Aster vs Hyperliquid: Is HYPE Facing Collapse?

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Key Takeaways 

How did Aster DEX perform this week? 

In the cold ledger of these merciless markets, Aster gathered numbers like a man gathers his despair: threefold the perps trading volume of Hyperliquid and sixfold the revenue. A spectacle that could make a cynic crack a smile, or perhaps a grimace. 😅🤔

Will ASTER surpass HYPE? 

The bright or the bleak? Analysts split their souls on the matter, yet ASTER seems to carry a spark of growth in the near term, like a candle stubbornly burning in a storm. 🤨

Aster [ASTER] price rallied nearly 90% this week, reversing an early 30% correction. A page torn from a mind bent by fortune’s caprice. 😬

Although it erased some gains as of press time, the rally stirred a chorus of opinions on what it might mean for Hyperliquid [HYPE].

Aster flips Hyperliquid

According to Dune’s indifferent gaze, Aster seized the perch of perp volume in the last twenty-four hours, exceeding $30 billion. In the same breath, Hyperliquid and Lighter each breathed $10 billion. Aster’s ascent-three times their toll-felt almost like fate tapping its knuckles on the door. 😏

Aster was crushing it on the revenue and fee fronts as well, as if the universe itself were tilting its scales toward this audacious contender.

According to DeFiLlama data, Aster raked in $13 million in fees in the past 24 hours, while Hyperliquid saw only $2.4 million. Nearly a sixfold lead for the CZ-backed perp DEX, and the crowd chuckles through their doubts. 🤑

Although Hyperliquid still dominated the Total Value Locked (TVL), Aster’s momentum divided analysts on its potential to disrupt the incumbent. A tremor runs through the room, and no one is sure if it’s hope or hysteria.

For his part, STIX OTC market founder, Taran Sabharwal, claimed that Aster could ‘kill’ Hyperliquid through CZ backing.

But Sunny Shi, a research analyst at crypto VC Syncracy, downplayed such an outlook.

He said that Aster’s ‘dark pools’ weren’t fully anonymous, and the Hyperliquid still ranked better in foundation (especially on decentralization).

He added that,

“It takes a bit of time, a lot of iteration, and a lot of execution to go from what the Aster experience is today to what Hyperliquid has built over the past 2+ years.”

Another pseudonymous trader, Gumshoe, echoed Shi’s stance, adding that profits from Aster will be rotated to HYPE.

But Hyperliquid has to weather another short-term headwind: monthly unlocks from November, worth over $10 billion in the next 24 months. 

Whales double down on ASTER

Meanwhile, whale interest in ASTER isn’t waning. Lookonchain reports two whales have accumulated 118 million ASTER worth over $270 million, about 7% of the circulating supply. A testament to the old adage that in markets of fever, the big fish swim with gusto. 🐋

These giants have been aggressively buying this week, matching the nearly 90% price surge, while HYPE slid 32% to $42, erasing its September rally’s glow.

Aster is expected to launch its own L1 chain soon, with a scheduled airdrop on the 5th of October. The rumor mill hums; the crowd imagines a future where promises become packets of air waiting to be claimed. 🪙

The airdrop campaign could have partly contributed to the record trading volume as users hunt for rewards. How the price will react to these upcoming developments remains to be seen.

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2025-09-25 13:18