Hyperliquid vs Aster — The Perp DEX Showdown
This is our independent Hyperliquid vs Aster comparison (February 2026). Can Aster's hidden orders and stock perps dethrone the volume king? Is Hyperliquid's own L1 more decentralized than Aster's multi-chain approach? And which platform can you actually trust?
The short answer: Hyperliquid has deeper liquidity, proven infrastructure, and — crucially — fully transparent on-chain trading. Aster has more features (hidden orders, stock perps, 1001x leverage) but faces questions about volume authenticity and Binance ties. Hyperliquid is the safer bet; Aster is higher-risk, higher-reward.
Here's the complete breakdown.
Quick Comparison Table
| Feature | Hyperliquid | Aster |
|---|---|---|
| Architecture | Own L1 (HyperBFT) | Multi-chain (BNB, Arbitrum, Solana) |
| Weekly Volume | $40.7B | $31.7B |
| Market Share | ~50-60% | ~25-35% |
| Maker Fee | 0.01% | 0.01% |
| Taker Fee | 0.035% | 0.035% |
| Gas Fees | Zero | Standard chain fees |
| Max Leverage | 50x | 1001x (Simple) / 100x (Pro) |
| Hidden Orders | ❌ No | ✅ Yes |
| Stock/Commodity Perps | ✅ Yes (HIP-3) | ✅ Yes (0% fees) |
| Prediction Markets | ✅ HIP-4 (new) | ❌ No |
| Token | HYPE | ASTER |
| Decentralization | Own L1, ~24 validators | Relies on BNB Chain (21 validators) |
| Volume Verifiable | ✅ Fully on-chain | ⚠️ DefiLlama concerns |
| Our Rating | 4.7/5 | 4.1/5 |
Breaking News (February 2026)
Hyperliquid: HIP-4 Prediction Markets
On February 2, 2026, Hyperliquid announced HIP-4 — adding "Outcomes" prediction market contracts to HyperCore. This means you'll soon be able to trade prediction markets directly on Hyperliquid with no leverage and no liquidations. HYPE pumped 10% on the news.
Aster: CZ Insider Trading FUD
Aster's CEO Leonard is actively denying allegations linking the exchange and advisor Changpeng Zhao (CZ) to insider trading and token dumping. The FUD comes amid questions about whether Aster is effectively controlled by Binance. March mainnet launch confirmed despite the controversy.
The Decentralization Question
This is where things get interesting — and where Hyperliquid vs Aster really differs.
Hyperliquid's Approach
Hyperliquid built its own Layer-1 blockchain with HyperBFT consensus. Critics point out:
- Only ~24 validators in the active set
- 10,000 HYPE self-stake required to run a validator
- Hyper Foundation controls validator selection
- Node code wasn't fully open-sourced initially
But here's what matters: Every single trade, liquidation, and cancel on Hyperliquid is fully on-chain and verifiable. You can audit the entire orderbook history. Nothing is hidden.
Aster's Approach
Aster operates across multiple chains — primarily BNB Chain, plus Arbitrum, Solana, and Scroll. This sounds decentralized, but:
- BNB Chain has only 21 validators — all controlled by Binance
- Aster's trading data is a "black box" (per DefiLlama)
- Hidden orders mean less transparency by design
- YZi Labs (Binance incubator) backs the project
The DefiLlama Controversy
In October 2025, DefiLlama delisted Aster's volume data over suspected wash trading:
- Trading patterns mirrored Binance volumes 1:1
- DefiLlama couldn't verify if trades were genuine
- 0xngmi called Aster "still a black box — we can't verify the numbers"
- Aster was later relisted at their request, but concerns remain
The Verdict on Decentralization
Hyperliquid wins on transparency. Yes, it has centralized validator selection. But its trading is fully auditable on-chain. You know exactly what you're getting. Aster's multi-chain marketing hides the reality: Most volume flows through BNB Chain (21 Binance validators), and trading data can't be independently verified. The CZ/Binance ties add to concerns.
If "decentralization" means verifiable, trustless trading — Hyperliquid is more decentralized where it actually matters.
Hyperliquid — The Established Leader
Hyperliquid captured ~60% of the perp DEX market by building the best execution layer in DeFi. It's the benchmark everyone else is trying to beat.
Why Traders Choose Hyperliquid
- Deepest liquidity: $4.6B+ TVL, tightest spreads in DeFi
- Proven infrastructure: Own L1 blockchain optimized for trading
- Zero gas fees: All transactions free on Hyperliquid L1
- CEX-level UX: Sub-second execution, full orderbook, advanced orders
- HLP Vaults: ~23% APY for passive liquidity providers
- Sustainable tokenomics: No aggressive dilution, real revenue
- New: Prediction markets via HIP-4
Hyperliquid's Limitations
- No hidden orders (positions visible on-chain)
- Stock/commodity perps via HIP-3 apps (not native UI)
- Max 50x leverage (vs Aster's 1001x)
- Single chain (no multi-chain flexibility)
- Some security incidents in 2025 (price manipulation, user key leaks)
Read our full Hyperliquid Review →
Aster — The Feature-Rich Challenger
Aster launched in September 2025 through the merger of Astherus and APX Finance. It immediately challenged Hyperliquid's dominance with aggressive features and incentives.
Why Traders Choose Aster
- Hidden orders: Place invisible limit orders — no front-running, no stop-hunting
- 1001x leverage: Extreme leverage in Simple Mode (with ROI caps)
- Stock perpetuals: Trade Apple, Tesla 24/7 with 0% fees
- Multi-chain: BNB Chain, Arbitrum, Solana, Scroll
- Yield-bearing collateral: Use staked BNB/ETH as margin
- Aggressive buybacks: 40-80% of fees used for ASTER buybacks
Aster's Limitations
- Volume authenticity questions: DefiLlama delisting, wash trading concerns
- Binance ties: YZi Labs backing, CZ advisor role, BNB Chain reliance
- Newer platform: Only 5 months of operation
- 1001x leverage is gamified: ROI caps make it entertainment, not real 1001x
- Token unlock pressure: 80-month vesting schedule
- Regulatory risk: Stock perpetuals attract scrutiny
Hyperliquid vs Aster: Fee Comparison
Both platforms now charge identical base trading fees:
| Fee Type | Hyperliquid | Aster |
|---|---|---|
| Maker | 0.01% | 0.01% |
| Taker | 0.035% | 0.035% |
| Gas | $0 | $0.05-0.50 |
| Stock Perps | N/A | 0% fees |
| Token Discount | No | 5% with ASTER |
Real Cost on $10,000 Trade
| Platform | Taker Cost | Gas | Total |
|---|---|---|---|
| Hyperliquid | $3.50 | $0 | $3.50 |
| Aster (BNB) | $3.50 | $0.10 | $3.60 |
| Aster (Arbitrum) | $3.50 | $0.20 | $3.70 |
Verdict: Hyperliquid's zero gas makes it slightly cheaper for most trading. Aster wins for stock perpetuals with 0% fees.
Hyperliquid vs Aster: Leverage Comparison
| Platform | Max Leverage | Notes |
|---|---|---|
| Hyperliquid | 50x | Consistent across all markets |
| Aster Simple | 1001x | ROI capped — gamified, not true 1001x |
| Aster Pro | 100x | Full orderbook, hidden orders |
Reality check: Aster's 1001x is marketing. The ROI caps mean you can't actually make 1001x returns. Serious traders use Pro Mode at 100x, which is comparable to Hyperliquid's 50x. Hyperliquid's conservative approach prioritizes platform stability.
Hyperliquid vs Aster: Volume & Liquidity
Current Rankings (January 2026)
| Rank | DEX | Weekly Volume |
|---|---|---|
| 1 | Hyperliquid | $40.7B |
| 2 | Aster | $31.7B |
| 3 | Lighter | $25.3B |
Hyperliquid has reclaimed the #1 spot after Aster briefly led in late 2025. Key difference:
- Hyperliquid: Consistent organic volume, 9.9% of Binance's perp volume
- Aster: Volume spikes during incentive campaigns, questions about authenticity
Hidden Orders: Aster's Killer Feature
Aster's hidden orders remain its most compelling unique feature:
How They Work
- Place limit orders invisible to the public orderbook
- Orders only appear when matched
- Prevents front-running, MEV extraction, and stop-hunting
Who Benefits?
- Large traders hiding position sizes
- Anyone tired of getting liquidated at obvious levels
- Privacy-conscious traders
Hyperliquid's response: None yet. This is a genuine competitive advantage for Aster — if you trust the platform.
Stock & TradFi Perpetuals
Both platforms now offer TradFi exposure, but in different ways:
| Platform | Stock Perps | Commodities | Volume |
|---|---|---|---|
| Hyperliquid | ✅ Yes (HIP-3) | ✅ GOLD, SILVER, COPPER | $1B+ daily on metals |
| Aster | ✅ Yes (native) | ✅ Yes | Lower volume |
Hyperliquid added TradFi perps via HIP-3 apps — NVDA, USA500 (S&P 500), GOLD, SILVER, COPPER with serious volume ($1.1B+ on silver alone). Available in the "Tradfi" tab.
Aster offers stock perps (AAPL, TSLA) natively with 0% trading fees — but lower volume than Hyperliquid's offerings.
The difference: Hyperliquid's TradFi perps have much higher liquidity. Aster's advantage is the 0% fee on stocks specifically.
Security & Trust Comparison
Hyperliquid
- Track record: 2+ years of operation
- Incidents: Price manipulation ($4.9M, Nov 2025), user key leak ($21M, Oct 2025)
- Audits: Multiple on core contracts
- Transparency: Full on-chain orderbook, verifiable trades
Aster
- Track record: 5 months (Sept 2025 launch)
- Incidents: None reported
- Audits: Cyberscope, Salis Security, PeckShield, Halborn (4 auditors)
- Transparency: Hidden orders by design, volume data questioned
Verdict: Hyperliquid has a longer track record with some incidents. Aster is clean but newer and less transparent. The DefiLlama concerns shouldn't be ignored.
Who Should Use What?
Choose Hyperliquid If:
- You value verifiable, transparent trading
- You want proven liquidity that doesn't depend on airdrops
- You prefer zero gas fees and simple UX
- You're excited about prediction markets (HIP-4)
- You want high-volume TradFi perps (metals, indices)
- Trust matters more than features
Choose Aster If:
- Hidden orders are essential for your strategy
- You want 0% fees on stock perps specifically
- You're farming ASTER incentives
- You prefer multi-chain flexibility
- You're comfortable with platform's Binance ties
- Features matter more than transparency
The Verdict: Hyperliquid vs Aster
| Platform | Rating | Best For |
|---|---|---|
| Hyperliquid | 4.7/5 | Serious traders, deep liquidity, transparency |
| Aster | 4.1/5 | Hidden orders, stock perps, incentive farming |
For most traders: Hyperliquid remains the better choice. It has deeper liquidity, a longer track record, fully verifiable trading, and is expanding into prediction markets. For specific use cases: Aster wins if you need hidden orders or stock perpetuals — and you're comfortable with the transparency trade-offs. The honest take: Aster's features are genuinely innovative. Hidden orders solve real problems. Stock perps open new markets. But the DefiLlama controversy, Binance ties, and inability to verify trading data are real concerns. If you use Aster, do it with eyes open.
FAQ
Is Hyperliquid more decentralized than Aster?
Yes, in terms of trading transparency. Hyperliquid's orderbook is fully on-chain and auditable. Aster operates primarily on BNB Chain (21 Binance-controlled validators) and its trading data can't be independently verified.
What is the DefiLlama controversy?
In October 2025, DefiLlama delisted Aster's volume data after finding suspicious trading patterns that mirrored Binance volumes 1:1. Aster was later relisted but DefiLlama warned they "still can't verify the numbers."
Is Aster controlled by Binance/CZ?
Aster is backed by YZi Labs (formerly Binance Labs) and CZ serves as an advisor. The project denies direct control, but the ties are significant. Most volume flows through BNB Chain.
Which has lower fees?
Identical trading fees (0.01% maker, 0.035% taker). Hyperliquid has zero gas; Aster has standard network fees. For stock perps only, Aster offers 0% fees.
What is Hyperliquid HIP-4?
HIP-4 adds "Outcomes" — prediction market contracts to Hyperliquid. Announced Feb 2, 2026. Allows trading prediction markets without leverage or liquidations.
Can you trade stocks on Hyperliquid?
Yes! Hyperliquid added TradFi perps via HIP-3 — stocks (NVDA), indices (USA500), and commodities (GOLD, SILVER, COPPER) with high volume. Aster also offers stock perps natively with 0% fees.
Which is safer?
Both carry DeFi risk. Hyperliquid has more history (with some incidents) but full transparency. Aster is newer with clean record but volume authenticity questions. Neither is "safe."
Compare individual reviews: Hyperliquid | Aster
*Last updated: February 4, 2026*