Core Insights - Decentralised exchanges (DEXs) offering perpetual trading are rapidly gaining traction in the crypto industry, with Hyperliquid reporting $2.8 trillion in perpetual trade volume since its launch about a year ago [1] - Aster, a competitor, reportedly surpassed Hyperliquid in daily trading volume in September, but its perpetual volume was delisted by DefiLlama due to concerns over potential wash trading [1][2] Trading Volume and Market Manipulation - Aster claims to have very high perpetual trading volumes, around $100 billion, which raises suspicions about the authenticity of this data [2] - Wash trading, a form of market manipulation where traders trade with themselves to create a false impression of activity, is a concern in decentralised trading venues [3] Data Verification Challenges - DefiLlama highlighted that while some exchanges like GMX and Raydium allow for transaction verification, Aster does not provide the necessary software for running a node, complicating the verification process [4] - The reliance on Aster's API for data is seen as problematic, as it does not meet the verification standards expected in the crypto industry [6] Industry Reactions - The decision by DefiLlama to delist Aster's perpetual volume has received mixed reactions, with some supporters claiming the volume was fake from the start, although proving wash trading requires more data from Aster [7] - Aster's recent rise in the market was aided by a redesigned airdrop campaign and backing from YZi Labs, led by Changpeng Zhao, former CEO of Binance [5]

Partnerships & Integrations - Metamask 将使用 Hyperliquid 在钱包内推出永续合约交易功能 [1]

Market Trend - Coinbase follows Kraken's lead in opening perpetuals trading for US customers [1]