CZ's Hidden Orders Push Aster Past Hyperliquid in DEX Race
Aime Summary
Aster, a decentralized exchange (DEX) for on-chain perpetual futures, has surpassed Hyperliquid in daily trading volume, recording $793 million in transactions over the past 24 hours compared to Hyperliquid’s $462 million, according to data from DeFiLlama[1]. This shift positions Aster among the top six DEXs by volume, while Hyperliquid fell to ninth place. Despite Aster’s weekly trading volume of $1.79 billion trailing Hyperliquid’s $5.78 billion, the 24-hour surge underscores growing interest in the platform[1]. The rise coincides with an 800% rally in Aster’s native token, which recently touched an all-time high near $2[1].
Binance founder Changpeng Zhao (CZ) has played a pivotal role in amplifying Aster’s profile. He highlighted the platform’s multi-chain support and hidden orders feature, which allows users to execute trades without exposing their positions to the entire network. This design mitigates front-running and price manipulation risks, differentiating Aster from competitors[1]. Zhao emphasized Aster’s native support for multiple chains, contrasting it with BNBBNB-- Chain-exclusive DEXs[1]. The platform’s “shadow zone” for order execution has attracted traders seeking privacy and efficiency, contributing to its recent growth[1].
The token’s explosive price action has drawn large investors. Blockchain analytics firm Lookonchain reported that influencer CookerFlips withdrew 5.57 million ASTER tokens, generating a $5 million profit within three days[1]. Another investor, Ogle, reopened a 3x leveraged long position on ASTER, securing $357,000 in unrealized gains[1]. These aggressive bets reflect the token’s volatility and traders’ confidence in Aster’s rising profile[1].
While Aster’s daily volume now exceeds Hyperliquid’s, its weekly totals remain significantly lower. Over seven days, Hyperliquid processed $5.78 billion in trades, nearly triple Aster’s $1.79 billion[1]. However, the 24-hour surge suggests short-term momentum is strong, driven by speculative trading and institutional interest. CryptoQuant analyst Maartunn noted that Aster could challenge Hyperliquid’s $2.7 billion daily trading volume and $4.09 billion open interest, positioning it as a “serious contender” in the decentralized derivatives market[2].
Hyperliquid maintains a dominant 73% market share in the DEX sector, supported by $320 billion in July 2025 trading volume and a loyal user base[2]. Its HYPE token has steadily appreciated from $10 to $60 over six months[2]. Despite Aster’s innovations, analysts caution that Hyperliquid’s entrenched liquidity and stability present a formidable barrier to long-term dominance[3]. ArkhamARKM-- data also showed Aster’s vault becoming the second-largest BSC-USDT holder after Binance’s hot wallet, signaling competition over stablecoin liquidity[3].
Aster’s roadmap includes further expansion of hidden orders, ZK-powered privacy features, and multi-chain integrations[4]. The platform’s TVL has surged to $655 million, nearly double pre-launch levels[2]. However, technical critiques highlight uneven platform stability and locked liquidity, which could amplify volatility until withdrawals are fully enabled post-October 1[4]. Market observers remain divided, with some viewing Aster as a potential “next HYPE” and others emphasizing Hyperliquid’s 2.7x TVL advantage[4].
The battle for DEX dominance reflects broader trends in decentralized finance, where privacy, scalability, and institutional-grade tools are reshaping user preferences. Aster’s ability to sustain its momentum will depend on retaining liquidity, executing its roadmap, and competing with established players like Hyperliquid.
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