CZ-Backed Aster Challenges Hyperliquid's DeFi Perpetuals Supremacy

ASTER’s native token, ASTER, surged past $2.4 on September 23, 2025, marking an all-time high and signaling intensified competition in the decentralized perpetuals market. The token, backed by Binance founder Changpeng Zhao (CZ) and YZi Labs, has rallied over 2,100% since its launch, propelling its market capitalization to approximately $2.5 billion. This meteoric rise has positioned Aster as a formidable challenger to Hyperliquid, the dominant player in the sector, which now holds just 38% of the on-chain perpetuals market, down from 71% in MayHyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground^[1].

The surge was catalyzed by CZ’s public endorsement on X, where he praised Aster’s multi-chain support and hidden order features. This sparked a liquidity rush, with Aster’s total value locked (TVL) peaking at $2 billion within 24 hours of its token launch before settling at $655 millionCZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1500%^[4]. Daily trading volumes also spiked to $12 billion, briefly surpassing Hyperliquid’s $9.8 billionAster’s Perpetuals Daily Volume Edges Past Hyperliquid with Over $12 Billion Trading Surge^[8], though Hyperliquid’s cumulative monthly volume remains significantly higher at $307 billion compared to Aster’s $27 billionAster’s Perpetuals Daily Volume Edges Past Hyperliquid with Over $12 Billion Trading Surge^[8].

Aster’s rapid ascent has been fueled by speculative trading and institutional backing. The token’s leverage capabilities—offering up to 1,001x on certain platforms—have attracted aggressive traders, while its integration with yield-bearing collateral and cross-chain functionality (BNB Chain, Ethereum, Solana, Arbitrum) differentiates it from Hyperliquid’s single-chain architectureAster vs Hyperliquid: DeFi Perpetuals Market Showdown^[7]. Meanwhile, Hyperliquid has responded by listing ASTER’s token with 3x leverage, a move aimed at retaining market shareHyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground^[1].

Despite its gains, Aster faces structural challenges. Its TVL of $655 million pales against Hyperliquid’s $6.7 billion, and open interest in Aster’s perpetual contracts stands at $3.72 million versus Hyperliquid’s $15 billionAster Doubles TVL on BNB Chain Amid Speculation of CZ’s Return^[5]. Analysts attribute Hyperliquid’s resilience to its mature ecosystem, including 158 perpetual pairs and institutional-grade infrastructure, while Aster’s user base of 2 million—largely driven by airdrop incentives—remains unproven in terms of long-term retentionAster vs Hyperliquid: DeFi Perpetuals Market Showdown^[7].

The rivalry has also drawn regulatory scrutiny. Aster’s extreme leverage options and CZ’s association raise concerns about compliance risks, whereas Hyperliquid’s community-funded model and decentralized governance offer a perceived edge in stabilityAster vs Hyperliquid: DeFi Perpetuals Market Showdown^[7]. However, Aster’s multi-chain strategy and innovative features, such as yield-bearing collateral, could appeal to a broader user base if it sustains its current momentumAster vs Hyperliquid: DeFi Perpetuals Market Showdown^[7].

Market observers note that the broader perpetuals sector has expanded rapidly, with combined trading volumes across platforms reaching $700 billion in four weeksHyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground^[1]. This growth has attracted new entrants, eroding the dominance of early pioneers and intensifying competition. For Aster, the challenge will be to convert speculative inflows into sustainable adoption while navigating the regulatory landscape.