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Hyperliquid vs Aster

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

HyperliquidAster
TypePerp L1 (own chain)Perp DEX (multi-mode)
ChainHyperliquid L1Multichain (BNB, ETH…)
How it worksA 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.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*~$248B/mo · #1~$30B/wk
Max leverageup to 40xhigh
Best forThe deepest, fastest on-chain perpsHigh-volume trading + airdrop upside

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)

Aster

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

Bottom line

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

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