Hyperliquid Leads On-Chain Perpetual Contracts Market Despite Volume Drop

2026-05-19 09:49

Hyperliquid continues to dominate the on-chain perpetual contracts market, maintaining its leading position despite a decline in trading volumes earlier this year. According to DeFiLlama, Hyperliquid's monthly trading volume is at least double that of its nearest competitor. In May, Solana emerged as the second-largest chain by perpetual contract trading volume, capturing over 10% of the market share. This marks a significant rise for Solana in the on-chain derivatives space.

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