PANews reported on April 3rd that, according to data and analysis from The Block, Hyperliquid's market share in the perpetual contract market has climbed to nearly 6%, a significant increase from approximately 3.5% a year ago, with monthly trading volume approaching $200 billion. This growth occurred during a period when overall exchange trading volume has declined from its peak in August 2025, indicating that Hyperliquid is truly capturing market share. On-chain competitors such as dYdX and GMX have not yet reached Hyperliquid's level in terms of trading volume growth or product expansion. Hyperliquid's expansion into non-crypto assets such as oil is a significant part of its growth, and its 24/7 trading model eliminates the gap risk caused by traditional market opening time restrictions. If decentralized perpetual contract platforms can continue to expand liquidity and asset coverage, their reach will extend far beyond native crypto trading volume, reaching the multi-trillion-dollar traditional derivatives market.