Merkle Tree Capital

HYPE is living up to the Hype

by | Mar 4, 2026

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A Decentralised Exchange is now outpacing Coinbase and Robinhood, it's time to take DeFi seriously

In the rapidly evolving landscape of trading, a decentralized exchange built on its own Layer 1 blockchain has quietly surpassed two of the industry's giants. Hyperliquid, with its native HYPE token, processed $3.1 trillion in notional trading volume over the last 12 months, nearly double Coinbase's $1.4 trillion and exceed Robinhood's $2.8 trillion over the same period...

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