What is Aster? The decentralized exchange on the BNB chain that Hyperliquid takes

Decentralized exchange Aster has caught the attention of the traders thanks to the eye-watery 1,001x lever options, support from co-founder of Binance Changpeng “CZ” Zhao and an increasing token.

Due to the focus on continuous futures trade, Aster is considered a rival of hyperliquid – what has been one of the most successful crypto projects of the year. During the first week, it reversed hyperliquid in daily income But remained in terms of trade volume.

Thanks to the explosive start, according to CoenteckoHis Aster -Toks rose to a market capitalization of $ 3.2 billion as the 50th largest cryptocurrency due to market capitalization – not bad for a week’s work.

So what exactly is Aster? What is even an eternal future? How does Aster correspond to hyperliquid? And what is the following? Here is a look at the popular BNB chain exchange.

What is Aster?

Aster is a decentralized exchange that supports multiple chains, including Solana, Ethereum and Arbitrum, but is most connected to BNB chain. It specializes in eternal futures trade, although it also offers spot trade. The project is supported by YZI LabsThe Crypto Investment Company Van Changpeng “CZ” Zhao, which co-founded Binance.

With eternal futures, traders can speculate about the price of cryptocurrencies without having the underlying asset – albeit Bitcoin” EthereumOr another available token. Traditional futures require an expiration date, while eternal futures do not. That said, traders still have to select whether they want brief (which means that the price will fall) or long (the price will rise) the selected active.

Moreover, eternal futures are closely linked to highly livered transactions – with aster Maximum leverage set at no less than 1,001x.

Aster exploded in popularity in September 2025, with the debut of his sign that 2,000% rose In the first seven days to $ 3.8 billion market capitalization. At the time of writing, it has settled on a market capitalization of more than $ 3 billion, making it the 50th largest cryptocurrency due to market capitalization.

Aster vs. Hyperliquid

With his success, Aster is of course compared to Hyperliquid – who has settled as the leading decentralized exchange that specializes in eternal futures.

At the time of writing at the end of September 2025, Aster’s weekly trade volume is $ 3.32 billion, behind Hyperliquid at $ 5.39 billion. That said, according to DefillamaIt has surpassed the rival exchange in daily income over several days since the launch.

So what is the difference? Firstly, Aster Native works on four networks, which reduces the friction for traders to get started, while Hyperliquid has his own blockchain that feeds the exchange. That said, Aster aims to launch his own Layer-1 network.

Another big difference is that Aster seems to have a stronger focus on privacy, with the launch of hidden orders with which private transactions can be placed. The highly transparent model of hyperliquid, on the other hand, has been partly the strength because it received the headlines as a result of placing whales Striking bets.

However, CZ, however, told Farokh Sarmad of Drawing Radio–Decrypt‘s Sister Company – in a video interview in May that the transparent model of Hyperliquid may not be optimal for large transactions.

“The current model where everything is completely transparent can be the best model or not,” said the co-founder of Binance. “Yes, you can see a large whale of $ 300 million. But the man who really wants to do a short of $ 300 million does not want you to see it.”

Moreover, Aster’s maximum leverage is a dizzying 1,001x, while Hyperliquid surpasses 40x. To put that in perspective, the highest that the centralized exchange Binance Offers are 20x and you must meet certain requirements.

The future of Aster

Aster is a warm start, but it has big plans to keep building.

A switch to a special low-1 network will be the most important change in the decentralized exchange and will be a remarkable switch from the BNB chain Die is bound to Binance, which CZ is co-founder.

Exact details about this movement are still reasonable under wraps, with Aster’s official documents Just say “coming soon”. Aster chain is currently in an internal test phase, the CEO of the Exchange, Leonard van de Exchange told Interconnect. Leonard said it was designed to ‘retain commercial privacy’.

What users are probably the most enthusiastic about, however, is the possibility of an Aster Airdrop.

After his tokentamen event, part of the token stock was put forward to those who had participated in earlier AirDrop campaigns. On October 17, the AirDrop claim will close and all non -ced tokens will go back to the Community Rewards Pool – that is responsible 53.5% of its total offer.

As such, users anticipate a new round of AirDrops to take place somewhere after the claim period of October is closed. And some traders are that even try to farm it.

Whether you are eagerly anticipating the airdrop bone, or act with insane leverage on the new Layer-1 network, Aster has a lot in store for users. However, whether it ultimately has the same kind of impact in the long term as hyperliquid can still be seen.