Centralized exchanges have long been the crown jewel of the crypto industry, processing over $3 trillion in monthly perpetual futures volume and providing the core use case that underpins the sector: trading and speculation.

But Hyperliquid is steadily chipping away at that dominance.

The platform's share of total perpetual futures volume has climbed to just under 6% in March, up from roughly 3.5% a year ago, with monthly volumes approaching $200 billion.

What makes the trend particularly notable is that the ratio has continued to climb even as overall exchange volumes have compressed from their August 2025 peak. This suggests Hyperliquid is genuinely pulling market share rather than simply riding broader volume.

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Onchain competition remains limited. While platforms like dYdX and GMX exist, neither has matched Hyperliquid's trajectory in terms of volume growth or product expansion, leaving it as the clear frontrunner in decentralized perpetual futures.

The platform's expansion into non-crypto assets is an increasingly relevant part of the story.

Commodities like oil now trade 24/7 on Hyperliquid, and non-crypto volume is making up a growing share of overall activity on the platform. This points to a structural advantage that decentralized venues hold over traditional markets.

A trading firm that waits for CME to open Sunday evening to hedge an oil position is carrying weekend gap risk that a 24/7 venue eliminates entirely.

If decentralized perps platforms can continue scaling liquidity and asset coverage, the addressable market extends well beyond crypto-native volume and into the multi-trillion dollar universe of traditional derivatives, where settlement delays and market hours remain structural inefficiencies.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.