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Aster vs Hyperliquid

How Aster and Hyperliquid differ on chain, volume, fees and model.

AsterHyperliquid
TypePerp DEX (multi-mode)Perp L1 (own chain)
ChainMultichain (BNB, ETH…)Hyperliquid L1
How it worksA perp DEX with both a simple mode and a pro order-book mode, multichain, growing rapidly to challenge Hyperliquid on weekly volume (TVL ~$1.2B).A purpose-built Layer 1 (HyperBFT consensus) running a fully transparent on-chain CLOB with sub-second matching. 180+ perp markets plus spot HIP-1 tokens; taker 0.035% with maker rebates.
Scale*~$30B/wk~$248B/mo · #1
Max leveragehighup to 40x
Best forHigh-volume trading + airdrop upsideThe deepest, fastest on-chain perps

Aster

  • #2 perp DEX by volume
  • Simple + pro order-book modes
  • Multichain access
  • Younger than dYdX/Hyperliquid
  • Tokenomics still proving out

Hyperliquid

  • #1 by volume & liquidity
  • Fully on-chain transparent order book
  • ~200k orders/sec, sub-second matching
  • Share compressing from ~80% peak
  • Own L1 (bridge to enter/exit)

Bottom line

Pick Aster for high-volume trading + airdrop upside; pick Hyperliquid for the deepest, fastest on-chain perps.

* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).