Onchain perps capture 15% of futures volume as centralized trading declines

The derivatives market is going through a quiet but meaningful reshaping. Onchain perpetual futures platforms now account for roughly 14.9% of total perp trading volume, a share that has climbed steadily over the past 18 months as centralized exchange activity softens. CEX volumes hit a rough patch Combined trading volumes across major centralized exchanges fell to $4.41 trillion in May 2026, the lowest figure recorded since September 2024. Spot markets on CEXs hit 25-month lows in April 2026, with derivatives activity following a similar trajectory across multiple months. Onchain platforms are not immune to this dynamic, but their volume has declined at a slower rate. That relative resilience is what pushed the market share figure from low single digits to nearly 15% over roughly an 18-month window. Hyperliquid leads, but competition is building Hyperliquid remains the dominant force in onchain perps by a wide margin. The platform has reported 30-day trading volumes ranging between $180B and $245B, and at its peak commanded more than 70% of total onchain perp volume. That dominance is starting to attract challengers. Platforms like Aster and Lighter have emerged as credible compet...