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Aster topples Hyperliquid as open interest rockets to $1.27B

TL;DR

• Aster, a decentralized perpetuals exchange on BNB Chain, saw its open interest surge to $1.27 billion, marking a massive increase from just $3.72 million in under a week.
• Daily trading volume also reached $24.7 billion, surpassing Hyperliquid’s $10 billion.
• Total value locked (TVL) jumped to $1.85 billion, reflecting strong trader confidence and platform growth, supported by exposure from BNB Chain and CoinMarketCap’s CMC Launch program.
  

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Data  revealed that Aster led daily perpetual trading volumes on Wednesday, reaching nearly $24.7 billion, outpacing rivals Hyperliquid, edgeX, and Lighter. While Hyperliquid still maintains superior liquidity over longer periods, Aster’s rapid growth in daily activity highlights strong market interest and the increasing adoption of decentralized derivatives. EdgeX recorded $8.25 billion, and Lighter $6.18 billion, demonstrating how the top DEXs are competing for trader attention on the BNB Chain network, with new strategies and partnerships emerging to attract liquidity.

Open Interest Surge Signals Trader Confidence

CoinGlass data showed that Aster’s open interest skyrocketed from $3.72 million on Friday to $1.27 billion midweek. Open interest measures the total number of active contracts not yet settled, making it a key gauge of liquidity and market conviction. Simultaneously, Aster’s total value locked (TVL) climbed to $1.85 billion, a 196% increase from Friday’s $625 million. These figures suggest that traders are willing to commit substantial capital to Aster, signaling strong confidence in the platform’s growth trajectory. The increase in both trading volume and TVL also points to a broader shift in market attention toward emerging DEXs offering competitive features and incentives.

Support From BNB Chain And CoinMarketCap Boosts Visibility

Aster’s rise has been supported by BNB Chain and YZi Labs, offering mentorship, ecosystem exposure, and technical resources. CoinMarketCap also promoted Aster via its CMC Launch program, generating over 400 million homepage banner impressions, more than 3 million tweet impressions, and a combined reach exceeding 5 million through newsletters, app notifications, and media coverage. According to CMC Launch lead Jin Choo, these efforts were based on Aster’s innovation, market potential, and community traction, without direct influence from Binance. The visibility provided by these campaigns appears to have accelerated user adoption and encouraged more traders to experiment with perpetual contracts on the platform.

Looking Ahead, Aster Seeks To Sustain Momentum

While Aster has overtaken Hyperliquid in daily volume and open interest, sustaining long-term growth will require maintaining liquidity and attracting consistent trader engagement. Its current momentum reflects the evolving DeFi ecosystem on BNB Chain, where innovative platforms can rapidly gain market share with strong technical foundations, strategic support, and community-driven adoption patterns.