot trading, and its fast execution speed, low fees, and self-custody asset structure attract investors. In particular, the ability to directly control assets without entrusting them to an exchange acts as a differentiating factor compared to existing exchanges.
In the market, the analysis that this trend is not a temporary phenomenon but a structural change is gaining traction. Indeed, the decentralized derivatives market is rapidly growing and expanding its share of trading volume, reaching levels that surpass medium-sized centralized exchanges in some segments.
In the midst of the shift in the center of virtual asset trading from centralized platforms to on-chain based infrastructure, Hyperliquid is emerging as a key player. The current structure, where both trading volume and user growth are occurring simultaneously, is interpreted as a signal of a market paradigm shift, beyond a mere trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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