Hyperliquid has captured nearly 6% of the global perpetual futures market in Mar. 2025, processing close to $200 billion in monthly volume and steadily eroding the dominance that centralized exchanges have held over crypto derivatives trading.
Hyperliquid Perps Volume Growth
Centralized exchanges still handle the vast majority of perpetual futures activity, with more than $3 trillion in monthly volume. But Hyperliquid's share has climbed from roughly 3.5% a year ago to just under 6% in March.
The shift is notable because it occurred even as total exchange volumes fell from their Aug. 2025 peak.
That pattern suggests the platform is capturing real market share, not simply benefiting from a rising tide.
On-chain rivals like dYdX and GMX have not kept pace. Neither has matched Hyperliquid's trajectory in volume growth or product expansion, leaving it as the dominant decentralized perps venue.
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Non-Crypto Assets Expansion
The platform now offers 24/7 trading in commodities such as oil, and non-crypto volume accounts for a growing share of overall activity. That availability creates a practical edge over traditional venues.
A trading firm that waits for the CME to open on Sunday evening carries weekend gap risk that a round-the-clock venue eliminates. If decentralized platforms continue to scale liquidity and broaden asset coverage, the addressable market extends into the multi-trillion-dollar universe of traditional derivatives — where settlement delays and limited market hours remain structural weaknesses.
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