Hyperliquid's perpetual contract market share has risen to nearly 6%, continuing to erode the market share of centralized exchanges.

CoinFeed reported on April 8th that, according to The Block, Hyperliquid, a decentralized perpetual contract trading platform, saw its global perpetual contract trading volume share rise to nearly 6% in March, a significant increase from approximately 3.5% a year ago, with monthly trading volume approaching $20 billion. The report states that even though overall exchange trading volume has declined since August 2025, Hyperliquid's share continues to rise, indicating that it is gaining real market share from centralized exchanges. Compared to other decentralized platforms such as dYdX and GMX, Hyperliquid is leading in both trading volume growth and product expansion.