Hyperliquid Expands Its Share in the Perpetual Contracts Segment

The decentralized exchange market has undergone a shift in leadership in recent months. In September 2025, Aster briefly held around 70% of the segment, while Hyperliquid accounted for only 10%. By April 2026, the situation had changed: Hyperliquid increased its share to 44%, while Aster dropped to 15%. For the industry, this became one of the clearest examples of how quickly hype can give way to more sustainable business models.

Much of Aster’s success was driven by strong attention from the crypto community and public support from Binance founder Changpeng Zhao. This brought rapid user growth, but the platform failed to retain its audience over time. After the initial surge, user activity declined, and market interest gradually shifted toward platforms with more stable structures.

Against this backdrop, Hyperliquid strengthened its position as a decentralized derivatives exchange focused on perpetual contracts. The project developed without venture capital, with a significant portion of tokens distributed to users. In contrast, Aster received backing from YZi Labs and Changpeng Zhao while maintaining team anonymity and focusing on aggressive trading conditions.

The difference between the platforms is clearly reflected in key metrics. Open interest on Hyperliquid reached $5.15 billion, compared to $899 million for Aster. The open interest-to-volume ratio was also higher for Hyperliquid (0.64 vs. 0.18). These metrics indicate stronger user engagement and higher levels of trader trust.

Aster’s weakening position was also reflected in its token price. It reached $2.41 in October 2025 before falling to $0.67. At the same time, the platform’s financial performance deteriorated. According to estimates, Hyperliquid’s revenue reached $1 billion, with 97% allocated to token burns.

See also: "Capital inflows into Morgan Stanley’s Bitcoin ETF exceeded $103 million"

#Hyperliquid (HYPE) #DeFi tokens

Share: