Haciyev Reşit 
Competition in the crypto perpetual (perps) DEX market is intensifying rapidly. While Hyperliquid long regarded as the undisputed leader continues to maintain its dominant position, Aster has made significant progress and is beginning to close the gap in market share. This development highlights how competition and innovation in decentralized derivatives exchanges are becoming increasingly important for investors.
Aster’s strategic moves and its integrated spot/yield solutions have contributed to the rapid growth of its user base. Factors such as transparent token holdings and endorsement from CZ have further boosted the platform’s credibility and appeal. For investors, this translates into a more active market and more competitive trading opportunities.
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Current Perps DEX Trading Volumes
- Hyperliquid: 24-hour trading volume of USD 6.95 billion. It remains the leader in terms of open interest and TVL. With innovative products and HyperEVM, Hyperliquid continues to stand out as the dominant player in the DEX ecosystem.
- Aster DEX: 24-hour trading volume of USD 5.45 billion. Thanks to its token launch in September 2025, high leverage offerings, and integrated spot/yield strategies, Aster has achieved rapid volume growth and now ranks just behind Hyperliquid in terms of trading activity and user interest.
Aster’s Rise
Aster has strengthened investor confidence through CZ’s endorsement and by disclosing its token holdings. The token is currently trading around USD 0.72, and some Crypto Twitter communities consider this level to represent a price floor. However, factors such as the token lock-up schedule and an upcoming USD 75 million token unlock continue to exert pressure on the price.
According to DefiLlama data, Aster has positioned itself just behind Hyperliquid in the perps DEX ecosystem, steadily increasing its market share. This trend offers investors a more active market environment, competitive trading volumes, and access to innovative products. Aster’s strategic initiatives are turning it into a standout competitor, and its user base continues to expand.
Competition and Market Dynamics
Crypto investment firms and analysts note that Aster’s rise is paving the way for a new generation of DEXs that challenge Hyperliquid’s leadership. Thanks to its integrated spot/yield solutions and user-focused token strategies, the platform has built a rapidly growing user base. These features make Aster a strong rival and an attractive option for both retail and institutional participants. Analysts emphasize that Aster’s strategic approach is significantly enhancing its competitive position within the sector.
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