Aster, a decentralized exchange for on-chain perpetuals, has moved ahead of Hyperliquid in daily trading volume, signaling its growing relevance in the crowded DEX market.
Data from DefiLlama shows Aster facilitated roughly $793 million in transactions over the past 24 hours, outpacing Hyperliquid’s $462 million.
Aster’s DEX Volume Flips Hyperliquid
That performance lifted Aster into the top six decentralized exchanges by volume, while Hyperliquid dropped to ninth place.
The momentum is striking given Aster’s smaller weekly totals. Over the past seven days, it cleared about $1.79 billion in trades, still far below Hyperliquid’s $5.78 billion.
Even so, the sharp swing in daily volumes suggests traders are paying closer attention to the DEX platform.
Meanwhile, much of this growth stems from renewed attention tied to Binance founder Changpeng Zhao, who has highlighted the platform’s multi-chain support and distinctive trading design.
Zhao pointed to features like hidden orders, which allow users to place trades without exposing their positions to the entire network. This design helps reduce front-running and limits opportunities for price manipulation.
“Aster is not a BNB Chain exclusive perp dex. It supports multiple chains natively. It also support hidden orders. Different from other perp dex designs,” Zhao stated.
By offering this “shadow zone” for order execution, Aster has distinguished itself from many other perpetual DEXs, creating conditions that appear to have accelerated its recent surge in usage.
Token Rally Draws Whale Bets
The heightened trading activity has coincided with the dramatic price action in Aster’s native token. Over the past week, the token has soared more than 800%, briefly touching an all-time high near $2.
This explosive rally has drawn large investors, with blockchain analytics firm Lookonchain tracking several whale bets that capitalized on the momentum.
On September 20, the firm reported that an influencer known as CookerFlips withdrew 5.57 million ASTER tokens after an initial deposit of $1.24 million. Within three days, that position yielded about $5 million in profit.
Another investor, Ogle—an advisor at World Liberty Financial—reopened a 3x leveraged long position on ASTER. He is currently sitting on $357,000 in unrealized gains, following nearly $1 million in realized profits from earlier trades.
Market experts said these aggressive bets reflect the volatility of Aster’s token. They also show the conviction among some traders that the exchange’s rising profile will continue fueling gains.
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