Onchain Perps Surpass 15% Market Share as CEX Volumes Plummet

The derivatives market is undergoing significant changes, with onchain perpetual futures platforms steadily increasing their share of trading volume.

According to recent data, onchain perps now account for roughly 14.9% of total perp trading volume, a figure that has grown steadily over the past 18 months as centralized exchange activity softens.

Centralized exchanges (CEXs) have seen their combined trading volumes decline to $4.41 trillion in May 2026, their lowest figure since September 2024.

Onchain platforms, including Hyperliquid, are not immune to this trend but have declined at a slower rate, contributing to their growing market share.

Hyperliquid remains the dominant force in onchain perps, with reported 30-day trading volumes ranging between $180B and $245B. However, it is facing increasing competition from platforms like Aster and Lighter, which are carving out meaningful portions of weekly onchain volume.