Perpetual contract volumes on decentralized exchanges shifted as Aster overtook Hyperliquid in daily volume for several days. Altering market balances and exposing the risks and benefits for traders, liquidity providers, and validators. In September 2025 Aster posted daily highs of $24.7 billion and a quarterly perps market near $2 trillion.
The perpetual DEX field is now split. Hyperliquid. long the leader, dropped from above 70% share to a band between 38% and 65% in recent months. Aster, supported by Binance, has pulled in large flows and open-interest peaks that topped $1.25 billion for short periods.
Impact of Aster’s growth on the market
Aster uses its link to Binance to draw users and depth, speeding uptake but adding centralized chokepoints that can shape access and routing, especially during volatile periods.
Hyperliquid’s HYPE token gained more than 300% since April. Yet November 2025 unlocks loom and may create sell pressure, a factor that could influence pricing, incentives, and short-term participation.
Hyperliquid runs on 21 validators, a low count that raises censorship or collusion risk, with earlier flaws in its liquidation engine on record and lingering as a consideration for risk management.
The contest between Aster and Hyperliquid marks a redistribution phase in DEX perps. The blend of liquidity tied to a major exchange, upcoming token unlocks, and the resilience of a fully on-chain setup will decide which platform secures a lasting edge.
