Hyperliquid handled about $2.6 trillion in notional 2025 volume versus roughly $1.4 trillion on Coinbase, powered by on‑chain perpetual futures on its proprietary Layer 1. The platform posted daily notional spikes near $30B, monthly volumes in the hundreds of billions, TVL near $6B, open interest peaking around $16B, and active users rising from ~300K to >1.4M in a year. HYPE token is ~31.7% YTD; platform fees are used for buybacks and burns. Report notes benefits (speed, transparency, noncustodial settlement, improved UX) and rising competition (Aster, Lighter) and regulatory scrutiny.

Positive for Hyperliquid/HYPE because the story reports concrete on‑chain metrics: $2.6T 2025 notional vs $1.4T for Coinbase, daily spikes near $30B, TVL ~ $6B, open interest ~ $16B, user growth to >1.4M, and a stated buyback/burn fee mechanism; tempered by mention of competition and regulatory scrutiny. All statements are drawn directly from the summary.