TLDR
- DefiLlama is removing Aster’s perpetual futures trading data due to concerns about volume authenticity
- Aster’s trading volumes show a near-perfect 1-to-1 correlation with Binance’s centralized exchange volumes
- The ASTER token dropped 10% following the delisting announcement, falling nearly 20% from its recent weekly high
- DefiLlama cannot verify if wash trading is occurring because Aster doesn’t provide detailed order-level data
- The delisting comes just days before Aster’s Phase 2 token airdrop scheduled for October 10
DefiLlama has announced it will remove trading volume data for Aster, a decentralized exchange built on the BNB chain. The decision comes after the DeFi analytics platform identified data integrity concerns with the platform’s reported perpetual futures volumes.
DefiLlama removes Aster from website after "suspicious activity"
"We've been investigating Aster volumes and recently their volumes have started mirroring Binance perp volumes almost exactly" pic.twitter.com/03EbeHPprK
— banditxbt (@banditxbt) October 5, 2025
The pseudonymous DefiLlama co-founder 0xngmi revealed that Aster’s perpetual trading volumes are “mirroring Binance Perp volumes almost exactly.” The correlation ratio between the two platforms is approximately 1, which raised red flags about the authenticity of the reported data.
We've been investigating aster volumes and recently their volumes have started mirroring binance perp volumes almost exactly
Chart on the left is XRPUSDT on aster, you can see the volume ratio vs binance is ~1
Chart on the right is XRP perp volume on hyperliquid, where there's… pic.twitter.com/MwVD7rRyEn
— 0xngmi is hiring (@0xngmi) October 5, 2025
DefiLlama compared trading patterns for XRPUSD across multiple platforms. While competitor Hyperliquid showed clear decoupling from Binance’s volumes, Aster’s data matched the centralized exchange nearly perfectly. This pattern suggested potential issues with how Aster reports its trading activity.
The analytics platform stated it cannot verify whether wash trading is occurring on Aster. The exchange does not provide lower-level data showing who is making and filling orders. Until Aster releases this detailed information, DefiLlama will keep the perpetual volume data delisted.
Market Response
The ASTER token fell 10% in the 24 hours following the announcement. The token currently trades around $1.83, down from a weekly high of $2.27 on October 4. The price has dropped nearly 20% from that peak.
The token previously reached an all-time high above $2.30. Market analysts had predicted the token could rally by 35% in October and potentially reach $10, representing a 480% increase. These forecasts came before the integrity concerns surfaced.
Whale Activity Continues
Despite the negative news, large investors continue accumulating ASTER tokens. Blockchain analytics firm Arkham Intelligence tracked a whale wallet identified as 0xfE5A purchasing 1.69 million ASTER tokens worth approximately $3.16 million. The investor deposited 2.92 million USDT to the platform before withdrawing the tokens.
Platform Background
Aster launched in September as a competitor to Hyperliquid, another decentralized perpetual futures exchange. The platform gained attention partly due to connections with Changpeng Zhao, co-founder of Binance. CZ publicly endorsed the project last week.
Open interest on Aster surged over 33,500% in less than seven days during the week of September 24. Daily perpetual trading volume reached an all-time high of $60 billion on September 25, according to DefiLlama data collected before the delisting.
Multiple ASTER tokens were transferred to Binance spot wallets shortly after CZ’s endorsement. Market observers speculated this could indicate testing ahead of a potential exchange listing.
Aster has scheduled its Phase 2 token airdrop for October 10, just days after the DefiLlama delisting announcement. Cointelegraph reached out to the Aster team for comment but had not received a response at the time of publication.
