Jeff

Aster

Hyperliquid

<a style="text-decoration:none" href="https://bsc.news/post/cz-favorite-perp-dex-aster-explained" rel="noopener noreferrer nofollow">Aster</a> and&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-hyperliquid" rel="noopener noreferrer nofollow">Hyperliquid</a> are compared because they are two of the largest decentralized exchanges for perpetual futures, and for a few weeks in 2025 Aster overtook Hyperliquid on trading volume.&nbsp;
They also take opposite approaches. Hyperliquid runs a fully transparent on-chain order book. Aster offers privacy tools, higher leverage, and more product types. Today Hyperliquid is clearly larger: DefiLlama shows $204.83 billion in 30-day perp volume against Aster's $59.95 billion.
<h2 id="span-span-strong-what-are-aster-and-hyperliquid-strong-span-span">What Are Aster And Hyperliquid?</h2>
Both are perp DEXs. A perpetual future, or perp, is a contract that tracks an asset's price with no expiry date and is usually traded with leverage. A DEX lets users trade from their own wallets without handing funds to a company.
<h3 id="span-span-strong-hyperliquid-the-incumbent-strong-span-span">Hyperliquid: The Incumbent</h3>
Hyperliquid launched in February 2023. Its founder, Jeff Yan, studied mathematics and computer science at Harvard and worked at Hudson River Trading before running his own crypto market-making firm. The project is self-funded and took no venture capital.
It runs on its own Layer 1 blockchain using HyperBFT consensus. One part, HyperCore, runs the order book. Another, HyperEVM, runs smart contracts. The HYPE token launched on November 29, 2024, with about 31% of supply airdropped to roughly 94,000 early users.
<h3 id="span-span-strong-aster-the-challenger-strong-span-span">Aster: The Challenger</h3>
Aster came out of a late-2024 merger between Astherus and APX Finance. It is backed by YZi Labs, and Binance founder Changpeng "CZ" Zhao is an advisor. Its CEO goes by the name Leonard.
Aster started as an app on&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-bnb-chain-layer-one-blockchain-guide" rel="noopener noreferrer nofollow">BNB Chain</a>,&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-ethereum-eth-how-it-works-explained" rel="noopener noreferrer nofollow">Ethereum</a>,&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/solana-blockchain-ecosystem-deep-dive" rel="noopener noreferrer nofollow">Solana</a>, and&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/arbitrum-ethereum-layer-2-analysis" rel="noopener noreferrer nofollow">Arbitrum</a>. Its ASTER token launched in September 2025. On March 17, 2026, it launched its own Layer 1, Aster Chain.
<h2 id="span-span-strong-why-do-traders-compare-the-two-strong-span-span">Why Do Traders Compare The Two?</h2>
The comparison comes from one sharp reversal in market share.&nbsp;
<ul>
 <li>Through early 2025: Hyperliquid held about 70% of perp DEX volume.</li>
 <li>September 2025: After ASTER launched and CZ endorsed the project, Aster took about 70% of volume. Hyperliquid fell to about 10%.</li>
 <li>April 2026: Hyperliquid was back at 44%. Aster had dropped to 15%.</li>
 <li>October 2026: DefiLlama's 30-day figures work out to about 33% for Hyperliquid and 10% for Aster.</li>
</ul>
Hyperliquid's recovery came partly from new markets. AMBCrypto reported that it regained volume after adding commodities such as oil, gold, and silver.
<h2 id="span-span-strong-why-was-aster-s-volume-questioned-strong-span-span">Why Was Aster's Volume Questioned?</h2>
Aster's surge drew scrutiny almost at once. On October 5, 2025, DefiLlama founder 0xngmi removed Aster's perp volume from the site. He said Aster's volumes tracked Binance's perp volumes unusually closely, and that Aster did not provide the lower-level data needed to check for wash trading. Wash trading means trading with yourself to inflate volume. ASTER fell about 10% in 24 hours.
DefiLlama relisted Aster on October 19, 2025, but 0xngmi said the platform "is still a black box and we can't verify the numbers." Aster CEO Leonard said the patterns came from API traders trying to maximize airdrop rewards, not from wash trading. The question was never settled.
One measure analysts use here is open interest, the value of positions that are still open. In April 2026, Hyperliquid's ratio of open interest to volume was 0.64. Aster's was 0.18, which suggests more short-term trading and fewer held positions.
<h2 id="span-span-strong-how-do-aster-and-hyperliquid-differ-strong-span-span">How Do Aster And Hyperliquid Differ?</h2>
The main differences fall into four areas. Product figures come from Coin Bureau's June 2026 comparison unless stated.
<h3 id="span-span-strong-transparency-versus-privacy-strong-span-span">Transparency Versus Privacy</h3>
On Hyperliquid, every order, cancel, trade, and liquidation is visible on-chain. Aster offers hidden orders and a Shield Mode. Aster Chain adds zero-knowledge proofs and stealth addresses to curb "position hunting," where traders target large visible positions.
<h3 id="span-span-strong-leverage-fees-and-products-strong-span-span">Leverage, Fees, And Products</h3>
<ul>
 <li>Leverage: Aster allows up to 1001x on BTC/USD in its Degen Mode. Hyperliquid ranges from 3x to 40x by market.</li>
 <li>Fees: Aster charges 0% maker and 0.04% taker on USDT perps. Hyperliquid's base tier is 0.015% maker and 0.045% taker.</li>
 <li>Products: Aster adds tokenized stock perps, its USDF stablecoin, and yield-bearing collateral such as asBNB. Hyperliquid has HIP-3, which lets outside builders deploy their own markets.</li>
</ul>
<h3 id="span-span-strong-funding-and-backers-strong-span-span">Funding And Backers</h3>
Hyperliquid has no venture investors. Aster has YZi Labs behind it and close ties to the BNB Chain ecosystem. About 70% of Aster's $793.12 million in total value locked sits on BNB Chain, DefiLlama shows.
<h3 id="span-span-strong-tokenomics-strong-span-span">Tokenomics</h3>
HYPE has a maximum supply of 1 billion, with 222.45 million in circulation. Hyperliquid routes most of its fees into buying HYPE, which is then burned. Its latest burn removed 112,580 HYPE worth $10.15 million, The Coin Republic reported on October 5. The team allocation is 23.8% of total supply.
ASTER has a maximum supply of 8 billion, with 2.714 billion in circulation. Aster set aside 53.5% of supply for airdrops over 80 months, and it directs 20% to 40% of daily perp fees to buybacks.
<h2 id="span-span-strong-what-do-the-latest-numbers-show-strong-span-span">What Do The Latest Numbers Show?</h2>
DefiLlama and CoinGecko data for October 7, 2026, show the gap:
<ul>
 <li>24-hour perp volume: Hyperliquid $6.11 billion, Aster $1.69 billion</li>
 <li>Open interest: Hyperliquid $8.72 billion, Aster $1.42 billion</li>
 <li>Total value locked: Hyperliquid $7.35 billion, Aster $793.12 million</li>
 <li>30-day fees: Hyperliquid $87.53 million, Aster $5.34 million</li>
 <li>30-day value returned to token holders: Hyperliquid $71.31 million, Aster $3.5 million</li>
</ul>
On HYPE, analyst Rickie Sanchez wrote on October 6 that token unlocks are the main headwind, with about 73% of supply still outside circulation. He said a break above $98 would be a stronger signal than a move toward $100.
<h2 id="span-span-strong-what-has-each-shipped-recently-strong-span-span">What Has Each Shipped Recently?</h2>
Both platforms added features in the past three months.
<ul>
 <li>Aster: An over-the-counter desk for perps opened on September 29, starting with BTC-USDT. Aster Vault, which lets users create and invest in automated trading strategies, launched on July 31. A four-week trading rewards campaign began on September 28.</li>
 <li>Hyperliquid: Bloomberg Terminal now shows pricing for selected Hyperliquid perps. HIP-4, which enables permissionless outcome markets, went to testnet on August 1. The exchange hit a record 435,564 open positions on October 6.</li>
</ul>
<h2 id="span-span-strong-conclusion-strong-span-span">Conclusion</h2>
Aster and Hyperliquid both run perp trading on their own Layer 1 chains, but they are built and funded differently. Hyperliquid offers a transparent order book, deeper liquidity, and a fee-funded HYPE burn. Aster offers hidden orders, leverage up to 1001x, and stock perps. Coin Bureau's assessment is that Hyperliquid suits traders who put liquidity first, and Aster suits those who want privacy and feature range.
<h2 id="span-span-strong-resources-strong-span-span">Resources</h2>
<ol>
 <li><a style="text-decoration:none" href="https://defillama.com/perps" rel="noopener noreferrer nofollow">DefiLlama</a>: Perpetual DEX volume and open interest</li>
 <li><a style="text-decoration:none" href="https://defillama.com/protocol/hyperliquid" rel="noopener noreferrer nofollow">DefiLlama</a>: Hyperliquid TVL, fees and revenue</li>
 <li><a style="text-decoration:none" href="https://defillama.com/protocol/aster" rel="noopener noreferrer nofollow">DefiLlama</a>: Aster TVL, fees and revenue</li>
 <li><a style="text-decoration:none" href="https://coinbureau.com/analysis/aster-vs-hyperliquid" rel="noopener noreferrer nofollow">Analysis by Coin Bureau</a>: Aster vs Hyperliquid 2026: Fees, Liquidity, Risk &amp; Key Differences</li>
 <li><a style="text-decoration:none" href="https://www.21shares.com/en-eu/insights/the-perpetual-dex-wars-hyperliquid-aster-and-lighter-in-focus" rel="noopener noreferrer nofollow">Research by 21Shares</a>: The perpetual DEX wars: Hyperliquid, Aster, and Lighter in focus</li>
 <li><a style="text-decoration:none" href="https://blockonomi.com/hyperliquid-vs-aster-how-the-perp-dex-market-share-war-ended-in-just-7-months/" rel="noopener noreferrer nofollow">Report by Blockonomi</a>: Hyperliquid vs Aster: How the Perp DEX Market Share War Ended in Just 7 Months</li>
 <li><a style="text-decoration:none" href="https://www.bitget.com/news/detail/12560605371452" rel="noopener noreferrer nofollow">Cointurk via Bitget News</a>: Hyperliquid climbs to 44% market share as Aster slides to 15%</li>
 <li><a style="text-decoration:none" href="https://ambcrypto.com/aster-chain-mainnet-debuts-can-it-slow-the-dexs-falling-market-share/" rel="noopener noreferrer nofollow">Report by AMBCrypto</a>: Aster Chain mainnet debuts: Can it slow the DEX's falling market share?</li>
 <li><a style="text-decoration:none" href="https://www.theblock.co/post/373458/asters-token-drops-10-after-defillama-head-raises-wash-trading-concerns-delists-perpetuals-data" rel="noopener noreferrer nofollow">Report by The Block</a>: Aster's token drops 10% after DefiLlama head raises wash trading concerns</li>
 <li><a style="text-decoration:none" href="https://finance.yahoo.com/news/aster-back-defillama-wash-trading-101715173.html" rel="noopener noreferrer nofollow">Yahoo Finance</a>: Aster Back on DeFiLlama, But Wash-Trading Fallout Still Not Resolved</li>
 <li><a style="text-decoration:none" href="https://www.kucoin.com/blog/aster-vs-hyperliquid" rel="noopener noreferrer nofollow">KuCoin Blog</a>: Aster vs Hyperliquid: Perp DEX Comparison 2026</li>
 <li><a style="text-decoration:none" href="https://iq.wiki/wiki/jeff-yan" rel="noopener noreferrer nofollow">IQ.wiki</a>: Jeff Yan</li>
 <li><a style="text-decoration:none" href="https://www.bitget.com/news/detail/12560605158176" rel="noopener noreferrer nofollow">Bitget News</a>: Aster Buyback Program Skyrockets with Strategic 40% Daily Fee Allocation</li>
 <li><a style="text-decoration:none" href="https://thecoinrepublic.com/2026/10/05/hype-price-rises-as-hyperliquid-burns-10m-gets-bloomberg-boost" rel="noopener noreferrer nofollow">Report by The Coin Republic</a>: HYPE Price Rises as Hyperliquid Burns $10M, Gets Bloomberg Boost</li>
 <li><a style="text-decoration:none" href="https://usethebitcoin.com/market-analysis/hyperliquid-price-october-6-2026/" rel="noopener noreferrer nofollow">Analysis by UseTheBitcoin</a>: Hyperliquid Price Analysis October 6, 2026</li>
</ol>

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