Next “Binance Killer”? Hyperliquid Now Dominates DeFi Derivatives, New Report Shows

Hyperliquid has emerged as a dominant force in DeFi derivatives, reportedly surpassing Coinbase International's derivatives volume in 2025 and processing $653 billion in Q2 2025 alone. The platform represents the broader migration from centralized to decentralized derivatives trading, positioning itself as the most credible challenge to Binance's derivatives dominance.