2 min readAster DEX and Hyperliquid keep getting measured against each other. We look at what the two perp exchanges share, where they split, and the latest data
Aster and Hyperliquid are compared because they are two of the largest decentralized exchanges for perpetual futures, and for a few weeks in 2025 Aster overtook Hyperliquid on trading volume
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They also take opposite approaches. Hyperliquid runs a fully transparent on-chain order book. Aster offers privacy tools, higher leverage, and more product types. Today Hyperliquid is clearly larger: DefiLlama shows $204.83 billion in 30-day perp volume against Aster's $59.95 billion
Both are perp DEXs. A perpetual future, or perp, is a contract that tracks an asset's price with no expiry date and is usually traded with leverage. A DEX lets users trade from their own wallets without handing funds to a company
Hyperliquid launched in February 2023. Its founder, Jeff Yan, studied mathematics and computer science at Harvard and worked at Hudson River Trading before running his own crypto market-making firm. The project is self-funded and took no venture capital
It runs on its own Layer 1 blockchain using HyperBFT consensus. One part, HyperCore, runs the order book. Another, HyperEVM, runs smart contracts. The HYPE token launched on November 29, 2024, with about 31% of supply airdropped to roughly 94,000 early users
Aster came out of a late-2024 merger between Astherus and APX Finance. It is backed by YZi Labs, and Binance founder Changpeng "CZ" Zhao is an advisor. Its CEO goes by the name Leonard
Aster started as an app on BNB Chain, Ethereum, Solana, and Arbitrum. Its ASTER token launched in September 2025. On March 17, 2026, it launched its own Layer 1, Aster Chain
The comparison comes from one sharp reversal in market share
Hyperliquid's recovery came partly from new markets. AMBCrypto reported that it regained volume after adding commodities such as oil, gold, and silver
Aster's surge drew scrutiny almost at once. On October 5, 2025, DefiLlama founder 0xngmi removed Aster's perp volume from the site. He said Aster's volumes tracked Binance's perp volumes unusually closely, and that Aster did not provide the lower-level data needed to check for wash trading. Wash trading means trading with yourself to inflate volume. ASTER fell about 10% in 24 hours
DefiLlama relisted Aster on October 19, 2025, but 0xngmi said the platform "is still a black box and we can't verify the numbers." Aster CEO Leonard said the patterns came from API traders trying to maximize airdrop rewards, not from wash trading. The question was never settled
One measure analysts use here is open interest, the value of positions that are still open. In April 2026, Hyperliquid's ratio of open interest to volume was 0.64. Aster's was 0.18, which suggests more short-term trading and fewer held positions
The main differences fall into four areas. Product figures come from Coin Bureau's June 2026 comparison unless stated
On Hyperliquid, every order, cancel, trade, and liquidation is visible on-chain. Aster offers hidden orders and a Shield Mode. Aster Chain adds zero-knowledge proofs and stealth addresses to curb "position hunting," where traders target large visible positions
Hyperliquid has no venture investors. Aster has YZi Labs behind it and close ties to the BNB Chain ecosystem. About 70% of Aster's $793.12 million in total value locked sits on BNB Chain, DefiLlama shows
HYPE has a maximum supply of 1 billion, with 222.45 million in circulation. Hyperliquid routes most of its fees into buying HYPE, which is then burned. Its latest burn removed 112,580 HYPE worth $10.15 million, The Coin Republic reported on October 5. The team allocation is 23.8% of total supply
ASTER has a maximum supply of 8 billion, with 2.714 billion in circulation. Aster set aside 53.5% of supply for airdrops over 80 months, and it directs 20% to 40% of daily perp fees to buybacks
DefiLlama and CoinGecko data for October 7, 2026, show the gap
On HYPE, analyst Rickie Sanchez wrote on October 6 that token unlocks are the main headwind, with about 73% of supply still outside circulation. He said a break above $98 would be a stronger signal than a move toward $100
Both platforms added features in the past three months
Aster and Hyperliquid both run perp trading on their own Layer 1 chains, but they are built and funded differently. Hyperliquid offers a transparent order book, deeper liquidity, and a fee-funded HYPE burn. Aster offers hidden orders, leverage up to 1001x, and stock perps. Coin Bureau's assessment is that Hyperliquid suits traders who put liquidity first, and Aster suits those who want privacy and feature range
What Is The Main Difference Between Aster And Hyperliquid?Who Is Behind Aster And Hyperliquid?Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected]
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Written bySoumen DattaSoumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers
