PANews reported on April 8th that, according to The Block , Hyperliquid , a decentralized perpetual contract trading platform, saw its share of global perpetual contract trading volume 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 with the overall decline in exchange trading volume since August 2025 , Hyperliquid's share has continued to rise, indicating its acquisition of 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. The platform has expanded to non-crypto assets, including 24/7 commodities such as crude oil, and the proportion of related transactions in overall trading volume is constantly increasing, seen as an early sign of decentralized derivatives platforms entering the traditional multi-trillion-dollar derivatives market.