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

BlockBeats News, April 3rd. According to The Block, the decentralized perpetual contract platform Hyperliquid is actively gaining market share from centralized exchanges. In March, Hyperliquid's share of the total perpetual contract trading volume has risen to nearly 6%, a significant increase from about 3.5% a year ago, with a monthly trading volume close to $200 billion.

Of particular note is that this market share growth has occurred against the backdrop of an overall decline in exchange trading volumes since the peak in August 2025, indicating that Hyperliquid is truly capturing market share rather than simply benefiting from a general increase in trading volumes. Among on-chain competitors, dYdX and GMX have not been able to keep up with Hyperliquid's pace in terms of volume growth or product expansion, with the latter now clearly leading the way in the decentralized perpetual contract field.

The expansion of non-crypto assets is becoming an increasingly important structural factor behind this trend. Commodities such as oil can now be traded 24/7 on Hyperliquid, and the proportion of non-crypto asset trading volume in the platform's overall activity is steadily increasing. This highlights the structural advantages of decentralized platforms over traditional markets—traditional traders who need to hedge oil positions would have to wait until CME opens on Sunday night, exposing themselves to weekend gap risks, while a 24-hour trading platform completely eliminates this risk.