Lates News

On April 3rd, the decentralized perpetual contract platform HyperLiquid continues to erode the market share of centralized trading platforms. In March, HyperLiquid's share of total perpetual contract trading volume has climbed to nearly 6%, compared to around 3.5% a year ago, with monthly trading volume approaching $200 billion. It is worth noting that this increase in market share has occurred against the backdrop of a decline in overall trading platform volume since the peak in August 2025, indicating that HyperLiquid is truly gaining market share rather than simply benefiting from an increase in overall trading volume. Among its on-chain competitors, dYdX and GMX have failed to keep up with HyperLiquid in terms of trading volume growth or product expansion, with the latter now firmly established as the clear leader 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 continues to rise.