Hyperliquid Dominates the Decentralized Perpetual Contracts Market with Nearly 70% Market Share and $175 Billion Traded in March
Its intermediary-free model based on smart contracts and designed for active traders is attracting an increasing number of users looking for security and efficiency.
With waning trust in centralized exchanges, Hyperliquid represents a structural shift towards high-performing, non-custodial on-chain derivative products.
Hyperliquid: A Meteoric Rise in the Perps Market
In just a few months, Hyperliquid has captured around 70% market share in the decentralized perpetual contracts segment, relegating its competitors to a marginal position. This growing dominance marks a turning point in the crypto derivatives ecosystem, previously dominated by centralized exchanges like Binance.
In March, the platform recorded a trading volume of $175 billion, and April is already halfway through with $83 billion traded. This unyielding momentum strengthens the idea that traders are gradually shifting towards on-chain solutions, which are more transparent and resilient.
An Ideal Model for Active Traders
Perpetual contracts offer traders continuous exposure to markets without a set expiry date. Unlike traditional futures, these products use a funding mechanism to keep the contract price aligned with the underlying asset’s price. Hyperliquid capitalizes on this model by making it accessible in a decentralized manner, without holding funds or intermediaries.
This approach appeals to experienced investors. With leverage, they can amplify their positions with a reduced capital while benefiting from automated execution through smart contracts. By avoiding the insolvency risks associated with centralized platforms, Hyperliquid meets the growing market demand for freely trading without compromising security.
A Trend Beyond Raw Performance
Since April 2024, Hyperliquid’s growth has been consistently impressive. In the face of competitors like GMX, Vertex Edge, and Jupiter, who maintain stable but marginal market shares, the protocol has benefited from powerful network effects. As liquidity concentrates in Hyperliquid, it attracts new users, further solidifying its lead.
Another revealing factor is that Hyperliquid’s volume now represents nearly 10% of Binance’s volume. While still a minority proportion, it signifies the emergence of a genuine alternative paradigm. It is not just innovation that attracts, but a true redefinition of speculating on digital assets.
A Structural Shift Towards Decentralized Derivatives
The success of Hyperliquid confirms the increasingly widespread notion that decentralized perpetual contracts are better equipped to conquer the market than simple on-chain spot trading. They offer traders the tools they seek—leverage, depth, speed—while eliminating systemic risks.
In an environment where trust in centralized exchanges is diminishing, non-custodial solutions combined with the flexibility of perpetual contracts create a credible, technically robust, and financially competitive alternative. Hyperliquid not only captures volume but embodies a shift in decentralized finance.
