Aster Gains 15.9% Market Share in On-Chain Derivatives Boom

• Aster captured 15.9% of the on-chain derivatives open interest market in 2025 after a merger between Astherus and APX Finance.
• The on-chain derivatives market boomed with Hyperliquid leading at 47.6% market share, followed by Aster and Lighter.
• Aster received backing from YZi Labs, which was formerly known as Binance Labs, strengthening its competitive position.

Aster (BONK) has emerged as a significant player in the rapidly growing on-chain derivatives market. The platform now holds 15.9% of the derivatives open interest market share after its formation through a strategic merger. This positions Aster as the second-largest player behind Hyperliquid in the sector according to market data. The derivatives market saw explosive growth in 2025, with total trading volume reaching $2.95 trillion across nearly 199 billion transactions as reported by industry analysis.

How Did Aster Capture Market Share in On-Chain Derivatives?

Aster was formed from the merger of Astherus and APX Finance. The combined entity received backing from YZi Labs, formerly known as Binance Labs, providing crucial resources for expansion. This support helped Aster rapidly capture 15.9% of the derivatives open interest market. The platform leveraged its unified technology and trading infrastructure to attract users in the competitive landscape. Derivatives platforms need both liquidity and user trust to succeed in this volatile market.

Competitor Lighter secured $68 million in financing led by Founders Fund and Ribbit Capital, reaching a $1.5 billion valuation. This funding surge highlights investor confidence in the derivatives sector. Aster now ranks just behind market leader Hyperliquid, which holds 47.6% of open interest. These developments reflect intense competition for market share and user growth.

What Broader Trends Are Shaping the Crypto Derivatives Market?

The on-chain derivatives market experienced massive growth with Hyperliquid adding 609,700 new users in 2025 alone. Tokenization of real-world assets emerged as a parallel trend, with Ondo Finance launching over 100 tokenized U.S. stocks and ETFs. BlackRock's BUIDL treasury fund grew to $1.83 billion, demonstrating institutional adoption of blockchain-based assets. These tokenized assets could expand the underlying markets for derivatives products.

Standard Chartered Bank and Robinhood supported the tokenization movement, predicting substantial market expansion. This institutional involvement creates new infrastructure for crypto derivatives. The derivatives market shift reflects broader adoption of decentralized finance mechanisms. Real-world asset tokenization provides more tradable instruments for derivatives platforms like Aster to utilize.

Market structure evolves as traditional finance integrates with blockchain technology. Derivatives volume growth suggests increasing sophistication among crypto traders. Platforms must now balance innovation with risk management as the sector matures.