ASTER Surpasses Hyperliquid in 24-Hour Revenue
According to DeFiLlama, Aster’s daily volume hit $64B versus HyperLiquid’s $7.6B, with BoltLiquidity’s Max Arch noting Aster’s 100x–300x leverage vs. 40x and ~6% wash trading.
BNB
HYPE
Summary
Aster, a BNB Chain-based perpetuals DEX, recorded ~$64 billion in daily trading volume versus HyperLiquid’s ~$7.6 billion, according to DeFiLlama. BoltLiquidity contributor Max Arch states the shift reflects Aster’s higher leverage caps (100x–300x) versus HyperLiquid’s typical 40x; Arch also estimates ~6% of Aster’s volume is wash trading. Despite activity, native tokens have fallen: ASTER dropped from $2.39 (Sep. 25) to $1.80, and HYPE from $58.92 (Sep. 18) to $44.32, amid an altcoin sell-off that erased ~$200 billion in sector market cap (per CoinMarketCap).
Terms & Concepts
- Perpetual futures: Derivative contracts without expiry that track an underlying asset and use funding payments to anchor price to spot.
- Leverage (100x–300x): Borrowed exposure that magnifies position size; higher caps enable larger bets but increase liquidation risk.
- Wash trading: Artificial trading where the same party is on both sides of a trade, inflating reported volume.