Hyperliquid Gains Market Share as Centralized Trading Also Expands

Hyperliquid’s rising market share is coinciding with broader crypto trading across decentralized and centralized platforms rather than a simple shift of activity between them.

The platforms have limited user overlap, with some traders turning to Hyperliquid after being unable to complete know-your-customer checks or access mainstream centralized exchanges. Centralized-platform volumes have also expanded as Hyperliquid has gained market share.

The pattern indicates that crypto trading is expanding at the market’s edges instead of moving in one direction between decentralized and centralized platforms.