Coinbase announced the integration of Hyperliquid perpetuals on its Base App, giving users access to over 290 markets with up to 50x leverage for eligible users. DEX perpetual trading volume peaked at $3.64 trillion in Q4 2025 before the market crash, falling to approximately $1.8 trillion in Q2 2026. Crypto open interest reached a peak of nearly $220 billion before the October crash, recovering to $130 billion, demonstrating growing interest in on-chain derivatives. This integration could bring increased liquidity and users to Hyperliquid while offering Coinbase customers alternative decentralized derivatives products. As the DEX perpetuals market recovers, Coinbase’s move appears strategically timed to capitalize on rising speculative demand.
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