A version of this article appeared in our The Decentralised newsletter on October 7. Sign up here. Decentralised exchanges offering perpetuals trading are taking the crypto industry by storm. Hyperliquid has seen $2.8 trillion in perpetual trade volume since it launched about a year ago. More remarkable still, a competitor named Aster appeared to be closing the gap — in September, it overtook Hyperliquid in daily trading volume. Or did it? DefiLlama, a DL News sister company, delisted Aster’s perpetual ...

DeFiLlama has removed perpetual futures volume data for Aster, a decentralized exchange backed by figures linked to former Binance CEO Changpeng Zhao, after detecting trading volumes that mirrored Binance’s nearly 1:1 across multiple trading pairs. Co-founder 0xngmi announced the delisting on October 5, 2025, citing concerns over data integrity. According to the announcement, Aster’s volumes for pairs like XRP/USDT matched Binance perpetual volumes with a correlation ratio of approximately 1, whereas com ...

Aster's token drops 10% after DefiLlama head raises wash trading concerns, delists perpetuals data https://t.co/Bph53BxY5u ...

aster's 40:1 volume to open interest ratio is 62.5x higher than hyperliquid's 0.64:1. binance runs 3:1 on high volatility days. even ftx with known wash trading never broke 15:1. that $640m airdrop allocation getting farmed by bots recycling the same capital. hyperliquid's boring metrics actually signal real positions. ...