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

金色财经_ · 2026-04-02T20:08:01+00:00

Hyperliquid, a decentralized perpetual contract platform, has achieved significant growth in market share, with trading volume accounting for nearly 6% in March. As non-cryptocurrency asset trading expands, Hyperliquid continues to lead the market, demonstrating its structural advantages over traditional platforms.

金色财经_

2026-04-02 20:08:01

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Golden Finance reports that on April 3, the decentralized perpetual contract platform Hyperliquid is continuing to steadily erode the market share of centralized trading platforms. In March, Hyperliquid’s share of total perpetual contract trading volume had risen 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 share growth is happening against the backdrop of overall trading platform volumes falling from their August 2025 peak, indicating that Hyperliquid is genuinely taking market share rather than simply benefiting from an overall rise in trading volume. Among on-chain competitors, both dYdX and GMX have failed to keep up with Hyperliquid in terms of trading volume growth or product expansion; the latter has now become a clear leader in the decentralized perpetuals contract sector.
The expansion of non-crypto assets is an increasingly important structural factor behind this trend. Major commodities such as oil are now available for 24/7 trading on Hyperliquid, and the share of non-crypto asset trading volume in the platform’s overall activity is continuing to rise. This highlights the structural advantages decentralized platforms have over traditional markets: if traditional market makers need to wait until CME’s Sunday evening open to hedge oil positions, they must bear the gap risk across the entire weekend, while a 24-hour all-day trading platform completely eliminates this risk.

DYDX-2.9%

GMX-2.9%

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