Hyperliquid, a decentralized exchange, has rapidly gained traction in the crypto market, amassing billions in trading volume within just two years. Specializing in perpetual futures, it has attracted significant investment and outperformed Coinbase in several metrics, positioning itself as a formidable player in the industry, albeit smaller than Binance.

Coinbase's stock experienced a 2.26% decline, trading at $325.10, while the company ranked 25th in U.S. equities by trading volume after acquiring Deribit, a major crypto options platform. Analysts expect increased altcoin market activity in Q3 2025 due to anticipated Federal Reserve rate cuts and a favorable macroeconomic environment, bolstered by Deribit's strong trading metrics and infrastructure. The strategic acquisition aims to enhance Coinbase's derivatives offerings and overall market presence.