Hyperliquid's perpetuals share nears 6% as volume approaches $200B

Hyperliquid is continuing to take perpetuals trading share from centralized exchanges, according to ChainThink citing The Block. In March, the decentralized perpetuals platform accounted for nearly 6% of total perpetuals volume, up from about 3.5% a year earlier, with monthly trading volume close to $200 billion. The gains come even as Hyperliquid's overall trading activity has been trending lower since peaking in August 2025, suggesting the platform is capturing share rather than simply riding a broader rise in volumes. Hyperliquid has widened its lead among decentralized perpetuals venues, while onchain rivals dYdX and GMX have not matched its pace in volume growth or product expansion. A key driver is the push into noncrypto markets: commodities such as oil now trade on Hyperliquid 24/7, and noncrypto volume is taking a larger share of overall activity. The shift underscores a structural edge for decentralized venues. Traditional traders often must wait for the CME to reopen on Sunday evening to adjust oil exposure, leaving them vulnerable to weekend gap risk. Hyperliquid's around-the-clock market removes that constraint.