Hyperliquid Is Quietly Eating Coinbase’s Lunch

PLUS: Ethereum Usage Is Breaking Records

Altcoin Investing Picks

Feb 10, 2026

Hi Investor 👋

welcome to a ✅ free edition ✅ of Altcoin Investing Picks, the most actionable crypto newsletter.

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In today's newsletter:

💡 Hyperliquid Is Quietly Eating Coinbase’s Lunch
📣 Cathie Wood’s Ark Invest buys more Bullish as stock jumps over 16%
📈 Ethereum Usage Is Breaking Records

Let’s dive in!

💡 Insight

Hyperliquid Is Quietly Eating Coinbase’s Lunch

Most people still think centralized exchanges dominate crypto trading.

That assumption is now wrong.

The data you haven’t seen yet 👇

Trading volume:

Coinbase: $1.4T
Hyperliquid: $2.6T

Yes — an onchain exchange is doing ~2x Coinbase’s volume.

And the market is already reacting.

YTD price performance:

Hyperliquid: +31.7%
Coinbase: -27.0%

That’s a +58.7% divergence in weeks.

Artemis@artemis

BREAKING: Hyperliquid is quietly outgrowing Coinbase. Trading Volume (Notional): • Coinbase: $1.4T • Hyperliquid: $2.6T That’s nearly 2x Coinbase’s volume… from an onchain exchange. And the market is noticing. YTD Price Performance: • Hyperliquid: +31.7% • Coinbase:

Anthony @0xintforbitcoin

Hyperliquid does more notional trading volume than Coinbase 👀 We are seeing the fundamentals show up in the charts $HYPE $COIN

8:57 PM · Feb 9, 2026 · 173K Views

103 Replies · 183 Reposts · 1.01K Likes

Why this matters more than it looks

Let’s zoom out.

Hyperliquid isn’t just “another DEX.”

It’s showing three dangerous things for centralized exchanges:

1️⃣ Volume is migrating onchain

For years, the bear case on DEXs was: “Users won’t trade size onchain.”

That’s now dead.

Hyperliquid is handling institution-scale notional with:

Deep liquidity
Fast execution
No KYC
Full self-custody

This is exactly what power users want in a post-FTX world.

2️⃣ The fee model is asymmetric

Coinbase makes money by:

Charging ~1% take rates
Acting as a regulated middleman

Hyperliquid:

Charges an order of magnitude less
Still captures massive absolute fees due to volume
Doesn’t carry regulatory overhead

Lower fees → more traders → more volume → stronger moat.

Classic flywheel.

3️⃣ The market rewards the narrative early

Price action tells you what fundamentals will confirm later.

While Coinbase stock bleeds:

Hyperliquid is being priced as infrastructure, not a trading app
Investors are front-running a future where:

“Onchain is the default, not the alternative”

This is how category leaders are born.

The real takeaway (and what to do next)

This isn’t about Coinbase vs Hyperliquid.

It’s about where crypto liquidity is going next.

If Hyperliquid can outperform:

A publicly listed exchange
With regulatory advantages
And brand recognition

Then imagine what happens when:

More perps move onchain
More chains integrate
More whales follow liquidity

📣 Update

Cathie Wood’s Ark Invest buys more Bullish as stock jumps over 16%

Cathie Wood’s Ark Invest purchased additional shares of Bullish on Monday as the stock advanced amid a broader rally in equity markets.

The firm bought a total of 57,164 Bullish shares today across three of its exchange-traded funds, worth around $1.83 million based on the closing price, according to the firm’s trading disclosure.

The move followed its purchase of 393,057 shares of Bullish on Friday, valued at roughly $10.8 million. Ark also sold about $22.2 million worth of Coinbase shares that day.

Read more →