Despite Losing Share to Aster, Hyperliquid Still ‘Most Investible,’ Analyst Says
The perpetual futures decentralized alternate (perp DEX) sector has seen unprecedented progress prior to now few months, with month-to-month buying and selling volumes surpassing $1 trillion for the primary time in September 2025.
Aster has captured nearly all of this exercise, even surpassing established gamers like Hyperliquid. Despite this, one analyst maintains that Hyperliquid stays the ‘most investible’ perp DEX available in the market.
Hyperliquid vs. Aster: Why an Expert Still Favors Hyperliquid Despite Market Shift
BeInCrypto recently reported that perpetual futures buying and selling quantity surged previous $100 billion for the primary time on September 28 amid heightened market momentum. Furthermore, information from DefiLlama confirmed that complete month-to-month quantity reached a report high of $1.143 trillion in September. This marked a 49% enhance in contrast to August’s $766 billion.
Most of this exercise was pushed by Aster, which overtook Hyperliquid, the previous phase chief. Moreover, on October 2, perp DEXs hit one other report, with each day buying and selling quantity reaching an all-time high of $118.7 billion.
Yet once more, over the 24-hour interval, Aster accounted for $81.88 billion, whereas Hyperliquid managed only $10.28 billion. The shift has dramatically reshaped market dynamics.
Hyperliquid’s share of perp DEX quantity has plunged from 45% to simply 8%, whereas Aster’s quantity has skyrocketed.
“Over the previous few weeks, Hyperliquid’s share of Perp DEX quantity has fallen from 45% to 8%. Aster’s quantity has grown greater than 100X to $300b+ final week. Lighter and edgeX have risen to have comparable quantity to Hyperliquid,” DeFi analyst Patrick Scott highlighted.
Still, Scott maintains that regardless of Aster’s explosive progress, Hyperliquid continues to stand out because the best-positioned perp DEX thanks to its fundamentals.
“Perp DEXs are in a long-term uptrend. As a p.c of CEX perps quantity, they’ve grown from lower than 2% in 2022 to over 20% final month. 10X in 3 years. Hyperliquid has been each the driving force and beneficiary of that development. The problem just lately and why some market members have questioned Hyperliquid’s is that Binance-related perp DEX Aster has exploded in quantity, claiming over 50% market share final week,” he added.
The analyst famous that, not like rivals counting on airdrop incentives, it has constructed a sustainable income mannequin. The platform trades at a 12.6x income a number of and dominates open curiosity with a 62% share. Open curiosity is a key metric for liquidity and exhibits the stickiness of its consumer base.
“The reality of the matter is that Hyperliquid has managed to not simply keep, however develop its utilization within the 12 months since its HYPE airdrop. This speaks to the loyalty of its customers and stickiness of its merchandise. This consumer retention can’t be replicated by incentive packages; it could solely be replicated by higher merchandise,” Scott added.
He famous that Hyperliquid’s benefits lengthen past perps. As a Layer 1 blockchain, HyperEVM hosts over 100 protocols with $2 billion in TVL and $3 million in each day app income. The ecosystem consists of native tasks like Kinetiq and Hyperlend, in addition to large names akin to Pendle, Morpho, and Phantom.
Hyperliquid has also launched USDH, a stablecoin backed by BlackRock and Superstate reserves. Its market cap is round $25 million, and its yield helps ecosystem progress.
Furthermore, Scott identified that the upcoming HIP-3 initiative will enable builders to create new perp markets by staking 500,000 HYPE.
“This turns creates one other provide sink for HYPE, expands the number of tradeable property on Hyperliquid, and turns Hyperliquid into infrastructure for different builders to create companies on,” he remarked.
Lastly, Scott acknowledged that dangers stay. A sustained drop in Hyperliquid’s absolute quantity, a fall in open curiosity, or USDH failing to scale might weaken its place. For now, although, robust income, loyal customers, and increasing progress channels maintain it probably the most investable perp DEX.
Perp DEX Launches Surge Across Ecosystem
Meanwhile, as debate continues over Hyperliquid’s market place, a wave of current launches has additional intensified the perp DEX house. BeInCrypto reported yesterday that Lighter launched its perp DEX mainnet.
Moreover, TRON founder Justin Sun unveiled SunPerp, the community’s native perp DEX. It formally went reside on October 1 throughout the Token2049 occasion.
Changpeng Zhao (CZ), founding father of Binance, has endorsed this inflow. He highlighted the surge of latest perpetual DEXs getting into the market, declaring that elevated competitors will assist broaden the general sector.
“More gamers will develop the market dimension sooner. Rising tide lifts all boats. Long time period, the perfect builders win. DYOR. Perp Dex period!” the post learn.
As extra perp DEXs enter the market, the approaching time will inform whether or not they can keep sustained curiosity and progress—or if the present hype will finally fade.
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