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Hyperliquid vs. Aster: Two Different Approaches to On-Chain Derivatives

In early October 2025, a new decentralized exchange—Aster—boomed across DeFi by surpassing Hyperliquid in trading volume, just weeks after launch. What happened?

Check on ASTER

What Is Aster?

Aster is a multi-chain DEX for perpetual futures, offering leverage up to 1001x and advanced trading features like hidden orders, grid strategies, and cross-chain liquidity. It operates on BNB Chain, Ethereum, Solana, and Arbitrum, and combines on-chain derivatives with yield products through its Aster Earn section.

The platform’s popularity soared after the ASTER token reached a multi-billion-dollar market cap within days. Aster’s innovative features, including Pro Mode (with an order book) and Simple Mode (one-click MEV-protected trading), appeal to both professional traders and newcomers.

How It Compares to Hyperliquid

While Hyperliquid remains a strong player with higher total value locked ($5.87B vs. Aster’s $2.35B), Aster’s higher leverage, stock-based contracts, and cross-chain support have attracted a massive user base: now over 2 million traders. Its close ties to BNB Chain and rumored backing from CZ have only amplified its visibility.

Check on HYPE

What’s Next for Aster?

Aster’s rapid rise comes with risks: token concentration, potential manipulation concerns, and regulatory scrutiny. Yet, its innovations in hidden orders, DeFi yield integration, and multi-chain derivatives all signal a major evolution in on-chain trading infrastructure.

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