Aster Leads in DeFi Transaction Fees, Surpassing Hyperliquid and Other Perpetual DEXs

The decentralized perpetuals exchange Aster has ascended to the forefront of DefiLlama’s protocol fee rankings, amassing over $25 million in fees within the last 24 hours.

Key Takeaways:

• Aster outperformed all DeFi protocols with more than $25 million in daily fees, significantly exceeding competitors such as Hyperliquid.
• Although trading volume is lower, Aster is gaining popularity due to its distinctive “hidden orders” feature and recent token launch.
• Supported by YZi Labs and endorsed by CZ, Aster’s valuation has surged to $15.1 billion since its rebranding and token introduction in September.

The protocol is considerably ahead of rivals like Hyperliquid, which generated $3.17 million during the same timeframe.

Despite being ranked fifth in fees, Hyperliquid surpasses Aster in daily trading volume.

Hyperliquid Triples Aster in Spot Volume, DefiLlama Data Shows

According to DefiLlama data, Hyperliquid recorded $477.3 million in spot trading volume, while Aster achieved $199.96 million, placing it 13th overall.

It is worth noting that Aster has not yet appeared on the aggregator’s daily revenue leaderboard.

Aster, formerly known as APX Finance, underwent a rebranding in March following its merger with Astherus. The platform is backed by YZi Labs (previously Binance Labs) and has established its presence through multi-chain support, initially focusing on BNB Chain.

Aster distinguishes itself from other perpetual DEXs with its “hidden orders” feature, enabling traders to place completely concealed limit orders.

This approach contrasts with the transparency typical of most on-chain order books and has attracted users interested in stealth execution strategies.

The protocol experienced a surge of new users after its token launch on September 17, during which the token price saw a rapid increase.

Further momentum was gained when Binance co-founder Changpeng Zhao endorsed the project on X, confirming that YZi Labs holds a minority stake.

“Few understand this,” Zhao posted. “Aster competes with Binance, but helps BNB.”

Few understand this.
Aster competes with @Binance, but helps #BNB. https://t.co/CmTSvVKUGR

— CZ BNB (@cz_binance) September 28, 2025

Aster’s native token, ASTER, is currently priced at $1.89, reflecting a decline of 1.76% over the past 24 hours.

The token now holds a fully diluted valuation of $15.1 billion, a remarkable increase from its initial $560 million valuation at launch.

While metrics for volume and visibility may differ, Aster’s increase in protocol fees establishes it as an emerging player in the on-chain derivatives market.

Aster Reimburses Traders After XPL Price Glitch Triggers Liquidations

On Friday, Aster compensated users in USDT following a sudden price spike in the XPL perpetual contract that led to forced liquidations.

This anomaly, which occurred during the shift from pre-launch to live trading, saw the price of XPL briefly rise to over $4, significantly higher than its $1.30 average on other platforms.

The exchange acted swiftly, completing the first round of reimbursements within hours and compensating affected traders for liquidation and trading fees.

While the precise cause remains unverified, initial speculation suggests a misconfigured index price or a lack of synchronization with live market data. Aster has committed to continuing its investigation into the incident.

The glitch followed the mainnet launch of Plasma, a stablecoin-focused Layer 1 whose native token XPL quickly reached a $12 billion valuation.

Despite this setback, Aster continues to build momentum, recently exceeding Hyperliquid in daily perpetuals volume. Its unique “hidden orders” feature has also contributed to the platform’s differentiation in a competitive landscape.

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