Decentralised perpetual futures trading platform Hyperliquid nearly reached a 6 percent share of total perpetual futures trading volume in March, The Block reported. Its share rose sharply from about 3.5 percent a year earlier. Hyperliquid’s monthly trading volume was close to $200 billion, while centralised exchanges process more than $3 trillion in monthly perpetual futures trading. The Block said Hyperliquid has also expanded into non-crypto assets, including commodities such as crude oil traded around the clock.

The U.S. Commodity Futures Trading Commission has filed lawsuits against Illinois, Arizona and Connecticut in a dispute over jurisdiction for prediction markets. The agency said Illinois infringed the federal government’s exclusive authority by cracking down on platforms including Kalshi, Crypto.com and Polymarket, including sending orders to halt operations. The CFTC asked a federal court to determine whether the Illinois actions violated the U.S. Constitution’s Supremacy Clause.