XRP Liquidity Signals Derivatives Data

What to Know:

• Hyperliquid’s trading volume has surged past Coinbase, signaling a shift in market dynamics.
• This development highlights the growing influence of decentralized exchanges (DEXs) in the crypto space.
• Ripple Prime’s integration with Hyperliquid could boost liquidity and institutional access to XRP-related markets.

Decentralized exchange Hyperliquid has emerged as a significant player in the crypto derivatives market, recently surpassing Coinbase in trading volume. This milestone underscores the increasing adoption of decentralized platforms and their potential to rival centralized exchanges. Fueled by innovative features and growing user interest, Hyperliquid’s rise reflects a broader trend toward decentralized finance (DeFi) solutions.

Hyperliquid’s Trading Volume Surge

Data from Artemis reveals that Hyperliquid recorded $2.6 trillion in trading volume, nearly double Coinbase’s $1.4 trillion within the same period. This substantial difference highlights Hyperliquid’s growing appeal among traders. The platform’s year-to-date performance further emphasizes this trend, with Hyperliquid gaining 31.7% compared to Coinbase’s 27% decline.

Revenue and Open Interest

Hyperliquid’s revenue generation is also noteworthy. In 2025, the platform generated $822 million in revenues, and it has already recorded $79.1 million in revenues this year. The open interest on Hyperliquid stood at $4.1 million, indicating active participation and liquidity within the exchange.

Ripple Prime Integration

Ripple’s brokerage platform, Ripple Prime, now supports Hyperliquid, allowing institutional clients to access Hyperliquid’s on-chain derivatives. This integration enables cross-margining exposure across various assets, including cleared derivatives, OTC swaps, fixed income, forex, and digital assets, all under a single counterparty. Michael Higgins, international CEO of Ripple Prime, noted that this integration merges decentralized finance with traditional prime brokerage, improving liquidity access and trading efficiency.

Market Impact and XRP

The integration of Hyperliquid with Ripple Prime could have positive implications for XRP and its liquidity. By providing institutional investors with access to Hyperliquid’s derivatives market, Ripple Prime may facilitate increased trading activity and liquidity for XRP. This development aligns with the broader trend of institutions seeking exposure to digital assets through regulated and reliable channels.

HYPE Token Controversy

Hyperliquid’s journey has not been without challenges. In December, the exchange addressed a controversy involving a former employee who executed large short positions in its native HYPE token. The platform reiterated its zero-tolerance policy for insider trading, emphasizing that employees and contractors are prohibited from trading HYPE derivatives.

Hyperliquid’s rise as a prominent decentralized perpetual futures exchange signifies a notable shift in the crypto market landscape. Its ability to surpass Coinbase in trading volume underscores the growing importance of DeFi platforms and their potential to disrupt traditional financial systems. The integration with Ripple Prime further solidifies Hyperliquid’s position as a key player in the evolving crypto ecosystem.

Related: XRP News: Ripple Exec to Speak at White House

Source: Original article