TLDR
- Aster has rapidly risen to become a major player in the perp DEX market, capturing nearly 50% of the market share.
- Despite Aster’s growth, Hyperliquid continues to lead the perp DEX market with over $280 billion in trading volume.
- Hyperliquid remains the most dominant platform, accounting for around 70% of the total perpetual DEX market share.
- Aster generated over $121 million in fees last week, surpassing Circle and closing in on Tether’s revenue.
- Hyperliquid’s liquidity and trading volume continue to set industry benchmarks, making it the go-to platform for traders.
Perpetual decentralized exchanges (perp DEXs) have hit a significant milestone, reaching a trading volume of $1.226 trillion in the last 30 days. This surge in volume is primarily driven by Hyperliquid and Aster, two platforms now leading the market. While Aster has shown remarkable growth, DeFi analysts argue that Hyperliquid remains the most dominant player in the perp DEX market.
Aster’s Rapid Growth and Market Impact
Aster, formerly known as APX Finance, has quickly become a major contender in the perpetual futures market. Over the past month, the platform has accumulated $493.61 billion in trading volume, accounting for nearly 50% of the market share. This remarkable rise is attributed to Aster’s rebranding and strong backing from YZi Labs (formerly Binance Labs).
Aster’s rapid expansion has also impacted the market’s fee generation. According to DeFiLlama, Aster has generated over $121 million in fees over the past week, surpassing Circle by more than $65 million. Aster’s growth has positioned it as one of the most significant players in the space.
Despite Aster’s rise, DeFi analysts caution that the platform faces significant competition. The recent surge in Aster’s trading volume has yet to surpass that of Hyperliquid, which continues to lead the market. Hyperliquid’s market share, currently around 70%, remains a key factor in its sustained dominance.
Hyperliquid Maintains Dominance in Perp DEX Market
Hyperliquid, the current leader in the perp DEX sector, continues to outperform its competitors. The platform recorded over $280 billion in trading volume during the same period. With its strong liquidity and active trader base, Hyperliquid has solidified its position as the market’s dominant player.
According to DeFiLlama data, Hyperliquid’s revenue also remains unmatched. In August 2025, Hyperliquid reported its highest-ever revenue, generating $106 million. The platform’s ability to consistently set benchmarks for the sector has made it a reference point for other platforms.
Hyperliquid’s impressive liquidity is further evident in its daily trading volume. In May 2025, the platform achieved a record $248 billion in 24-hour trading volume. Despite the rise of competitors like Aster, Hyperliquid remains the top choice for traders in the perpetual DEX market.
While Aster’s recent growth is noteworthy, many analysts believe Hyperliquid remains better positioned for long-term success. Hyperliquid’s $49.5 billion fully diluted valuation and $49.63 token price indicate the platform’s strong financial health. In comparison, Aster, currently valued at $14.6 billion in fair value, still faces significant challenges in maintaining its growth trajectory.
The growing presence of Aster has undoubtedly changed the landscape, but Hyperliquid’s continuous innovation keeps it ahead. As new platforms like SunPerp enter the space, the competition for market share will intensify. However, Hyperliquid’s established infrastructure and dominance make it the market leader, at least for the foreseeable future.
