Aster vs HyperLiquid: A Hyperliquid killer?

In 2025, Perpetual DEXs emerged as the new “gold mines” of crypto, attracting billions of dollars in daily trading volume. With the rise of fast, low-fee platforms offering high leverage trading, HyperLiquid has dominated the space as the top runner.

But recently, Aster, a new Perpetual DEX built on the BNB Chain, has exploded into space. Boosted by a rare mention from CZ (Changpeng Zhao, former Binance CEO), Aster has rapidly gained traction and sparked speculation: could it challenge HyperLiquid’s dominance?

Let’s dive in.

What is Perpetual DEX?

Perpetual DEXs are decentralized platforms that allow traders to open perpetual futures contracts (perps) with high leverage (2x–100x), using on-chain orderbooks for transparency and decentralization. Unlike spot trading, perpetuals let traders long or short assets like BTC, ETH, or altcoins without holding the underlying.

By 2025, perp DEX volume has exploded thanks to fast L1/L2 chains and the bull market’s demand for hedging. According to DeFiLlama, global perp DEX volume now exceeds $1 trillion per month, with HyperLiquid capturing ~70% of the perps market. 

What is Aster?

Aster is a next-gen Perpetual DEX that launched its $ASTER token via TGE on September 17, 2025, on BNB Chain, but supports multiple chains including Ethereum, Arbitrum, and Solana. Aster backed by YZi Labs (ex-Binance Labs) and partnered with PancakeSwap, this protocol gained massive attention when CZ personally mentioned it on X, a rare move that fueled hype.

Core Features

• Two Trading Modes:
  • Simple Mode for beginners: one-click trades, MEV protection, leverage up to 100x.Pro Mode for advanced users: CEX-style orderbook, deep liquidity, lower maker/taker fees than Binance (0.01% rebate for makers). Advanced tools for professional traders.
• USDF: USDF is a stablecoin that is designed to use capital more efficiently, meaning that the capital collateralized to issue USDF does not remain idle but continues to be used to generate passive income.
• Aster Earn: The Earn feature is designed to help users make the most out of their digital assets by participating in staking and receiving regular interest. Instead of letting capital sit idle, users can convert it into a sustainable stream of passive income.

Performance

• TGE price: $0.0089 → pumped 452% to $1.20, now trading between $1.4-$1.8.
• Market Cap: $2.4B-$2.9B.
• TVL: $400M+, with 330k new wallets and 24h volume of $324M-$1.3B.
• Market Share: 19%, up from just 2%.
• Cumulative Volume: $516B, with 36k DAUs.

Notably, $ASTER avoided a massive dump post-airdrop, thanks to strong demand fueled by CZ-driven hype. Many now call Aster the “Chinese HyperLiquid,” but its privacy focus and multi-chain design show it’s targeting whales and institutional traders.

What is HyperLiquid?

HyperLiquid is an L1 blockchain purpose-built for perpetual trading. Launched in 2023 with a fair launch (27.5% airdrop to 94k users, no VC funding), it exploded in 2025 as the “Binance of DeFi.”

Core Features

• Beast Tech: Custom HyperBFT consensus (100k TPS), zero gas for perps, full on-chain orderbook. Coin-margined trading and HLP vaults where LPs deposit USDC to earn from fees/liquidations (46% revenue to holders).
• Expanding Ecosystem: Supports perps, spot, upcoming HyperEVM, and sub-protocols like Unit (TVL $800M). Nearly 99% of fees are used for $HYPE buybacks, creating natural demand.
• Community-First: Fair launch, no VC, strong governance. Annualized revenue ~$1B distributed to LPs and stakers.

Performance

• Token: $HYPE trading at $55–58, near ATH ($59.29).
• Market Cap: $16-18B, FDV ~$58B.
• TVL: $5-7B, up 70% in H2 2025.
• Open Interest: $1B+.
• Cumulative Volume: $5.2T (186B/month).

Market Share: 71-73%, with millions of active users.

Aster vs HyperLiquid: Key Differences

Could Aster be a Hyperliquid killer?

Aster’s Edge

The influence of CZ has been significant, since his rare public endorsement created massive FOMO that resembled the early days of Binance token listings, which often pumped 10x overnight.

On the product side, Aster can process 25,000 orders per second across Ethereum, Solana, and Arbitrum, while HyperLiquid peaks at 3,100 orders. Another standout feature of Aster is that it also supports hidden orders, different from other perp DEX designs. Its institutional focus is also clear, as it is one of the first DEXs to introduce stock perpetuals that allow 24/7 equities trading with leverage.

HyperLiquid’s Strength 

However, HyperLiquid comes from scale and resilience. The platform currently handles ten times Aster’s volume, supported by a loyal community built around its fair launch, deep liquidity, and independence from venture capital. It also benefits from a powerful revenue flywheel, since 99 percent of fees are used for $HYPE buybacks, which generate roughly $200 million in annual structural demand. 

Even during market corrections, HyperLiquid has maintained dominance, particularly in BTC perpetuals where it continues to lead against both centralized and decentralized rivals.

Looking at the outlook, the short term favors Aster. In Q4 2025, it could capture 25 to 30 percent of the market thanks to CZ and its privacy-oriented features. In the long term, though, HyperLiquid remains the safer bet because of its proven technology, integrations such as the $USDH stablecoin, and a deeply loyal community. 

Ultimately, competition between the two projects should be seen as a catalyst for innovation. The rise of Aster is already pushing HyperLiquid to consider adopting more features, which would strengthen its offering further. 

HyperLiquid may still be the king of perpetual DEXs, but Aster represents an asymmetric “gamble play.” Much like Solana competing with Ethereum, Aster does not need to flip HyperLiquid to be successful; carving out a meaningful market share would already make it one of the most important challengers in the sector.

Conclusion

Aster is the flashy newcomer with hype, privacy features. While HyperLiquid is the battle-tested giant with scale, revenue, and loyalty. For traders and investors, it comes down to risk appetite:

• HyperLiquid = safe bet for deep liquidity and stability.
• Aster = high-upside play for those betting on CZ’s influence and institutional adoption.

FAQs

Q1:  What is Aster ($ASTER)?

Aster is a next-generation perpetual DEX on BNB Chain, offering up to 1001x leverage, low fees, and deep liquidity.

Q2: What is HyperLiquid ($HYPE)?

An L1 Perpetual DEX launched in 2023, now dominating the market with fair launch and CEX-level speed.

Q3: Which has higher upside?

Aster may offer higher short-term gains, but HyperLiquid has more sustainable long-term fundamentals.

Q4: Aster vs Hyperliquid: Which has stronger liquidity?

Hyperliquid maintains far deeper liquidity thanks to its higher TVL, larger open interest, and more consistent trading volume. Aster is expanding quickly, but its liquidity is still more volatile.

Q5: Has Aster overtaken Hyperliquid in market cap?

Not yet. Hyperliquid’s market cap is roughly $15-$16 billion, while Aster’s is about $2.6 billion, so Hyperliquid remains larger by market cap.