ChainThink report, according to The Block, the decentralized perpetual contracts platform Hyperliquid is steadily capturing market share from centralized exchanges. In March, the platform's perpetual contracts total trading volume market share approached 6%, a significant increase from approximately 3.5% a year ago, with monthly trading volume nearing $200 billion.

This market share growth has occurred against the backdrop of an overall decline in exchange trading volume since its peak in August 2025, indicating that Hyperliquid is genuinely capturing market share rather than merely benefiting from a general rise in trading activity.

Currently, Hyperliquid has emerged as the clear leader in the decentralized perpetual contracts space, with chain-based competitors dYdX and GMX failing to match its pace in trading volume expansion or product innovation. The expansion into non-crypto assets represents a key structural driver of this growth—commodities such as oil can now be traded 24/7 on Hyperliquid, and non-crypto asset trading volume continues to grow as a share of the platform’s overall activity. This highlights a fundamental structural advantage of decentralized platforms over traditional markets: traditional traders must wait for CME’s Sunday evening opening to adjust their oil positions, exposing them to gap risk throughout the weekend, whereas 24/7 decentralized platforms entirely eliminate this risk.