PANews reported on April 1st that according to Cointelegraph, as Hyperliquid's daily trading volume reached $4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, occupying nearly 60% of the market share. Although Hyperliquid is still far behind Binance Futures' daily trading volume of $5 billion, this trend indicates that it has begun to eat into the market share of centralized exchanges (CEX).

According to CoinGecko, Hyperliquid is currently ranked 14th among derivatives exchanges by open interest at $3.1 billion. This is still behind Binance's $22 billion but ahead of the derivatives departments of veteran exchanges like Deribit, Crypto.com, BitMEX, or Kucoin. This is the first time a DEX has competed so closely with veteran CEXs.

X user Skewga.hl pointed out that Hyperliquid's BTC perpetual futures trading volume share recently hit a historical high, almost reaching 50% of Bybit and 21% of Binance. Skewga.hl wrote: "No DEX has ever been this close to a top-tier CEX's trading volume."