Market Overview - Hyperliquid dominated onchain derivatives trading for the past year, but Aster is emerging as a potential competitor [1] - The contrast between Hyperliquid and Aster is stark, with different approaches to funding, team structure, and marketing [9][10] Technology and Architecture - Hyperliquid built its own layer 1 blockchain for full vertical integration, processing up to 200,000 orders per second with sub-0.2 second finality [11][14] - Aster takes a horizontal integration approach, aggregating liquidity from multiple chains like BNB Chain, Ethereum, Solana, and Arbitrum [17] - Hyperliquid offers perpetual futures with up to 50x leverage, while Aster offers up to 101x leverage and stock perpetuals [15][20][21] Tokenomics - Hyperliquid's Hype airdrop in November 2024 distributed $310 million coins, worth $1.2 billion at launch, to 94,000 users [24][25] - Aster allocated 53%, around 4.3 billion tokens, of its 8 billion maximum supply to airdrops [32] - Hyperliquid uses 93-97% of protocol fees to buy back and burn Hype, creating a deflationary flywheel [27] Adoption and Growth - Hyperliquid has over $6.5 billion TVL and over $2.7 trillion in cumulative volume, generating over $1 billion in annualized revenue [39][40] - Aster has 2 million users total, with 330,000 joining in the first 24 hours after TGE, and TVL peaked at $2 billion [41] Risks and Challenges - Hyperliquid's core software is closed source and the network is run by a limited number of validators, raising centralization concerns [45] - Aster's dependence on CZ's hype and its multi-chain architecture pose risks, including potential vulnerabilities to cross-chain attacks [46][47]

DEX perp wars ...

Heard on the Street: Traders seeking rapid returns have made "perps"—perpetual futures—popular https://t.co/cxqQwHM8xr ...

Core Insights - Aster, a decentralized exchange on the Binance Smart Chain, has seen a significant price increase of 47%, reaching an all-time high of $2.12 [1] - Predictors on Myriad estimate a 45% chance that Aster's price will hit $4 by the end of October, nearly doubling its current price of $2.06 [1] Revenue and Market Position - Aster generated $4.58 million in daily revenue, surpassing its main competitor Hyperliquid, which generated $2.82 million [2] - Despite higher revenue, Aster's daily trading volume is $558.95 million, lower than Hyperliquid's $783.52 million [2] Company Background - Aster specializes in perpetual futures and is backed by Binance founder Changpeng "CZ" Zhao's investment firm YZi Labs [3] - Aster is positioned as a competitor to Hyperliquid, another decentralized exchange focusing on perpetual futures [3] Market Dynamics - Hyperliquid gained attention after a $1.6 billion airdrop in 2024, leading to significant leveraged trading activity [4] - Hyperliquid's HYPE token has a market cap of $12.6 billion, making it the 18th largest cryptocurrency, while Aster's market cap is approximately $3.5 billion, ranking it 50th [4] - Predictors on Myriad have shifted their outlook, now believing HYPE is more likely to reach $39 before $69, with a probability of 61% [5]

Perps? ...

🐋 UPDATE: 6 perps worth $101M are bleeding.PnL: - $2.91M overall.Biggest losers: $ASTER (-$1.74M), $BTC (-$1.09M).Only green: $DOGE (+$307K) + $ETH (+$64K).The whale is still holding tight. https://t.co/NiqoDPUSEQ ...

🐋 HUGE: A whale opened 6 perps currently valued at $101M.The current PnL is -$2.6M where most of the positions are short. https://t.co/5OMwu3bVAv ...

Make bigger moves with smaller stakes.Say hello to Kraken Perps.Go long. Go short. No expiry.Simple UI. Built-in protection.Rolling out progressively this week to users in select regions.Learn more ⤵️https://t.co/kVKjBtoSGY https://t.co/iImPMdkT9y ...

hype-d to announce we're hosting a degen perps invitational on @BullpenFi soonfeaturing guys like @gainzy222 , @intern, @buyerofponzi, @ColdBloodShill, @HugoMartingale etc.$50k up for grabs to the winner 💸💸💸who else should we invite? https://t.co/AkdX2gYywM ...

Perp volume on BSC is growing 👀BSC is now the second largest chain for perps! https://t.co/Lyg5o5WVwB ...