Perpetual Futures Dominated CEX Trading in March, Hyperliquid Hits Record
In March 2026, perpetual futures accounted for 76.5% of centralized exchange volume, the highest since September 2023. Hyperliquid's perp-DEX market share hit a record 6.63% in May, processing ~$200 billion of the $3 trillion total.
Perpetual futures remain a flagship product for centralized crypto exchanges (CEX), with derivatives comprising 76.5% of their total trading volume in March 2026 — the highest share since September 2023.
CEX dominance is gradually eroding. In May, perp-DEX Hyperliquid achieved a record 6.63% share of the crypto derivatives market, processing approximately $200 billion out of a total $3 trillion in volume.
Crypto wallets are also evolving. They first captured spot trading from exchanges, and now they are adding perpetual futures and other instruments, transforming from simple storage into full-fledged financial apps.
Source: ForkLog