Aster's ZK privacy and concealed order functionality present a challenge to Hyperliquid's dominance among DEX platforms.

Aster, a decentralized protocol focused on perpetual futures trading, recently achieved a 24-hour trading volume exceeding $700 million on Hyperliquid, a decentralized exchange (DEX) known for its high performance and specialization in perpetual contracts Aster's 24h Perpetual DEX Volume Surpasses $700M on Hyperliquid [ 1 ]. This significant growth illustrates rising interest in crypto derivatives and a trend toward deeper integration with blockchain networks, especially on the

Chain. Through collaborations with leading BNB Chain protocols, Aster has increased its total value locked (TVL) to $390 million, highlighting its swift uptake in the decentralized derivatives sector Aster's 24h Perpetual DEX Volume Surpasses $700M on Hyperliquid [ 1 ].

The platform's rapid expansion is fueled by support from YZi Labs (formerly known as Binance Labs) and active participation from the community. Changpeng Zhao (CZ), Binance’s founder, has frequently featured Aster on social platforms, praising its innovations and presenting it as a strong contender to Hyperliquid in light of new regulatory frameworks like the EU’s Markets in Crypto-Assets (MiCA) Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid [ 2 ]. CZ’s endorsement and institutional backing have attracted both retail and professional traders to Aster’s multi-chain functionality and advanced trading tools CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours [ 3 ].

The $ASTER token debuted in September 2025, quickly reaching a $300 million market capitalization within just six hours as its price climbed from $0.08 to $0.2181 CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours [ 3 ]. An airdrop distributed 704 million tokens—8.8% of the total 8 billion supply—to early users, involving 137,000 wallets in the verification process. The community has responded favorably, with many users appreciating the platform’s yield-generating collateral options and privacy-centric design Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid [ 2 ].

Hyperliquid continues to lead the decentralized perpetual market, reporting $670 million in TVL and daily trading volumes reaching $800 million as of September 2025 Aster Hits $1B TVL, 330K Users After Token Launch [ 6 ]. Aster, however, distinguishes itself by implementing hidden orders—limit orders that are not visible in the public order book—addressing concerns about front-running and market manipulation Hyperliquid Rival Aster Smashes Its Monthly Trading Volume Record [ 4 ]. The platform also enables cross-chain trading, supporting BNB Chain,

, , and , making it easy for users to access liquidity across multiple ecosystems Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid [ 2 ].

Industry experts point to Aster’s potential to rival Hyperliquid’s dominance, especially in regulated markets such as Europe. The platform’s privacy-oriented approach, utilizing zero-knowledge proofs (ZK), allows users to keep their transactions confidential while still meeting compliance standards—an important feature under MiCA Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid [ 2 ]. Despite Hyperliquid’s strong position, Aster’s user base expanded rapidly, gaining 330,000 new wallets within 24 hours of its launch Hyperliquid, Aster, and the Battle for Perp DEX Dominance [ 8 ].

The competition in this sector remains fierce, with both platforms striving for leadership through technological advancements and ecosystem growth. Aster’s plan to transition to its own ZK-based Layer 1 blockchain, the Aster Chain, aims to boost both efficiency and privacy, potentially closing

with Hyperliquid’s purpose-built infrastructure. As decentralized perpetual platforms gain broader adoption, the rivalry between Aster and Hyperliquid is likely to spark further progress in liquidity, security, and user experience across the industry.