What Is Aster? The Decentralized Exchange on BNB Chain That’s Taking on Hyperliquid

Core Insights - Aster is a decentralized exchange that has gained significant attention due to its high leverage options, support from Binance co-founder Changpeng "CZ" Zhao, and a rapidly increasing token value [1][2] - The Aster token reached a market capitalization of $3.2 billion, making it the 50th largest cryptocurrency within just a week of its launch [2][5] - Aster specializes in perpetual futures trading and competes with Hyperliquid, another decentralized exchange, having surpassed it in daily revenue but lagging in overall trading volume [1][6] Company Overview - Aster is a decentralized exchange that operates across multiple chains, including Solana, Ethereum, and Arbitrum, with a primary focus on the BNB Chain [3] - The exchange is backed by YZi Labs, the crypto investment firm of Changpeng "CZ" Zhao, co-founder of Binance [3] Trading Mechanism - Perpetual futures allow traders to speculate on cryptocurrency prices without owning the underlying assets, differing from traditional futures which have an expiration date [4] - Aster offers a maximum leverage of 1,001x, which is significantly higher than many competitors, making it attractive for traders seeking high-risk, high-reward opportunities [4] Market Performance - Aster's token experienced a remarkable 2,000% increase in its first week, reaching a market cap of $3.8 billion before stabilizing at over $3 billion [5] - As of late September 2025, Aster's weekly trading volume was reported at $3.32 billion, while Hyperliquid led with $5.39 billion in trading volume [6]