The token of decentralized ecosystem Hyperliquid (HYPE) has set a new all-time high, not against the dollar, but in a pair against shares of the largest U.S. crypto exchange Coinbase, reaching 0.2514 HYPE per COIN share, according to the TradingView chart. 

What this metric captures is an important market trend; the capitalization growth of the leading DEX protocol is outpacing the stock performance of the main public representative of centralized crypto finance.

The growth of the HYPE/COIN pair is driven not only by speculative interest in the token itself but also by a structural transformation of the derivatives market unfolding right now. 

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HYPE/COIN price chart, Source: TradingView

How Hyperliquid became most liquid on-chain alternative to Coinbase

As of the end of the first 10 days of April, Hyperliquid holds more than 70% of open interest across all decentralized perpetual contracts. The platform’s daily volume reached $8.28 billion in the last 24 hours alone, exceeding the combined figures of its four closest competitors.

Unlike traditional models, Hyperliquid directs 97% of its revenue toward token buybacks, creating natural deflationary pressure, and the market is clearly pricing this amid record volumes. 

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A key catalyst of the current rally is the mass listing and trading of tokenized stocks, metals and other traditional financial instruments. While traditional markets remain closed over the weekend, Hyperliquid delivers multibillion trading volumes in oil, gold, silver and even the S&P 500, becoming the primary venue where these markets continue to operate in tokenized form. 

As of April 2026, Hyperliquid has successfully aggregated derivatives liquidity, fiat gateways and tokenization, effectively becoming a decentralized version of Coinbase, but with a more aggressive tokenomics model for HYPE holders.

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