In late September 2025, Aster posted perpetual futures volume that overtook Hyperliquid on Binance Chain. Derivatives traders, crypto treasuries and institutions tracking DEX liquidity and risk took note, the shift reopened talk about leverage limits, token concentration and platform security.
Aster grew fast after rolling out high leverage tools and hidden orders designed to cut front running. It lists leverage up to 1,001x, while Hyperliquid keeps a lower leverage cap at 50x.
In late September 2025 Hyperliquid was at $609 million in perps volume and Aster at $583 million. Aster hit $21.6 billion while Hyperliquid logged $10.7 billion.
Market-value figures from the same period put HYPE at $12.1 billion besides ASTER at $3.9 billion, and Hyperliquid’s TVL stood at $2.2 billion versus Aster’s $1.82 billion.
The keys to Aster’s success against Hyperliquid
More venues fight for order flow, so spreads may narrow, yet commission margins stay uncertain if incentive spend rises. Meanwhile the 1,001x leverage level raises the odds of mass liquidations, and smart-contract flaws remain a live concern.
Public support from well known figures boosts user numbers and adds reputational risk to the wider ecosystem.
All figures come from late September 2025. The next points to watch are TVL stability for both venues and the speed at which ASTER supply spreads among holders.
