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dYdX vs Aster

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

dYdXAster
TypePerp appchain (Cosmos)Perp DEX (multi-mode)
ChaindYdX Chain (Cosmos)Multichain (BNB, ETH…)
How it worksdYdX v4 runs its own Cosmos SDK appchain with an off-chain order book and on-chain settlement; validators process order matching. 75+ markets, taker 0.05%.A 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).
Scale*~$0.3–0.5B/day~$30B/wk
Max leverageup to 20xhigh
Best forMaturity + validator decentralizationHigh-volume trading + airdrop upside

dYdX

  • Mature, battle-tested venue
  • Validator-decentralized appchain
  • Deep liquidity on top pairs
  • Lower volume than Hyperliquid
  • Higher fees than Hyperliquid

Aster

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

Bottom line

Pick dYdX for maturity + validator decentralization; pick Aster for high-volume trading + airdrop upside.

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