Understanding Volume Share
Volume share is a metric that shows how much of the total trading activity in a market segment is occurring on a particular protocol. It's calculated by dividing a protocol's trading volume by the total aggregate volume across all compared protocols.
For example, if the total RWA perpetual volume across Hyperliquid, Ostium, and Lighter is $100 million in 24 hours, and Hyperliquid does $60 million of that, Hyperliquid's volume share would be 60%.
Volume share is important because it indicates: - Market dominance and competitive position - Likely liquidity depth - User trust and adoption - Protocol health and sustainability
On Perpformance, volume share is tracked in real-time across RWA perpetual markets, helping traders identify where the most trading activity is happening. Higher volume share typically correlates with tighter spreads and better execution.
However, volume share should be considered alongside other metrics: - Open interest share - Fee share - Number of active markets - User count
Volume can be concentrated in a few large trades, so open interest often provides a more stable view of sustained market participation.