According to Artemis data, the on-chain trading platform Hyperliquid's trading volume has surpassed Coinbase: in terms of nominal trading volume, Coinbase stands at $1.4 trillion, while Hyperliquid reaches $2.6 trillion, nearly double the former; year-to-date price performance shows Hyperliquid up 31.7%, Coinbase down 27.0%, creating a significant divergence of approximately 58.7% in the short term.