Aster’s perpetuals daily volume edges past Hyperliquid with over $12 billion trading surge
John: Hey everyone, I’m John, a veteran writer for Blockchain Bulletin, where I break down the latest in Web3, crypto, and blockchain in simple terms. Today, we’re diving into the exciting surge in trading volume for Aster, a decentralized exchange that’s making waves in perpetual contracts. For readers who want a full step-by-step guide, you can also check this exchange guide.
Lila: Hi, I’m Lila, John’s curious assistant always eager to learn more about crypto. John, what’s all this buzz about Aster and perpetuals—can you explain what perpetual contracts even are for someone just getting started?
What Are Perpetual Contracts?
John: Perpetual contracts, or “perps,” are a type of derivative in crypto trading that let you bet on the price of an asset without an expiration date. Unlike traditional futures, they don’t expire, so you can hold positions as long as you want, with funding rates keeping them aligned to the spot price. Think of it like renting a car—you pay ongoing fees but can drive indefinitely.
Lila: That makes sense! So, how does Aster fit into this world of perps?
Background on Aster
John: Aster started as Astherus and rebranded on 2025-03-31 to focus on becoming a leading decentralized perpetuals exchange. It’s backed by YZi Labs, formerly known as Binance Labs, and has endorsements from figures like former Binance CEO Changpeng Zhao. As of now, in 2025, Aster offers trading for crypto and even stocks with high leverage up to 1001x.
Lila: High leverage sounds risky—does that mean people can amplify their gains or losses a lot?
John: Exactly, Lila. Leverage lets traders control larger positions with less capital, but it magnifies both profits and losses. Aster emphasizes security as a non-custodial DEX, meaning users control their own funds, which reduces some risks compared to centralized exchanges.
The Recent Volume Surge
John: On 2025-09-23, Aster hit a major milestone with over $12 billion in daily trading volume for perpetuals, edging out Hyperliquid for the first time. This surge follows earlier growth, like when Aster exceeded $700 million in 24-hour volume on 2025-09-21, with total value locked (TVL) surpassing $390 million. It’s a sign of growing trader interest in decentralized options amid a broader crypto market downturn.
Lila: Wow, $12 billion in one day? What sparked this huge jump?
John: Several factors played in, including Aster’s low fees, deep liquidity, and multichain support. Recent news also highlighted altcoins like Aster’s token defying market trends with double-digit gains, drawing more attention. (And hey, even rumors of celebrity involvement, like MrBeast denying a purchase, added some fun buzz—though that’s not why volumes spiked!)
How Aster Compares to Hyperliquid
John: Hyperliquid has been a powerhouse in decentralized perps, often holding over 70% market share with billions in monthly volume. But Aster’s recent $12 billion day on 2025-09-23 put it ahead, building on integrations like those with Hyperliquid’s tech for fast settlements. Aster stands out with features like simple and pro trading modes, while Hyperliquid focuses on high-speed execution.
Lila: So, is Aster built on Hyperliquid, or are they competitors?
John: They’re competitors, but Aster has leveraged tech like Hyperliquid’s for efficiency. For example, Aster’s volume on Hyperliquid exceeded $700 million just days before the big surge, showing how they’re pushing each other in the DEX space.
Key Features of Aster
John: Aster shines with its user-friendly design, offering spot and perpetuals trading across chains. It supports high leverage, yield opportunities, and secure, non-custodial trading. Recent updates include TVL peaking at around $2 billion before settling to $655 million, with cumulative trading volume nearing $393 billion as of mid-2025.
Lila: That sounds packed—can you list out some standout features for beginners?
John: Sure! Here’s a quick list of Aster’s key features:
- Low fees: As little as 0.03% for trades, making it cost-effective.
- Multichain support: Trade across networks like BNB Chain for better accessibility.
- High leverage: Up to 1001x on crypto and stocks, with pro tools for advanced users.
- Yield earning: Opportunities in lending, staking, and stablecoin minting.
- Fast settlements: Around 300ms, rivaling centralized exchanges.
Risks and Safeguards
John: While exciting, perps trading on DEXs like Aster comes with risks like high volatility and liquidation if prices move against you. In the past, events like the 2022 crypto winter showed how leverage can lead to big losses. Aster mitigates this with non-custodial setups and transparent on-chain operations.
Lila: How can traders stay safe?
John: Always use stop-loss orders, diversify, and never trade more than you can afford to lose. Regulatory news is key too—keep an eye on updates from sources like Cointelegraph for any changes in DEX rules.
Looking Ahead
John: Looking ahead, Aster aims to capture more of the perps market, potentially targeting 30% of volumes like Hyperliquid’s $330 billion monthly figures. With ongoing integrations and airdrops, like the upcoming Stage 2 airdrop, 2025 could see even more growth. Analysts from sources like Decrypt note Aster defying market downturns, hinting at sustained momentum.
Lila: Will this change how people trade crypto?
John: It could democratize access to advanced trading, making DEXs more mainstream. As adoption grows, we might see tighter regulations, but for now, it’s an innovative space worth watching.
John: Wrapping up, Aster’s $12 billion volume surge on 2025-09-23 marks a thrilling shift in decentralized trading, showing how innovation can challenge established players like Hyperliquid. It’s a reminder of crypto’s fast pace—stay informed and trade smartly. And if you’d like even more exchange tips, have a look at this global guide.
Lila: Thanks, John—that was eye-opening! Key takeaway: Aster is proving DEXs can handle massive volumes, but always prioritize safety in this volatile world.
This article was created using the original article below and verified real-time sources:
- Aster’s perpetuals daily volume edges past Hyperliquid with over $12 billion trading surge
- Aster’s 24-hour DEX perpetual volume on Hyperliquid exceeds $700M
- Aster Emerges: Astherus rebrands to lead decentralized perpetual trading
- What Is Aster (ASTER)?
- Mantle, Avalanche, Aster Defy Crypto Market Downturn—Here’s Why