Aster Surpasses $4.07B in Perp DEX Volume Amid Broader Decline

Aster’s 24-hour trading volume reached $4.07 billion in late December 2025, outpacing other Perp DEX platforms like Lighter, EdgeX, and Pacifica, which reported figures below $3 billion. This performance positioned Aster as a leader in a market that saw a broader drop in activity. The surge in onchain perpetual futures volume has been attributed to factors like leverage and the absence of a traditional altcoin season according to analysis.

The Perp DEX market has become increasingly competitive, with platforms like Hyperliquid and Aster vying for dominance. Hyperliquid, despite a recent decline in volume, maintained a 63% share of open interest in Q3 2025, showcasing stronger capital efficiency than its peers. Aster’s volume share rose to 27.7% in November 2025, though concerns arose over its 1:1 volume correlation with Binance and a delisting by DefiLlama according to reports.

Onchain perpetual futures gained traction as traders sought leverage and exposure without expiration dates. Decentralized platforms like Aster and Hyperliquid accounted for over $1 trillion in monthly volume by late 2025. The competition among platforms is pushing innovation in execution speed, liquidity depth, and infrastructure reliability.

Aster's 24-Hour Volume Outpaces Peers

Aster’s 24-hour volume of $4.07 billion in late December 2025 outperformed platforms like Lighter, EdgeX, and Pacifica, which reported below $3 billion. This performance reflects a shift in trader activity toward platforms with deeper liquidity and faster execution. While Lighter reported $30.9 billion in weekly volume, overtaking Hyperliquid’s $21.5 billion, its overall 24-hour volume dropped, signaling ongoing challenges in retaining traders. Meanwhile, Hyperliquid recorded a slight increase in open interest, though its overall volume declined.

The broader Perp DEX market experienced a drop in activity, with many platforms reporting lower figures. Aster’s volume, however, remained a standout, driven by traders shifting to onchain derivatives as an alternative to spot markets.

Market Share and Capital Efficiency in Perp DEXs

Hyperliquid has dominated the Perp DEX space in terms of open interest, holding 63% in Q3 2025. This figure far outpaced Aster’s 27.7% and Lighter’s 10% volume share. The alignment between total value locked (TVL) and open interest (OI) is a key metric for assessing capital efficiency. Hyperliquid’s $66.7 billion in OI in December 2025, compared to its $41.6 billion TVL, highlights its strong capital efficiency according to market analysis.

Aster, while trailing in TVL, reported the highest OI at $2.53 billion. However, concerns over the authenticity of its volume persist due to its 1:1 correlation with Binance and DefiLlama’s delisting according to reports. Lighter, with a TVL of $1.46 billion and OI of $1.67 billion, demonstrated closer alignment between these metrics but trailed Hyperliquid significantly. For investors, the key differentiator lies in capital efficiency and market credibility according to analysts.

Onchain Trading and Future Competition

The rise of onchain perpetual futures has been a major trend in 2025, with decentralized exchanges processing over $1 trillion in monthly volume. Traders are increasingly favoring perps for their leverage and 24/7 trading access. Platforms like Aster and Hyperliquid are at the forefront of this shift, with infrastructure improvements and aggressive liquidity incentives driving adoption. Aster’s focus on multi-chain support and high leverage appeals to retail traders, while Hyperliquid’s institutional-grade order books and capital efficiency attract professional participants according to market reports.

Lighter’s zero-knowledge infrastructure and zero-fee model have drawn institutional interest but have yet to match Hyperliquid’s TVL or OI. Its recent outage in October 2025 raised concerns about reliability according to industry sources. As the perp DEX market matures, the competition for volume and capital efficiency will likely intensify, with traders prioritizing execution speed, liquidity, and system reliability over ideological preferences.

• Aster’s 24-hour volume reached $4.07 billion, outpacing peers.
• Hyperliquid led in open interest with 63% in Q3 2025 according to data.
• Decentralized platforms accounted for over $1 trillion in monthly perp volume according to analysis.

Aster’s strong performance in 2025 highlights the maturation of onchain trading platforms and the growing importance of capital efficiency and liquidity depth. As the sector evolves, traders will continue to prioritize execution and reliability over ideology according to industry reports.