Aster Tops $11 Billion in Volume, Pressures Hyperliquid in Perp Futures Race

* Aster DEX tops $11 billion in daily volume, outpacing Hyperliquid. * Growth driven by trading rewards and a point farming program. On September 23, 2025, Aster, a decentralized exchange (DEX) specializing in perpetual futures, outpaced Hyperliquid in daily trading volume, hitting $11 billion compared to Hyperliquid's $9.9 billion. This milestone, driven by Aster's strategic incentives and tokenomics, signals a significant shift in the competitive perpetual futures landscape. According to market data, Aster's trading volume surged past the $11 billion mark, with some reports indicating peaks of over $12 billion, while Hyperliquid’s volume was $9.8 billion. This performance generated over $4 million in daily fees for Aster, eclipsing Hyperliquid's $2.91 million for the day. The platform's rapid growth is largely driven by its "Stage 2 Rh point farming program," which incentivizes trading activity through the distribution of native ASTER tokens. Scheduled to conclude on October 5, 2025, the rewards initiative has spurred heightened trading and liquidity, while endorsements from prominent crypto figures and strong institutional backing have also boosted user adoption. The surge in trading activity has, in turn, significantly boosted ASTER's value, with the token's price increasing 257% since its launch to reach an all-time high of $1.96 and briefly peak at $2.05. This price momentum has attracted additional liquidity and users to the platform. Additionally, Aster's activity contributed to higher daily fees on the BNB Chain, surpassing competing networks like Solana. Despite Aster's daily volume success, however, Hyperliquid retains its dominance in overall monthly trading volume and total value locked (TVL). Hyperliquid reported $307 billion in trades over the past month, far exceeding Aster's monthly total of $27 billion, and also maintains a considerable lead in TVL, which underscores its entrenched market position. The rivalry between Aster and Hyperliquid continues to shape the perpetual futures DEX sector, as Aster leverages innovative features like multi-chain compatibility and hidden order mechanisms to draw users and compete with established players. As of 18:09 UTC on September 23, Aster (ASTER) traded at $2.036, a 43.83% rise in 24-hour volume. In contrast, Hyperliquid (HYPE) traded at $46.506, marking a 2.96% drop over the same period. Both platforms remain key players in the dynamic perpetual futures market.