Decentralised perpetual futures trading platform Hyperliquid nearly reached a 6 percent share of total perpetual futures trading volume in March.
The Block reported that Hyperliquid’s share in the overall perpetual futures market in March was close to 6 percent.
That was a sharp rise from about 3.5 percent in the same period last year. Monthly trading volume was close to $200 billion. Centralised exchanges (CEX) process more than $3 trillion in perpetual futures trading a month.
Hyperliquid’s share kept rising even as total exchange trading volume fell after peaking in August 2025. On-chain rivals include dYdX and GMX, but they have lagged Hyperliquid in trading-volume growth or product expansion, The Block said.
Hyperliquid is also expanding into non-crypto assets. Commodities such as crude oil are traded around the clock on Hyperliquid, and non-crypto trading is accounting for a larger share of overall platform activity, The Block said.
Chi-gyu Hwang
delight@d-today.co.kr