Aster vs Hyperliquid: BNB Chain DEX Perps Volume Derails the HYPE Train

The battle of the DEXs is hotting up, as BNB Chain-based decentralized exchange Aster has helped its parent chain to surpass Hyperliquid’s 24-hour perpetual trading volume.

BNB Chain’s 24-hour perpetual volume stands at $21.6 billion, overtaking Hyperliquid’s $10.7 billion, according to data from Dune Analytics. EdgeX and Light followed closely with $8.2 billion and $6.2 billion, respectively.

In terms of overall trading volume, the two exchanges are jockeying for position. Per CoinGecko data, Hyperliquid’s $609 million in 24-hour volume puts it at seventh place among the DEXs, while Aster sits at eighth place with $583 million in 24-hour volume.

Aster’s native token has shot up by 41.4% in the past 24 hours, taking it to a market cap of $3.9 billion and making it the 47th largest cryptocurrency by market cap, per CoinGecko data.

Hyperliquid’s HYPE is currently down 6.2% on the day, though with a market cap of $12.1 billion, it sits considerably higher in the rankings as the 20th biggest cryptocurrency.

On prediction market Myriad, launched by Decrypt‘s parent company DASTAN, users paint a mixed picture of Aster’s prospects. Predictors put an 87% chance on Aster being ranked among the top 40 coins on CoinMarketCap this month, but over 60% of predictions expect it to remain below $4 through November.

A passing phase?

Interest in Aster was piqued by Binance co-founder Changpeng Zhao’s vocal support of the DEX in a tweet earlier this week, in which he praised its “good start.”

“The recent surge in BSC perpetual volumes and DEX activity is not merely a passing phase,” Cecilia Hsueh, Chief Strategy Officer at crypto exchange MEXC, told Decrypt.

Technical upgrades, incentive programs, and integration with the Binance ecosystem are some of the key aspects that give this meta durability, Hseuh added.

The sudden uptick in interest in BSC-based decentralized exchanges, specifically Aster and other BSC-based platforms, led to a triple-digit rally for several altcoins in just two days, Decrypt previously reported.

All eyes are now on the latest proposal from BNB Chain validators, who are looking to slash transaction fees from 0.1 gwei to 0.05 gwei, with the intention of accelerating block intervals from 750 ms to 450 ms, as announced in Tuesday’s tweet.

The proposal for a tenfold reduction in gas fees strengthens BSC’s competitive positioning, Hseuh noted.

While BNB Chain is actively attempting to siphon interest into DEX and away from Hyperliquid, it still has a long way to go, as the latter is still a market giant when looking at longer-term data points.

Hyperliquid’s $326.77 billion 30-day perpetual volume is uncontested and more than five times that of Binance’s $60.12 billion market share. And just a few weeks ago, legacy and crypto giants including VanEck, StateStreet, Sky, Ethena, Agora, and others were competing to submit Hyperliquid’s USDH stablecoin proposal.

Still, Hesuh believes that Hyperliquid’s leadership is “no longer uncontested.” While the interest in decentralized exchanges helps Hyperliquid, it must now “fight harder to preserve its edge.”