PANews reported on April 1 that according to Cointelegraph, with Hyperliquid's daily trading volume reaching $4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, accounting for nearly 60% of the market share. Although Hyperliquid is still far behind Binance Futures' average daily trading volume of $50 billion, this trend shows that it has begun to erode the market share of centralized exchanges (CEX).

According to Coingecko, Hyperliquid is currently ranked 14th by open interest among derivatives exchanges, at $3.1 billion. This is still behind Binance's $22 billion, but ahead of Deribit or the derivatives divisions of established exchanges such as Crypto.com, BitMEX or KuCoin. This is the first time that a DEX has competed so closely with established CEXs.

X user Skewga.hl pointed out that Hyperliquid’s share of BTC perpetual futures volume recently hit an all-time high, almost reaching 50% of Bybit and 21% of Binance. Skewga.hl wrote: “Never before has a DEX been so close to the volume of a tier-one CEX.”