Hyperliquid continues to seize CEX market share, and the market share of perpetual contracts is approaching 6%

Comparatively, according to The Block, the decentralized perpetual contract platform Hyperliquid continues to encroach on the market share of centralized trading platforms. In March, Hyperliquid's share of the total perpetual contract trading volume climbed to close to 6%, a significant increase from about 3.5% a year ago, and the monthly trading volume was close to US$200 billion.

What is particularly noteworthy is that this increase in share occurred against the backdrop of an overall trading platform trading volume falling back from its peak in August 2025, indicating that Hyperliquid is actually seizing market share rather than simply benefiting from an increase in overall trading volume. Among on-chain competitors, dYdX and GMX have failed to keep up with Hyperliquid in terms of transaction volume growth or product expansion, and the latter has now become the clear leader in the decentralized perpetual contract space.

The expansion of non-cryptographic assets is an increasingly important structural factor behind this trend. Commodities such as petroleum can now be traded 24/7 on Hyperliquid, and the share of non-crypto asset trading volume in the overall activity of the platform continues to increase. This highlights the structural advantages of decentralized platforms over traditional markets—traditional traders have to wait until the CME opens on Sunday evening to hedge their oil positions and have to take the risk of a shortfall over the weekend, while the 24-hour all-weather trading platform completely eliminates this risk.

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