How Aster is emerging in the perpetual contract DEX market

In just a few months, a perpetual contract DEX project called Aster has rapidly risen to become a market focal point. Backed by YZi Labs, the family office of Binance founder Zhao Changpeng, this project is rewriting the DEX competitive landscape at an astonishing pace. Aster’s story is worth paying attention to, not only because of its impressive data performance but also because it reveals a new dimension of competition in the current perpetual contract market.

Trading Activity Among the Industry’s Best

According to data tracking by DefiLlama, Aster has caused waves far beyond expectations. Hyperliquid, once a leader in the perpetual contract DEX space, now faces a strong challenge. In line with traditional industry logic, trading fees often reflect a platform’s true popularity. In the past 24 hours, Aster’s fee revenue exceeded $25 million, while Hyperliquid only generated $3.17 million in the same period, a difference of over 7 times. In terms of 24-hour trading volume, Aster’s $42 billion far surpasses the second-place Hyperliquid and third-place Lighter, demonstrating its absolute competitive advantage in the market.

These figures reflect genuine user choice. Capital flow often most honestly indicates a platform’s recognition in the market. The fact that Aster has rapidly accumulated such a large trading volume shows it is quickly winning the trust of perpetual contract traders.

Hidden Order Mechanism Creates Differentiation

If we only look at data comparisons, Aster’s success might seem superficial. What truly sets this project apart is its innovative trading mechanism design. Aster’s “Hidden Order” feature breaks the traditional transparent order book model of DEXs, allowing users to place completely concealed limit orders, providing strategic advantages for professional traders.

The significance of this innovation lies in enabling high-frequency traders and professional trading teams to hide their intentions to some extent, avoiding front-running by other market participants. In the highly competitive environment of crypto trading, this “strategic space” is especially valuable for professional traders. The hidden order mechanism has thus become a key factor in attracting professional capital to Aster.

YZi Labs and BNB Ecosystem Strategic Synergy

Aster did not appear out of nowhere. The project was formerly known as APX Finance, which rebranded after merging with Astherus in March 2025. More importantly, it receives strong support from YZi Labs, Zhao Changpeng’s family office, which holds significant influence within the Binance ecosystem.

Interestingly, Zhao Changpeng himself has offered a unique interpretation of Aster’s success. He publicly stated that although Aster and Binance are competitors in trading services, Aster’s success can actually help the development of the BNB ecosystem. This reveals a broader strategic logic—by supporting excellent projects within the ecosystem, the overall application ecosystem of the BNB chain is strengthened. Aster’s early deployment on BNB Chain is a concrete reflection of this collaborative strategy.

Token Performance and Market Expectations

Since launching its native token on September 17, Aster’s ASTER token has quickly become a market focus. Early on, due to Zhao Changpeng’s public support, the token’s momentum was strong, and its price once performed robustly. However, as is common in crypto markets, after a surge, the token’s price experienced a correction.

Latest data shows ASTER is trading around $0.62, a significant decline from its initial high. The token has slightly increased by 4.60% in the past 24 hours, indicating some market support. Notably, the fully diluted valuation (FDV) is approximately $495 million, which has been adjusted downward compared to the project’s initial launch.

The price fluctuations reflect the market’s cooling-off. After witnessing Aster’s impressive trading data, investors are beginning to reassess the token’s intrinsic value support. This rational market reaction also indicates an increased maturity in the crypto market.

The Market Significance of Aster

Aster’s rapid rise is not only a success story but also a reflection of intensified competition and accelerated innovation in the current perpetual contract DEX market. The emergence of differentiated mechanisms like hidden orders and the use of ecosystem collaboration strategies are driving the entire DEX ecosystem toward more complex and professional directions. Whether Aster can maintain its market leadership in the future will depend on how well it balances trading innovation, user experience, and ecosystem expansion.