Aster's ZK Privacy and Hidden Orders Challenge Hyperliquid's DEX Supremacy

Aster, a decentralized perpetual futures trading protocol, reported over $700 million in 24-hour trading volume on Hyperliquid, a high-performance decentralized exchange (DEX) specializing in perpetual contracts Aster's 24h Perpetual DEX Volume Surpasses $700M on Hyperliquid^[1]. This surge highlights growing demand for crypto derivatives and deeper integrations with blockchain protocols, particularly on the BNB Chain. Aster has expanded its total value locked (TVL) to $390 million through partnerships with major BNB Chain protocols, underscoring its rapid adoption in the decentralized derivatives market Aster's 24h Perpetual DEX Volume Surpasses $700M on Hyperliquid^[1].

The platform’s growth is further bolstered by strategic backing from YZi Labs (formerly Binance Labs) and strong community engagement. Binance founder Changpeng Zhao (CZ) has repeatedly highlighted Aster on social media, endorsing its innovations and positioning it as a potential competitor to Hyperliquid in the evolving regulatory landscape, such as the EU’s Markets in Crypto-Assets (MiCA) framework Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid^[2]. CZ’s influence, coupled with institutional support, has driven retail and institutional interest in Aster’s multi-chain capabilities and advanced trading features CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours^[3].

Aster’s token ($ASTER) launched in September 2025 with a $300 million market cap within six hours, surging from $0.08 to $0.2181 CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours^[3]. A large-scale airdrop of 704 million tokens (8.8% of the total 8 billion supply) was distributed to early participants, with 137,000 wallets engaging in the airdrop checker. Community feedback has been largely positive, with users noting the platform’s yield-generating collateral and privacy-focused architecture Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid^[2].

Hyperliquid remains the dominant player in the decentralized perpetuals space, reporting $670 million in TVL and $800 million in daily trading volume as of September 2025 Aster Hits $1B TVL, 330K Users After Token Launch^[6]. However, Aster’s introduction of hidden orders—limit orders invisible in the public order book—addresses key concerns like front-running and market manipulation, differentiating it from competitors Hyperliquid Rival Aster Smashes Its Monthly Trading Volume Record^[4]. The platform also supports cross-chain trading across BNB Chain, Ethereum, Solana, and Arbitrum, offering frictionless access to liquidity across ecosystems Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid^[2].

Analysts highlight Aster’s potential to challenge Hyperliquid’s market leadership, particularly in regulated markets like Europe. Its privacy-first design using zero-knowledge (ZK) proofs allows users to maintain confidentiality while complying with regulatory requirements, a critical advantage under MiCA Rewarding $ASTER Airdrop and Sept 17 TGE: CZ Spotlighted Project Challenges Hyperliquid^[2]. Despite Hyperliquid’s entrenched position, Aster’s rapid user growth—reaching 330,000 new wallets in 24 hours post-launch—demonstrates strong market traction Hyperliquid, Aster, and the Battle for Perp DEX Dominance^[8].

The competitive landscape remains dynamic, with both platforms vying for dominance through technological innovation and ecosystem expansion. Aster’s planned migration to its proprietary Aster Chain, a ZK-based Layer 1 blockchain, aims to further enhance performance and privacy, potentially narrowing the gap with Hyperliquid’s custom-built infrastructure . As decentralized perpetuals continue to gain mainstream adoption, the rivalry between these platforms could drive broader industry advancements in liquidity, security, and user experience .