Coinbase International has surpassed Hyperliquid in perpetual contract trading volume over the past 30 days, securing the fifth position, according to The DeFi Report. The turnover rate of Coinbase's open interest is reported to be 23 times that of Hyperliquid. However, some users argue that open interest is a more accurate metric and have raised concerns about the transparency of Coinbase's trading volume in relation to Maker's incentive mechanisms.