April 1 news: With Hyperliquid's daily trading volume reaching US$4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, accounting for nearly 60% of the market share. Although Hyperliquid is still far behind Binance Futures’ average daily trading volume of $50 billion, this trend suggests it has begun to suck the market share of centralized exchanges (CEXs). According to CoinGecko, Hyperliquid is currently ranked 14th in derivatives exchanges by open contracts, reaching $3.1 billion. That still lags behind Binance’s $22 billion, but leads the derivatives divisions of established exchanges such as Deribit or Crypto.com, BitMEX or KuCoin. This is the first time that DEX has competed so closely with the veteran CEX.