Aster and Hyperliquid are two leading decentralized perpetuals exchanges (DEXs) vying for dominance in on-chain trading. Launched in mid-2025, Aster (built on BNB Chain with multi-chain expansion) emphasizes aggressive leverage, cross-chain accessibility, and trader incentives like airdrops and fee discounts. Hyperliquid, on its custom Layer-1 blockchain, prioritizes speed, reliability, and community governance with a focus on deep liquidity and low-latency execution. As of November 3, 2025, Aster has surged in trading volume (recently surpassing Hyperliquid), driven by CZ's endorsement and high-leverage appeal, while Hyperliquid maintains superior TVL and open interest, appealing to institutional traders. Below is a data-driven comparison.
Key Metrics Comparison
| Metric | Aster (ASTER) | Hyperliquid (HYPE) | Notes/Edge |
|---|---|---|---|
| TVL | $1.604B (mostly BSC: $1.429B) | $4.894B (mostly Arbitrum: $4.73B) | Hyperliquid leads in locked value, reflecting deeper liquidity pools. |
| 24h Perp Volume | $6.437B | $2.756B | Aster edges out on volume, signaling higher speculative trading. |
| Open Interest (OI) | $2.983B | $8.97B | Hyperliquid's higher OI indicates more sustained positions. |
| 24h Fees | $1.14M | $1.36M | Slight Hyperliquid advantage; both generate strong revenue. |
| 24h Revenue | N/A (fees proxy ~$1.14M) | $1.18M | Hyperliquid's model routes more to holders via buybacks. |
| Token Price | $1.16 (up 26% 24h) | $41.78 (stable) | Aster's volatility offers short-term gains. |
| Market Cap | $2.342B (#40 rank) | $11.321B (#17 rank) | Hyperliquid's maturity shows in higher valuation. |
| FDV | $9.285B | $41.804B | Hyperliquid's lower inflation risk due to burns. |
| 30d Perp Volume | $266.328B | $281.561B | Neck-and-neck; Aster closed the gap recently. |
Data sourced from DeFiLlama as of Nov 3, 2025. Aster's volume spike (4x Hyperliquid's on Oct 31) highlights its momentum, but Hyperliquid's ecosystem (e.g., native USDH stablecoin) supports steadier growth.
Architecture and Design
- Aster: Multi-chain aggregator across BNB, Ethereum, Solana, Arbitrum, and more, using modular contracts for liquidity routing and optimistic execution with fraud proofs. This enables broad asset access (e.g., tokenized U.S. stocks) but introduces bridge risks and fragmentation. Upcoming Aster Chain (ZK-proof L1) aims to consolidate, but details are sparse.
- Hyperliquid: Vertically integrated on its Hyperliquid L1 with HyperBFT consensus (0.2s blocks, 200k orders/sec) and HyperCore for on-chain CLOB (central limit order book). HyperEVM supports dApps, with internal oracles for pricing—optimized for speed but single-chain dependent.
- Edge: Hyperliquid for performance (sub-250ms latency); Aster for versatility in a fragmented multi-chain world.
Features and Trading Experience
- Aster: Up to 1,001x leverage (50x on stocks), Hidden Orders (ZK anti-front-running), yield-bearing collateral (e.g., USDF with delta-neutral yields), and dual modes (Simple for retail, Pro for advanced). Supports 24/7 stock perps and cross-chain swaps; fees: 0.005% maker/0.04% taker (5% ASTER discount).
- Hyperliquid: Up to 50x leverage, advanced orders (triggers, isolated/cross margin), permissionless markets via HIP-3 auctions, and gas-abstracted UI. Fees: ~0.01% maker/0.045% taker (tiered); excels in deep books and pro tools like APIs for bots.
- Edge: Aster for high-risk/high-reward traders (e.g., extreme leverage, incentives like $570M airdrop); Hyperliquid for precision scalpers and institutions seeking CEX-like reliability.
Tokenomics and Incentives
- Aster (Max Supply: 8B): ~2B circulating; 53.5% community/airdrops, 30% ecosystem, vesting cliffs. Value accrual via fee discounts, Rh points rewards, and buybacks from $15M daily revenue. High emissions (75% locked) risk dilution but fuel growth.
- Hyperliquid (Max Supply: 1B): ~270M-337M circulating; 40% community, multi-year vesting. 93-97% fees to HYPE buybacks/burns, staking yields (15-25% APY), and Assistance Fund. More deflationary, with gas demand from L1 usage.
- Edge: Hyperliquid for long-term holders (sustainable yields); Aster for farmers chasing airdrops and campaigns.
Risks and Community Sentiment
- Aster Risks: Bridge/oracle vulnerabilities (e.g., past XPL pricing glitch, reimbursed), high volatility (384% annualized), and FUD from delays/unlocks. Audits by PeckShield; Immunefi bounty. X sentiment is bullish on volume but wary of whale shorts post-CZ buy.
- Hyperliquid Risks: Validator centralization (Nakamoto coeff. 9, but Foundation holds sway), oracle manipulation, and outages (e.g., July API refund). Audits by Zellic; $1M bounty. X views it as "infra-first" but "desperate" amid Aster's surge.
- Edge: Hyperliquid's maturity reduces systemic risks; Aster's aggression amplifies upside/downside.
Verdict
Hyperliquid wins for stability and pro-trading (higher TVL/OI, better Sharpe ratio), ideal for low-latency, deep-book needs—projected 34-48% upside to $62-70 by EOY if BTC hits $140K. Aster shines for speculative plays (volume leadership, 1,001x leverage), with 57-81% potential to $1.68-1.94, but requires tolerance for volatility and unlocks. In the "trader-first vs. infra-first" debate, Aster's recent metrics suggest it's closing the gap—watch for Aster Chain launch vs. Hyperliquid's HIP-3 upgrades. DYOR; both are high-reward in a bull market.
