Rise of Perpetual Contracts on DeFi Exchanges: Why Aster is Outpacing Hyperliquid

The decentralized perpetual futures market has entered a new phase of competition, with Aster and Hyperliquid emerging as dominant forces. While Hyperliquid once held a commanding 71% market share in May 2025, its position has been challenged by Aster's rapid ascent. By September 2025, Aster's 24-hour trading volume surged to $35.868 billion, more than tripling Hyperliquid's $10.094 billion during the same periodAster Volume Surges as Perp DEX Activities Hit Record Highs^[1]. This shift reflects broader structural changes in decentralized trading, driven by innovation, strategic partnerships, and evolving user preferences.

On-Chain Volume Dynamics: A Tale of Two Platforms

The divergence in 24-hour and 30-day volumes underscores the contrasting trajectories of Aster and Hyperliquid. According to DeFiLlama, Aster's 30-day volume reached $739.599 billion, far outpacing Hyperliquid's $326.77 billionAster Crushes Hyperliquid By Volume, Price Soars 1,989%^[3]. However, Hyperliquid's long-term dominance—rooted in its custom Layer 1 blockchain and zero gas fees—has historically attracted institutional and retail traders seeking efficiencyAster vs Hyperliquid: DeFi Perpetuals Market^[5]. Aster's explosive short-term growth, meanwhile, is fueled by its multi-chain support, yield-bearing collateral, and high leverage options, which cater to a broader audienceAster vs Hyperliquid: DeFi Perpetuals Market^[5].

The most striking metric is Aster's open interest, which skyrocketed by 33,500% in under a week, jumping from $3.72 million to $1.25 billionAster dethrones Hyperliquid with $1.25B surge in open interest^[4]. This surge, coupled with a 196% increase in total value locked (TVL), signals a shift in liquidity dynamics. As CoinGlass data reveals, Aster's ability to attract speculative capital—particularly on BNB Chain—has disrupted Hyperliquid's earlier monopoly on perpetual tradingAster dethrones Hyperliquid with $1.25B surge in open interest^[4].

Market Structure Shifts: Innovation and Strategic Backing

Aster's rise is not merely a function of volume but a reflection of deeper market structure changes. Backed by YZi Labs (formerly Binance Labs) and Binance co-founder Changpeng Zhao, Aster has leveraged token incentives, airdrops, and farming programs to accelerate adoptionAster Crushes Hyperliquid By Volume, Price Soars 1,989%^[3]. Its native token, ASTER, saw a 1,989% price surge in eight daysAster Crushes Hyperliquid By Volume, Price Soars 1,989%^[3], incentivizing liquidity providers and traders. In contrast, Hyperliquid's HYPE token declined by 6.2% during the same periodAster Crushes Hyperliquid By Volume, Price Soars 1,989%^[3], highlighting divergent investor sentiment.

Hyperliquid's strengths—its Layer 1 infrastructure and zero gas fees—remain compelling for high-frequency traders. Yet, Aster's multi-chain flexibility and yield-bearing collateral have broadened its appeal. As Yahoo Finance notes, BNB Chain's perpetual volume, driven by Aster, reached $21.6 billion in 24 hours, surpassing Hyperliquid's $10.7 billionAster vs Hyperliquid: BNB Chain DEX Perps Volume^[2]. This underscores the importance of ecosystem integration in decentralized trading.

Implications for Investors and the DeFi Ecosystem

For investors, the Aster-Hyperliquid rivalry highlights the importance of adaptability in the DeFi space. While Hyperliquid's long-term volume suggests resilience, Aster's short-term dominance indicates a market prioritizing innovation and user experience. The 1.25 billion open interest on Aster, for instance, represents a significant portion of the perpetual futures market's liquidity, challenging traditional centralized exchangesAster dethrones Hyperliquid with $1.25B surge in open interest^[4].

However, risks persist. Aster's rapid growth has been accompanied by volatility, as evidenced by its native token's 41.4% single-day price surgeAster Crushes Hyperliquid By Volume, Price Soars 1,989%^[3]. Investors must weigh these dynamics against Hyperliquid's more stable, albeit slower-growing, infrastructure. The broader implication is that decentralized trading is no longer a niche experiment but a critical component of global crypto markets, with platforms like Aster and Hyperliquid setting new benchmarks for scalability and user engagement.

Conclusion

The rise of Aster over Hyperliquid in 2025 is a testament to the evolving priorities of decentralized trading: speed, flexibility, and innovation. While Hyperliquid's foundational strengths ensure its relevance, Aster's ability to capture short-term volume and liquidity signals a shift in market structure. For investors, this competition offers both opportunity and caution—a reminder that in DeFi, dominance is not a given but a continuous battle for user trust and technological edge.