Hyperliquid continues to capture CEX market share, with the perpetual contract market share approaching 6%.

April 3rd According to The Block, decentralized perpetual contract platform Hyperliquid is gaining market share from centralized exchanges. In March, its share of total perpetual contract trading volume rose to nearly 6%—up sharply from ~3.5% a year ago—with monthly volume approaching $200 billion. Notably, this growth comes amid an overall decline in exchange trading volumes since the August 2025 peak, meaning Hyperliquid is actually capturing share rather than just riding a broader market surge. Among on-chain rivals, dYdX and GMX have failed to match Hyperliquid’s volume growth or product expansion, with the platform now clearly leading the decentralized perpetual contract space. A key structural driver behind the trend is Hyperliquid’s expansion into non-crypto assets. Commodities like oil are now tradable 24/7 on the platform, and non-crypto asset trading volume’s share of total activity is steadily rising. This underscores decentralized platforms’ structural edge over traditional markets: Traditional traders hedging oil positions face weekend gap risk while waiting for CME to open Sunday night, but 24-hour trading eliminates that risk entirely.