desk of contents
What does the Perp DEX scenario seem like now? What’s Aster and the way does it work? What’s Aster aiming for? What’s holding it again? So can it occur?
aster is the second-largest perpetual futures DEX by each day quantity, and it isn’t slowing down. With a normalized 24-hour quantity of $2.136 billion and a multi-chain technique that places CZ within the nook and units it aside from the remainder, Aster is firmly within the prime spot. Nonetheless, Hyperliquid nonetheless maintains a snug lead at $4.275 billion per day, leaving questions in regards to the sustainability of buying and selling volumes. It is right here>What’s the present standing of Perp DEX?
The decentralized perpetual futures market has critical penalties. Complete 24-hour quantity throughout all protocols is $19.121 billion and open curiosity is $13.41 billion as of February 20, 2026.
superfluidity dominates the listing with each day buying and selling quantity of $4.275 billion and open curiosity of $5.249 billion. Aster follows in second place with a each day worth of $2.136 billion and an open curiosity of $1.771 billion. Behind them, edgeX ($1.637 billion), Lighter ($980 million), and ApeX Protocol ($1.19 billion) spherical out the highest 5.
Aster’s 24-hour buying and selling quantity represents roughly 11% of the entire PERP DEX market. Weekly buying and selling quantity reached $16.387 billion, which remains to be behind Hyperliquid’s $29.62 billion, however exhibits constant upward momentum. Cumulative transaction worth total exceeds $4 trillion, and each day charges have ranged from $13 million to $100 million in latest months.
This platform has already upset Hyperliquid many instances to take the highest spot. In October 2025, Astor recorded a 24-hour buying and selling quantity of $41.7 billion. In November, it once more reached $12 billion in a single day. These spikes aren’t sustained, however show that the infrastructure can deal with the load.
Perp Quantity High 5 (defillama.com)
What’s Aster and the way does it work?
Aster was launched in late 2024 via the merger of yield protocol Astherus and perpetual buying and selling platform APX Finance. Works throughout all the vary $BNB Chain, Ethereum, Solana, and Arbitrum provide each spot and perpetual buying and selling with as much as 1001x leverage.
3 buying and selling modes
The platform runs three buying and selling modes. Perpetual mode (Professional) affords an orderbook interface with considerable liquidity and low commissions of 0.01% maker and 0.035% taker. 1001x mode offers on-chain MEV-resistant perpetual buying and selling with one-click execution for prime leverage trades. Spot mode handles cross-chain spot transactions.
One of many standout options is Aster’s privacy-focused Hidden Orders, designed to stop liquidation searching and MEV extraction. The protocol additionally helps yield-producing collateral, permitting customers to earn whereas buying and selling.
defletokenomics
tokenomics Lean deflation. $ASTER has a set most provide and 80% of platform charges go in direction of buybacks and burns. Thus far, 177 million tokens (9% of post-write provide) have been burned. Every day buybacks repeatedly attain between $400,000 and $500,000, and token shortage is immediately associated to platform utilization.
Consumer numbers look stable on paper. In response to the mission’s Dune dashboard, it has 9.3 million cumulative customers, $1.1 billion in TVL, and $1.8 billion in open curiosity.
What’s Aster aiming for?
Aster’s path to the highest rests on a number of key pillars. It has high-profile backing, a multi-chain technique that few rivals can match, and a roadmap that continues to present merchants a motive to stay round.
CZ issue
The largest title in Aster’s nook is Zhao Changpeng. CZ offers product and know-how advisory assist via YZi Labs, through which it holds a minority stake. He personally bought about $2.09 million. $ASTER The common worth is round $0.91, and Aster has publicly said that it’s a “very sturdy mission” that’s worthwhile. $BNB chainregardless that they’re technically competing Binance.
His involvement moved the market. $ASTER It was launched at roughly $0.08 through the TGE interval in September 2025 and hit an all-time excessive of $2.42. The neighborhood extensively views the mission as “Binance’s DEX,” with CZ’s X posts and appearances on Areas persistently inflicting 20-35% rallies.
Multi-chain edge and its subsequent improvement
Past CZ, Aster’s multi-chain strategy is an actual aggressive benefit. Hyperliquid runs on a single chain. Aster helps 4 varieties of assist to leverage customers throughout $BNB Chain, Ethereum, Solana, Arbitrum. That is vital for merchants who do not wish to cope with bridging or who have already got property on these networks.
The staff continues to ship. Sealed Mode not too long ago decreased entry and exit charges for privacy-focused high-leverage trades to 0.03%, and new fairness PERPs like GOOGL and WDC function with as much as 50x leverage, increasing Astor’s dedication to conventional equities alongside cryptocurrencies.
Aster Chain, which can seem sooner or later, Layer 1 blockchain The mainnet purpose is March 2026, which is the following huge catalyst. The testnet went stay in early February with over 50,000 individuals. This focuses on privateness and effectivity, and is consistent with CZ’s latest feedback that privateness is the “lacking piece” of cryptocurrencies. If the chain does properly, 24/7 stock perks might turn out to be a core a part of the platform’s identification.
Whale accumulation, Coinbase’s itemizing roadmap, and continued incentive packages like Aster Harvest are preserving the momentum going.
What’s it that holds Aster again?
Aster’s numbers look spectacular, however dig slightly deeper and there are actual considerations that would gradual its rise.
Questions on quantity and high quality
The largest query mark is the standard of the quantity. A few of Aster’s numbers might be inflated by airdrop incentives, level farming packages like Rh and Au, or wash offers. In October 2025, DefiLlama quickly delisted Aster’s PERP buying and selling quantity knowledge after discovering a near-perfect 1:1 correlation between Aster’s buying and selling pairs and Binance’s everlasting buying and selling quantity. The information was later relisted, however there have been gaps in historic data and unresolved validation considerations. True adoption metrics akin to retention charges and natural development in open curiosity stay the numbers to look at.
Hyper liquid moat
Hyper Liquid additionally has a deep moat. The corporate’s open curiosity ($5.249 billion vs. Aster’s $1.771 billion) suggests extra secure capital and critical buying and selling exercise. Hyperliquid persistently data billions of {dollars} in each day buying and selling quantity with out related spikes or declines, making it a harder goal than the uncooked numbers recommend.
$ASTER It’s at the moment buying and selling at about $0.70, down about 71% from its all-time excessive, and the latest unlocking of 78 million tokens on February sixteenth (valued at about $58 million) has added new provide stress. Broader market situations might additional weigh on buying and selling volumes.
There’s additionally the difficulty of positioning. Aster targets a special viewers than Hyperliquid. That is basically a CEX-like expertise with out KYC, however Hyperliquid leans extra towards pure DeFi. They could find yourself coexisting, fairly than one changing the opposite.
So will it occur?
Aster has backing, know-how, and trajectory. If the Aster Chain mainnet delivers on its privateness promise and drives natural adoption, it’s not unattainable to change Hyperliquid by mid-2026. Nonetheless, “can” and “do” are two various things. Sustained natural quantity, fairly than incentive-driven spikes, might be what separates the true No. 1 from the non permanent No. 1.
supply:
- DefiLlama Perps Dashboard — Perp DEX protocol quantity, open curiosity, and market share knowledge
- Aster documentation — Protocol particulars, buying and selling modes and technical options
- Yahoo Finance — YZi Labs, Multi-Chain Technique, and $ASTER Buy particulars
- coin market cap — Aster Platform Overview, Specification Leverage, and Roadmap Milestones
- crypto briefing — Aster Chain Mainnet March 2026 Timeline and Testnet Particulars
- influential individual within the monetary world — CZ private stuff $ASTER Buy and worth implications
- aster dune dashboard — Cumulative consumer metrics and on-chain exercise knowledge
