Aster Challenges Hyperliquid's Derivatives Dominance with $1.25B Open Interest

Aster, a decentralized perpetuals exchange on the BNB Chain, has overtaken its rival Hyperliquid in open interest, surging from $3.72 million to $1.25 billion in less than a week, according to CoinGlass dataAster dethrones Hyperliquid with $1.25B surge in open interest^[1]. This meteoric rise reflects heightened trader activity and capital deployment on the platform, with total value locked (TVL) also rising sharply to $1.85 billion—a 196% increase from $625 million in just two daysAster dethrones Hyperliquid with $1.25B surge in open interest^[1]. The platform’s 24-hour trading volume reached $24.7 billion, outpacing Hyperliquid’s $10 billion, though Hyperliquid maintains a larger edge in seven-day ($66 billion) and 30-day ($300 billion) volumesAster dethrones Hyperliquid with $1.25B surge in open interest^[1].

The rapid ascent of Aster is attributed to strategic partnerships and marketing efforts. BNB Chain and YZi Labs (formerly Binance Labs) provided mentorship and ecosystem support, while CoinMarketCap’s CMC Launch program generated 400 million banner impressions and 1.5 million live event viewsAster dethrones Hyperliquid with $1.25B surge in open interest^[1]. These initiatives amplified Aster’s visibility, aligning with broader speculation about its potential to capture a share of Hyperliquid’s $2.7 billion daily trading volumeAster Shakes the Crypto Market with 1200% Jump, Eyes Hyperliquid’s Throne^[2]. However, critics highlight concerns over Aster’s token distribution, with 93% of its supply concentrated in five wallets, raising red flags about market manipulationHow Binance Drove Aster Token Up 2000%: HYPE War & Insiders^[6].

Hyperliquid, which dominates the decentralized derivatives market with 73% market share as of mid-2025Aster Shakes the Crypto Market with 1200% Jump, Eyes Hyperliquid’s Throne^[2], has seen its influence wane. Competitors like Aster and Lighter have increased their weekly trading volume shares to 14.9% and 16.8%, respectively, from negligible levels in MayHyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground^[3]. Despite this, Hyperliquid’s $320 billion July 2025 trading volume and $86.6 million protocol revenue underscore its entrenched position, driven by a 97% fee allocation for HYPE token buybacksAster Shakes the Crypto Market with 1200% Jump, Eyes Hyperliquid’s Throne^[2].

Aster’s growth has also intensified competition, with both platforms listing each other’s tokens. Hyperliquid introduced Aster’s ASTR with 3x leverage, while Aster responded with 300x leverage on HYPEHyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground^[3]. This escalation reflects a broader shift in the decentralized trading landscape, where platforms are leveraging high leverage and hybrid CEX-DEX models to attract liquidity.

On-chain data reveals further dynamics: Aster’s futures open interest increased by 46%, contrasting with stagnant Bitcoin perpetual futures activityCrypto Markets Today: MASK Token Anticipation Builds, Aster Becomes New Favorite^[5]. Smart money indicators, including a rising Smart Money Index (SMI) and positive Elder-Ray readings, suggest institutional accumulation in ASTER, with the token trading at $2.20, near its all-time high. Whale activity, such as a $4.66 million token transfer from a major wallet, further signals strategic positioningASTER Price Surges 20% as Smart Money Fuels Rally - BeInCrypto^[8].

The rivalry between Aster and Hyperliquid underscores the fragmented yet rapidly evolving decentralized derivatives market. While Aster’s explosive growth challenges Hyperliquid’s dominance, the latter’s deeper liquidity and established user base remain formidable. Analysts caution that Aster’s fundamentals, including its $8 billion token supply and lack of a live product, may not yet justify its $3.26 billion market capAster Price Prediction After 1900% Rally: FOMO Buy Now or Wait for a Pullback?^[4].