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How Hyperliquid Is Challenging Crypto Exchange Hierarchy

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Coinbase versus Hyperliquid Trading Volume

New data from Artemis shows that Hyperliquid, an on-chain derivatives platform, has overtaken Coinbase in notional trading volume. Notably, Coinbase is revered as the largest US-based exchange by trading volume.

Hyperliquid’s ascent is forcing the crypto industry to reassess long-held assumptions about where serious trading activity takes place.

Hyperliquid Surpasses Coinbase in Trading Volume

According to Artemis, Hyperliquid recorded roughly $2.6 trillion in notional trading volume, compared with $1.4 trillion for Coinbase, meaning nearly double the activity.

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The figures mark one of the clearest signals yet that high-performance on-chain platforms are capturing a growing share of global derivatives flows.

Coinbase versus Hyperliquid Trading Volume
Coinbase versus Hyperliquid Trading Volume. Source: Artemis

This milestone fuels debate over whether decentralized trading venues are beginning to rival centralized exchanges in scale and influence.

“Hyperliquid is quietly outgrowing Coinbase. Trading Volume (Notional): Coinbase: $1.4T Hyperliquid: $2.6T That’s nearly 2x Coinbase’s volume… from an on-chain exchange. And the market is noticing,” Artemis stated.

The gap is not limited to trading volumes. Year-to-date performance data shows a striking divergence between the two companies.

Hyperliquid is up 31.7%, while Coinbase is down 27.0%, creating a 58.7% performance gap in just a matter of weeks.

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For analysts, this divergence reflects deeper structural shifts rather than short-term volatility. Anthony, a data analyst at Artemis, emphasized that underlying metrics are increasingly driving market sentiment.

The comment highlights a growing belief among market observers that liquidity, execution quality, and user activity are beginning to shape valuations and investor narratives. This is as opposed to brand recognition alone.

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One question raised by the data is why Binance, the world’s largest crypto derivatives exchange, was not included in the comparison.

The reason lies in what the figures are measuring and the narrative surrounding them. The Artemis analysis focused on Hyperliquid overtaking Coinbase, a major centralized exchange whose business is heavily weighted toward spot trading and regulated markets.

The milestone, therefore, highlights a shift in market structure rather than a direct challenge to the largest derivatives venue.

Binance remains the dominant player in perpetual futures trading by a wide margin. Coingecko data shows the exchange processing over $53 billion in daily derivatives volume. This exceeds Hyperliquid’s $6.4 billion.

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Top Derivative Exchanges Ranked by Open Interest & Trade Volume
Top Derivative Exchanges Ranked by Open Interest & Trade Volume. Source: CoinGecko

Hyperliquid’s Surge Sparks a New Fight Over Who Controls Crypto Trading

The data has sparked strong reactions across the crypto community, highlighting long-standing tensions between centralized and decentralized trading models.

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To some, Hyperliquid’s rise is a validation of on-chain markets, while others used the moment to criticize centralized exchanges.

Such criticism reflects a broader sentiment among some traders who argue that transparent, on-chain systems reduce counterparty risk and improve market fairness.

However, defenders of centralized exchanges note that they still dominate in fiat on-ramps, regulatory integration, and retail accessibility.

Perhaps the most significant implication of Hyperliquid’s growth is how it is changing the competitive sector. Rather than being compared primarily with other perpetual DEXs, the platform is increasingly being measured against major centralized derivatives venues.

Hyperliquid Hub, a community account tracking the ecosystem, argued that the platform has already pulled ahead of most decentralized rivals.

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“Hyperliquid is now absolutely dominating the on-chain derivatives sector. At this point, people are only comparing Hyperliquid with major centralized exchanges like Binance, OKX, and Bybit. Other perp DEXs have already been left far behind by Hyperliquid in terms of technology, liquidity depth, and overall performance,” they wrote.

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If this perception continues to gain traction, it could mark a turning point in how traders evaluate execution venues. It is less about whether they are centralized or decentralized and more about liquidity, speed, and reliability.

While the Coinbase exchange remains one of the largest and most regulated crypto platforms globally, Hyperliquid’s momentum highlights how quickly market structure can shift in the digital asset space.

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Still, challenges exist, after Coinglass data showed major gaps between volume, open interest, and liquidations across perp DEXs.

As BeInCrypto reported, there remains disagreement about the lack of standards for defining “real” activity in decentralized derivatives markets.

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Additionally, industry executives like Kyle Samani also bear reservations about the integrity of Hyperliquid, saying the DEX is in most respects, everything wrong with crypto.

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Pi Network (PI) Price Predictions for This Week

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pi_network_price_chart_1002263


A closer look at where the Pi Network price might be headed in the next few days as the broader market continues to chop.

PI had no relief since early January. How low will the price go?

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.13

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Key resistance levels: $0.15

PI Downtrend Continues

Since the price began to decline in early January, PI has not experienced a relief rally. This selloff has been extremely aggressive and continues at the time of this post. With buyers absent, the search for a bottom continues. The current support is at 13 cents and the resistance is at 15 cents.

pi_network_price_chart_1002263
Source: TradingView

Selling Exploded

Since mid-January, selling pressure has increased sharply, which could indicate that some whales are exiting in a rush. This process appears to be ongoing, and until the sell volume drops, PI is unlikely to see a bounce.

2026-02-10 11.24.05
Source: TradingView

Daily RSI Remains Oversold

Since January 20th, the daily RSI has been in the oversold region below 30. More concerning is that it has stayed in that zone since. This signals an extreme sell pressure that did not allow any recovery for the price. Expect lower lows as long as this persists.

pi_network_price_predictions_1002263
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Is Cardano in Trouble? Why Whales Are Abandoning Binance

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Is Cardano in Trouble? Why Whales Are Abandoning Binance


ADA’s drop in open interest looks similar to Solana’s past pattern, where a fragmented market often comes before weaker altcoin momentum.

Cardano has experienced a sharp decline of over 10% over the past week. It started near $0.30, but heavy selling pushed it to $0.23, forming a consolidation to $0.26. Amidst strong bearish pressure, new data suggest that major traders have exited their ADA positions.

Alphractal founder Joao Wedson, for one, said that Cardano’s derivatives market is going through a major shift that could affect its price momentum.

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Cardano Follows Solana’s Path

Open interest in ADA has declined sharply from $1.6 billion to $334 million, as major players have aggressively closed their positions. However, Wedson explained that the more important change lies in how OI is distributed across exchanges. In 2023, Binance controlled over 80% of ADA’s open interest, while 17 other exchanges combined held less than 20%.

By 2026, that balance has dramatically changed as Binance now holds only 22%, and Gate.io has emerged as the new leader with 31% of the market. Wedson observed that this change is significant because a similar pattern played out with Solana.

During SOL’s rally from $20 to $200 in 2023-2024, Binance’s dominance in open interest increased, thereby supporting price appreciation.

Later, as Binance’s share declined, Solana’s momentum weakened. The same trend appears to be unfolding with Cardano, and with open interest now fragmented, the altcoin’s upside potential may be limited as the overall crypto market remains fragile.

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“Binance tends to be the exchange that fuels strong altcoin rallies, but only when leverage is concentrated and competition is limited.”

Long-Term Trend Remains Intact

Despite the short-term market uncertainty gripping the ADA market, pseudonymous analyst, ‘Crypto Patel,’ believes that the overall long-term structure stays bullish as long as the price does not fall below $0.13 on a weekly close.

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On the upside, he says ADA needs to reclaim $0.44 to confirm a new uptrend. If that happens, the crypto asset could enter a new bull cycle, and long-term targets range from $1.20 to as high as over $10, similar to past cycles.

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Bitcoin-gold ratio flashes historic warning as altcoins sink to record lows

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Bitcoin-gold ratio flashes historic warning as altcoins sink to record lows

Gold at $5k exposes how brutally altcoins have lagged, even as gold-backed RWA tokens like PAXG and XAUT surge in adoption and on-chain trading.

Michaël van de Poppe fires a warning flare. “The current valuation of #Altcoins against Gold is the lowest it has ever been… The RSI has turned to 25 on the weekly timeframe. This has never happened,” he writes, adding that the only prior analogue was “the COVID crash (a Black Swan).” With spot gold grinding around $5,000 per ounce, that ratio now acts as a brutal scoreboard of how far non‑major crypto has lagged the metal.

Real‑world‑asset tokens backed by gold sit at the center of this stress test. PAX Gold (PAXG), which represents title to allocated London Good Delivery bars, trades near $5,035.43, down 0.09% over the last 24 hours, with a $425.2M daily volume and a $4,985.75–$5,088.73 intraday range.

Leading the way are Ondo (ONDO), up about 0.3% over the last 24 hours, PAX Gold (PAXG), higher by roughly 0.6% on the day, Maker (MKR), gaining around 2–3% in 24 hours, and Chainlink (LINK), trading fractionally lower on the day, which analysts say may be bucking the broader crypto bear trend.

Tether Gold (XAUT) changes hands around $5,013.23, essentially flat on the day, after a 7.4% gain over the last week and an 11.41% rise over the past month. Both instruments track bullion tightly, but remain small compared with the broader crypto complex, underscoring how little capital has actually migrated into tokenized metals despite gold’s parabolic move. Live market stats for PAXG and XAUT are available on their respective crypto.news price pages:

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The RWA Sector by the Numbers

Zooming out, the RWA sector is growing, but unevenly. CoinMetrics and Tokeny data put tokenized commodities—dominated by gold‑backed tokens like PAXG and XAUT—in roughly the $0.8–$1B range as of the latest comprehensive report, a rounding error next to spot gold’s multi‑trillion‑dollar market.

More recent industry analysis highlights a sharp acceleration: tokenized gold and silver market value has pushed to new highs into 2026 as regulatory clarity improves and large institutions experiment with on‑chain funds and vault‑linked products. Yet derivatives flow shows how violently this niche still trades; one recent week saw RWA perpetuals volume spike above $15.5B as gold futures dropped over 10% and silver nearly 28%, forcing liquidations across levered positions.

Altcoins vs Gold: Structural Cheapness, Not Just Panic

That backdrop explains why van de Poppe’s chart looks so extreme. Altcoins—especially sub‑top‑100 RWA plays—have been doubly hit: first by structural dilution (new token issuance, unlocks) and second by liquidity tightening that rewards “sleep‑at‑night” gold over speculative tails. As one responder put it, “altcoins hitting historic lows versus gold screams opportunity if you can stomach volatility… rsi at 25 on weekly shows extreme oversold conditions, rarely this extreme.” Whether that becomes the “ultimate arbitrage” for believers in the long‑term blockchain thesis, or just another value trap, will depend on the next macro liquidity flip—not on narratives alone.

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Dollar Stays Weak on Worries Over Foreign Selling of U.S. Assets

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Stocks Little Changed After Fed Decision

The dollar was recovering only marginally after reaching a one-and-a-half-week low overnight on concerns about foreigners selling U.S. assets.

These concerns were triggered by a Bloomberg report that said Chinese regulators advised financial institutions to reduce their exposure to U.S. Treasury holdings.

Elsewhere, Federal Reserve governor Stephen Miran played down the dollar’s recent weakness. He said the dollar would need to register a steeper fall than it already has for it to affect inflation.

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Bitcoin, Ethereum, Crypto News & Price Indexes

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Cryptocurrencies, Law, United States, Crimes

A dual national of China and St. Kitts and Nevis has been sentenced to 20 years in US federal prison for orchestrating a global cryptocurrency scam that stole more than $73 million from victims, many of them American investors.

Forty-two-year-old Daren Li received the statutory maximum sentence in the Central District of California, along with three years of supervised release, according to a statement issued Tuesday by the US Department of Justice (DOJ).

Prosecutors said Li and at least eight co-conspirators established spoofed domains and websites resembling legitimate trading platforms to promote fraudulent crypto investments after gaining victims’ trust, a scheme known as pig butchering or phishing scams.

Court filings show the conspirators often initiated contact through social media platforms and dating apps, cultivating professional or romantic relationships before persuading victims to transfer funds into accounts controlled by the group.

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“The Court’s sentence reflects the gravity of Li’s conduct, which caused devastating losses to victims throughout our country,” said Assistant Attorney General A. Tysen Duva, adding that authorities would “work with our law enforcement partners around the world to ensure that Li is returned to the United States to serve his full sentence.”

Related: Wallet tied to Infini exploiter resurfaces to buy Ether dip for $13M

Li is the first defendant to be sentenced. Eight other co-conspirators have pleaded guilty and await sentencing.

Li admitted that he and his co-conspirators tricked victims into transferring at least $73.6 million in funds to bank accounts associated with the defendants, including $59.8 million from US shell companies that laundered victim funds.

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The sentencing comes more than a year after Li pleaded guilty to conspiring with others to launder funds obtained from victims through crypto scams and fraud, Cointelegraph reported in November 2024.

Cryptocurrencies, Law, United States, Crimes
Daren Li admitted he helped associates launder millions in funds stolen through various crypto scams. Source: CourtListener 

The investigation remains ongoing and is being led by the US Secret Service Global Investigative Operations Center, with assistance from Homeland Security Investigations’ El Camino Real Financial Crimes Task Force and the US Marshals Service, among other agencies.

Related: OpenClaw AI hub faces wave of poisoned plugins, SlowMist warns

Crypto scams see resurgence at the start of 2026

Crypto scams and phishing incidents saw an uptick in January, when scammers stole $370 million, the highest monthly figure in 11 months, according to crypto security company CertiK.

Notably, $311 million of the total figure was attributed to phishing scams, after a victim lost around $284 million due to a particularly damaging social engineering scam.

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Source: CertiK

The $370 million marked the largest monthly loss since February 2025, when attackers netted around $1.5 billion in total value stolen, with the majority due to the $1.4 billion Bybit exchange hack.

Magazine: Meet the onchain crypto detectives fighting crime better than the cops