BlockBeats message, April 3, according to The Block: the decentralized perpetual futures platform Hyperliquid is continuing to steadily erode the market share of centralized trading platforms. In March, Hyperliquid’s share of total perpetual futures trading volume rose to nearly 6%, up significantly from about 3.5% a year earlier, with monthly trading volume approaching $200 billion.
Of particular note is that this market-share growth is happening against the backdrop of overall trading-platform volumes pulling back from their peak in August 2025, indicating that Hyperliquid is genuinely taking market share rather than simply benefiting from an increase in total trading volume. Among on-chain competitors, neither dYdX nor GMX has been able to keep pace with Hyperliquid in either volume growth or product expansion; the latter has now become the clear leader in the decentralized perpetual futures space.
The expansion of non-crypto assets is an increasingly important structural factor behind this trend. Commodities such as oil can now be traded on Hyperliquid 24/7, and the share of non-crypto asset trading volume within the platform’s overall activity is continuing to rise. This highlights a structural advantage that decentralized platforms have over traditional markets: if traditional brokers need to wait until the CME opens on Sunday evenings to hedge their oil positions, they must bear gap risk throughout the weekend, whereas a 24-hour, around-the-clock trading platform completely eliminates that risk.
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