Hyperliquid dominates the on-chain perpetual futures market, commanding 70% of the market share in recent weeks. The protocol saw $175 billion in volume in March and $83 billion by mid-April. Hyperliquid’s volume is now approaching 10% of the total volume on centralized exchanges, demonstrating the market’s shift toward decentralized derivatives platforms.
Perpetual swaps (perps) are derivative contracts with no expiration date. They maintain exposure through a funding rate mechanism that periodically transfers value between long and short positions. This structure allows traders to use leverage without fully funding a spot position, which is attractive to experienced market participants. On-chain perpetual swaps are also non-custodial, which addresses concerns about exchange insolvency and settlement failures, especially during periods of market stress. Smart contracts automatically execute trades, eliminating reliance on centralized systems that could collapse under stress.
Data from DeFiLlama shows that while the total perpetual contract volume exceeded $7.8 billion, Hyperliquid alone accounted for $4.765 billion of the 24-hour volume. Jupiter, a decentralized exchange based on Solana, followed closely behind with a volume of $579.02 million. ApeX Protocol, Vertex Edge, RabbitX Fusion, and GMX followed closely behind, with smaller shares but still worthy of attention.
Hyperliquid’s rise has squeezed smaller competitors to a stable but lower position. Overall market concentration reflects the trend of mature industries, and top platforms tend to benefit from improved liquidity and user retention. Hyperliquid’s upward trajectory has remained stable since April 2024. As more traders turn to on-chain solutions, platforms that provide higher reliability and better risk control seem to be gaining attention.
As its market influence continues to expand, Hyperliquid’s native token HYPE has also shown an upward momentum. It is trading at $16.68, up 1.23% in the past 24 hours. Weekly and monthly gains are 9.67% and 11.41%, respectively. The token currently has a market cap of $5.58 billion, and its 24-hour trading volume has recently jumped by more than 17%. Earlier this month, HYPE’s intraday trading volume surged 47%, up 8%. Future price estimates put HYPE between $18.485 and $27.340, while the lower limit could fall to $8.834.
Hyperliquid’s recent performance, both in terms of market activity and token prices, has made it a leading protocol in the decentralized derivatives trading space. Multiple data sources, including The Block and DeFiLlama, are tracking Hyperliquid’s progress.
