Aster has taken the lead over Hyperliquid in daily trading activity, signaling a major shift in the decentralized exchange (DEX) race. The Binance-backed platform processed over $20.8 billion in trades within 24 hours, more than twice Hyperliquid’s volume, and generated $9.2 million in fees, according to DeFiLlama. This marks one of the first times Hyperliquid has been dethroned in both activity and revenue, setting the tone for what could be a long-term rivalry in the sector.

Daily Volume and Revenue Edge

DeFiLlama data shows Aster’s $20.8 billion daily volume far outpacing Hyperliquid’s $9.7 billion. Its $9.2 million in fee revenue placed it second among all protocols, ahead of Circle and just behind Tether.

While Hyperliquid still leads in total value locked (TVL) at $6.5 billion versus Aster’s $1.8 billion, the surge in daily activity suggests traders are increasingly favoring Aster’s platform for high-frequency trading.

Arkham Intelligence Confirms Whale Accumulation

Blockchain analytics platform Arkham Intelligence confirmed that three major whale wallets bought more than 31 million ASTER in the past 24 hours, valued at $61.6 million. One wallet deposited $73.9 million USDT to Gate.io, later withdrawing 24 million ASTER worth $46.5 million, a move that signaled strong conviction from big players.

This wave of accumulation pushed ASTER’s price to a fresh all-time high above $2.34 before a slight retracement. Its market cap now sits near $3.7 billion, making it one of the top 40 cryptocurrencies by size.

Hyperliquid Capital Outflows

On-chain data from Lookonchain revealed that a major Hyperliquid whale sold nearly $9 million worth of HYPE and rotated the funds into Aster. Even after the sale, the whale retains roughly $80 million in HYPE, but the move points to shifting liquidity between the two ecosystems.

Other traders have mirrored the move, opening new positions on Aster and fueling a 45% spike in trading volume. Since its September 17 token generation event, ASTER has rallied more than 2,600%, turning it into one of the most explosive assets of the month.

Technology and Roadmap Powering Growth

Aster’s rapid adoption isn’t just about capital inflow. The exchange introduced hidden orders, allowing users to place invisible limit orders — a feature designed for sophisticated traders who want to avoid front-running. Its 1001x leverage support and deep liquidity pools are also drawing professional market participants.

CEO Leonard recently confirmed that Aster Chain, its proprietary Layer-1 blockchain, is undergoing internal testing. The chain aims for sub-second finality, privacy-preserving trade verification, and integrated perpetual contracts. Discussions with Binance for a potential listing are ongoing, though no timeline has been given.

Related read: Aster CEO Confirms Aster Chain Rollout as DeFi Rivalry Heats Up

Why This Matters for DEX Competition

Aster’s rise challenges Hyperliquid’s dominance and signals a broader trend of capital moving to new, innovative platforms. With whale participation verified by Arkham Intelligence, fresh liquidity entering the ecosystem, and a Layer-1 launch on the horizon, Aster is positioning itself as a long-term competitor in the DEX market.

The big question now is whether Hyperliquid will respond with deeper incentives or liquidity programs to reclaim its lead. For now, Aster tops Hyperliquid by daily volume and has become the protocol to watch in the decentralized trading landscape.