Decentralized crypto exchanges (DEXs) are P2P platforms that allow users to trade crypto with each other without any central authority – they maintain the decentralization feature, without KYC requirements, unlike centralized crypto exchanges (CEXs).
The end of Q3 2025 DEX trading volume saw notable growth, especially after the rise of Aster DEX since the launch of its token, ASTER, on September 17. The event caught the attention of important names in the industry, including YZi Labs (formerly known as Binance Labs) and Binance’s founder, Changpeng Zhao.
Both Aster vs Hyperliquid are very popular DEXs in the crypto industry, and this guide provides an in-depth view of the platforms, offering key details about markets, liquidity, fees, wallets, security, native tokens, and more.
Aster DEX vs Hyperliquid – Platform Overviews
Aster and Hyperliquid are both important DEXs in the crypto ecosystem. Here’s an analysis of their origins, the chains they’re operating on, core design, target users, and key features for the platforms.
What is Aster
Aster is a decentralized perpetual exchange that allows non-custodial trading of perpetual contracts across various blockchains, suitable for both beginners and pro traders.
Origins
Aster was established in late 2024 via the merger of:
- Astherus multi-liquidity hub
- APX Finance decentralized perpetual protocol
The integration combined Astherus’ yield-generating products with APX’s perp trading infrastructure.
The merger led to the rebrand and launch of the unified platform called Aster on March 31, 2025.
A strategic financing round, including YZi Labs, was completed in November 2024, before the rebrand. On November 28, the project known as Astherus announced that it secured seed funding led by Binance Labs, a move that strengthened its mission to redefine real yield in DeFi.
Chains, Core Design, Target Users, and Key Features
Here are the main characteristics of Aster DEX:
| Category | Details |
|---|---|
| Chains | BNB Chain, Ethereum, Solana, Arbitrum |
| Core Design | Hybrid model combining AMM and Orderbook mechanisms for non-custodial trading |
| Target Users | Suitable for beginners and professional traders; attractive to extreme-yield seekers with up to 1001x leverage |
| Key Features |
|
As of October 2025, Aster marked the following milestones:
- $3 trillion in total trading volume
- Over 524,000 users
- $3 billion in OI
- $1 billion in TVL
Aster perps DEX is suitable for all kinds of traders, and offers various types of tools and benefits for those interested in decentralized trading and prefer hidden orders.
What is Hyperliquid
Hyperliquid is a decentralized crypto exchange that allows the trading of more than 100 perpetuals and spot assets.
Origins
Hyperliquid DEX was launched in 2023, and its custom L1 blockchain was developed by founders Jeff Yan and Iliensinc.
The team behind the project originally started in 2020 as Chameleon Trading – a crypto market-making firm led by Yan.
Its native token, HYPE was launched via an airdrop in November 2024.
The Hyperliquid blockchain has two key parts, both secured by the same HyperBFT consensus:
- HyperCore
- HyperEVM
Chains, Core Design, Target Users, and Key Features
Here are the main characteristics of the Hyperliquid DEX:
| Category | Details |
|---|---|
| Chains | Operates on its own L1 blockchain, compatible with Ethereum-based wallets |
| Core Design | Combines spot trading, perps order books, and AMMs, similar to Aster DEX |
| Target Users | Designed for novice users and professional traders; offers high returns, though limited to 40x maximum leverage (lower than Aster’s 1001x) |
| Key Features |
|
Hyperliquid DEX is an exchange for beginners and pros interested in spot and perps trading who value decentralization.
Markets and Liquidity on Aster vs Hyperliquid
Both decentralized crypto exchanges, Aster DEX vs Hyperliquid, offer spot and perps trading.
Maximum Leverage
Aster offers a maximum leverage of 1001x – Simple Mode users can trade BTC/USD with a leverage of up to 1001x. Hyperliquid provides a maximum leverage of 40x for BTC/USDC.
Hyperliquid uses a more conservative leverage ceiling, meaning lower risks, compared to Aster’s more extreme levels.
Funding Mechanisms
Aster uses the standard funding mechanism. The exchange uses a funding rate to balance longs and shorts, to keep the contract price close to the underlying asset’s market price. This mechanism maintains price stability. If the perps price is higher than the spot price, longs pay shorts, and if the perps price is lower, shorts pay longs.
In the 1001x mode, funding is applied every block, which means that funding costs continuously bleed into unrealized PnL and influence liquidation thresholds.
Hyperliquid uses a rolling funding rate model – the funding rate formula is applied to an 8-hour funding rate. On the other hand, funding is paid every hour at one-eighth of the computed rate for each hour. This funding mechanism anchors the perps price close to spot.
Hyperliquid’s funding model emulates the CEX style, helping minimize basis divergence between the perp contract and the underlying spot price. Its model is more conventional and predictable for users.
Liquidation Strategies
Both exchanges use layered liquidation strategies, involving orderbook and backstop:
- Aster’s emphasis is on index-based mark pricing and insurance fund coverage.
- Hyperliquid blends orderbook liquidations with a vault-based backstop; it also has an ADL fallback for extreme stress.
As a conclusion, Aster is better suited for more extreme traders who seek higher leverage, which comes with more risks. Hyperliquid is better suited for more conventional traders, with a lower leverage ceiling. However, both exchanges offer layering liquidation strategies to minimize potential losses.
Fees and Costs: Aster vs Hyperliquid
Aster DEX fees can be calculated via a fee calculator, which allows you to compare trading costs, adjust trading volume, and calculate savings compared to other platforms.
On Hyperliquid DEX, fees are based on the users’ 14-day volume and are assessed at the end of each day in UTC. Sub-account volume counts toward the master account, and all sub-accounts share the same fee tier.
Here’s a fee comparison between Aster and Hyperliquid for spot and perps, potential hidden costs, and discounts.
Spot Trading Fees
Aster spot trading fees are as follows:
- Maker fee 0.005%
- Taker fee 0.04%
You can save 5% on spot trading fees when you pay with ASTER.
Hyperliquid spot trading fees are based on tiers from 0 to 6 and are set according to a Base rate, diamond, platinum, gold, silver, bronze, and wood.
For instance:
- The taker-maker fees for tier 0 are 0.07%-0.04% (base rate) and 0.0665%-0.038% (wood).
- The taker-maker fees for tier 6 are 0.025%-0% (base rate) and 0.0238%-0% (wood).
Aster vs Hyperliquid: Who’s the Winner in Spot Trading Fees
In conclusion, Aster’s fees for spot trading are lower overall. However, for whales or high-volume traders, Hyperliquid provides lower spot trading fees.
If you pay with ASTER, you will get lower fees, which reinforces Aster DEX’s low-cost edge for retailers.
Perps Trading Fees
Aster perps trading fees are the following:
- 0.005% maker fee
- 0.04% taker fee
You can save 5% on perps trading fees when you pay with ASTER.
Hyperliquid perps trading fees are based on tiers from 0 to 6 and are set according to a Base rate, diamond, platinum, gold, silver, bronze, and wood.
For instance:
- The taker-maker fees for tier 0 are 0.045%-0.015% (base rate) and 0.0428%-0.0143% (wood).
- The taker-maker fees for tier 6 are 0.024%-0% (base rate) and 0.0228%-0% (wood).
Aster vs Hyperliquid: Who’s the Winner in Perps Trading Fees
In terms of perps trading fees, Aster’s fees are lower, while Hyperliquid’s fees are more competitive but only at high trading volumes. For regular perps traders, Aster is one of the lowest-cost options in the industry.
Discounts, Rebates, Referrals
Both Aster vs Hyperliquid offer various types of fee discounts.
Aster offers 5% discounts for spot and perps trading if you pay with ASTER token. Also, the DEX introduced a VIP program and a market maker program. Referral rewards are based on the users’ net fee contribution, and the higher the trading volume, the greater the trading fee discounts.
Aster’s VIP tiers go from 1 to 6.
| Tier | 14-Day Trading Volume (Spot or Perp, USD) | Taker Fee (bps) | Maker Fee (bps) |
|---|---|---|---|
| VIP 1 | < $5M | 4.0 | 0.5 |
| VIP 2 | ≥ $5M | 3.5 | 0.45 |
| VIP 3 | ≥ $25M | 3.3 | 0.4 |
| VIP 4 | ≥ $100M | 3.0 | 0 |
| VIP 5 | ≥ $500M | 2.7 | 0 |
| VIP 6 | ≥ $1B | 2.3 | 0 |
There are two market maker tiers and fee discounts as follows:
| Tier | Criteria | Taker Fee (bps) | Maker Fee Rebate (bps) |
|---|---|---|---|
| MM 1 | ≥ $500M or Maker Volume ≥ 1.5% | 2.7 | -0.15 |
| MM 2 | ≥ $1B or Maker Volume ≥ 3% | 2.3 | -0.3 |
Hyperliquid offers discounts and rebates based on various user tiers.
Hyperliquid has various staking tiers as follows:
| Tier | HYPE Staked | Trading Fee Discount |
|---|---|---|
| Wood | > 10 HYPE | 5% |
| Bronze | > 100 HYPE | 10% |
| Silver | > 1,000 HYPE | 15% |
| Gold | > 10,000 HYPE | 20% |
| Platinum | > 100,000 HYPE | 30% |
| Diamond | > 500,000 HYPE | 40% |
Hyperliquid’s maker rebates are the following:
| Tier | 14-Day Weighted Maker Volume | Maker Fee (Rebate) |
|---|---|---|
| 1 | > 0.5% | −0.001% |
| 2 | > 1.5% | −0.002% |
| 3 | > 3.0% | −0.003% |
Aster provides discounts based on its native token ASTER utility, various VIP and MM tiers, while Hyperliquid offers discounts based on staked HYPE and maker volume.
On/Off Ramps and Wallets
Both crypto exchanges Aster vs Hyperliquid, have wallet support.
To connect with Aster, you can log in via email or use Wallet Connect, Binance Wallet, or Phantom.
To connect with Hyperliquid, you can log in via email, or use the Default Wallet, Wallet Connect, OKX Wallet or Coinbase Wallet.
Both Aster DEX and Hyperliquid can be connected to:
- CEX wallets (Binance for Aster, OKX and Coinbase for Hyperliquid)
- Third-party apps (Wallet Connect for both DEXs and Phantom for Aster)
Hyperliquid also has a default wallet.
Neither of the two DEXs supports fiat cards on ramps natively.
Aster DEX vs Hyperliquid: Security, Audits, Reliability
Both Aster DEX and Hyperliquid have boosted security:
- Built-in MEV protection
- Multiple audits for security reasons
- Bug bounty programs to boost security
- Oracle design and price protection
Audits
Aster DEX published multiple audit reports, showing that its core financial, vault, and yield systems have undergone security reviews, with the latest ones being the following:
- AsterVault audit report by Salus Security firm was released on September 13, 2024.
- AsterEarn audit report by Salus Security was released on September 12, 2024.
- asBNB was also audited by Salus Security (report revealed on December 11, 2024) and PeckShield (report revealed on December 2, 2024).
Other components, including USDF, asUSDF, asCAKE were audited as well.
The Hyperliquid bridge contract also underwent audits by Zellic in August and November 2023.
Bug Bounty Programs
Aster DEX’s bug bounty program is live since April 2025, with a maximum bounty of $200,000 (for critical smart contract threats). The maximum reward for high smart contract threats is $5,000, and for medium smart contract threats, $1,000.
The bounty program also offers $7,500 for critical threats on websites and apps, and $4,000 for high threats on these components.
Hyperliquid also had a bug bounty program with the following scopes:
- Bugs on the mainnet, potentially causing outages or logical errors on nodes or API servers
- Bugs on testnet
Hyperliquid pays rewards in USDC on the platform for responsible disclosure or bugs based on their severity.
MEV-Protection
Aster provides hidden orders and MEV-protection, offering commit/relay patterns to reduce pre-trading signaling and sandwich risks.
Hyperliquid also offers MEV-protection, promissing to ensure fair execution for traders, and developer docs show that the exchange has a module where “Primev is piloting MEV-commit support for the Hyperliquid network.”
However, it’s important to note that the MEV umbrella includes multiple categories of attacks like front-running, sandwich attacks, reordering, and 100% elimination is very difficult.
Oracle Design and Price Protection
Aster DEX uses the following protection techniques, as revealed in an AMA Recap on April 3, 2025:
- Multi-oracle aggregation – Pyth, Chainlink, Binance Oracle to prevent price manipulation
- Circuit breaker system – If price discrepancies are over 1%, trades fail automatically
- Leverage limits – ROI caps to prevent extreme risks
- Other security measures – multi-sig, in-house risk monitoring, and time locks to protect against exploits
Hyperliquid also uses multiple protection techniques, including the following:
- Validator published high-frequency feeds – Hyperliquid’s spot oracle prices are published every three seconds; oracle prices are a core input for funding computation and for the prices users in margining and liquidations.
- Combining price sources – Hyperliquid combines price sources from onchain orderbook, impact prices, and external CEX prices, and the final mark price is the median of multiple prices.
- TWAPs, clamps – The DEX uses TWAP (Time-Weighted Average Price) ordering, premium indices, and clamps to limit extreme deviations between funding/interest and premium indices.
- Onchain CLOB and oracle separation – Hyperliquid separates execution from the oracle, helping detect and mitigate manipulation attempts that try to move the onchain market prices away from global reference prices.
Known Donwtime/Outages
Despite strong market volatilty, there are no Aster outages mentioned so far.
On the other hand, Hyperliquid’s API servers have suffered a recent outage on July 29, 2025, that lasted for approximately 37 minutes, during which traders could not execute orders. Official notes revealed delayed node orders on July 29, between 14:10 and 14:47 (UTC), without any hacks or exploits.
Hyperliquid DEX blamed the API servers, which were overwhelmed by a sharp spike in user activity, but noted that its blockchain infrastructure continued to work normally during the outage. The exchange issued almost $2 million in USDC refunds for users after the incident.
Conclusion: Are Aster and Hyperliquid Safe to Use?
As a conclusion, both Aster vs Hyperliquid are safe to use as they use multiple protection elements against manipulation and attacks.
However, while Aster does not have any downtime on record, Hyperliquid recently experienced issues with its platform, but these were resolved. It’s also worth noting that Hyperliquid hasn’t been audited for a longer time compared to Aster.
ASTER vs HYPE: Tokenomics
Aster launched its token, ASTER on September 17, 2025. The total token supply for ASTER is 8 billion tokens with a circulating supply of over 2 billion tokens.
Hyperliquid launched its token HYPE on November 29, 2024. The total token supply for HYPE is over 999 million tokens, with a circulating supply of over 336 million tokens. The maximum HYPE supply is 1 billion tokens.
Native Token Roles
The ASTER token has the following utilities:
- Drives governance in the ecosystem – Holders can take part in the Aster protocol governance, vote on upgrades, new product proposals, changes, and more.
- Offers fee discounts – ASTER holders receive fee discounts when using the platform for spot and perps trading.
- Provides ecosystem incentives – Users can earn ASTER via staking, liquidity provision, rewards programs, and airdrops.
HYPE has the following use cases:
- Ecosystem governance – HYPE holders can take part in the decentralized decision-making process, voting on protocol upgrades and other important decisions.
- Staking – HYPE users can stake their tokens to earn rewards and boost the network security.
- Trading fees – HYPE can be used to pay for fees on Hyperliquid.
- Ecosystem development – Part of HYPE supply is allocated to community grants, supporting devs and fostering the ecosystem’s growth.
Emissions and Sustainability – Runway, Dilution Risk
ASTER has a total supply of 8 billion tokens and a circulating supply of 2.01 billion tokens. 8.8% of the total supply (704 million ASTER) was fully unlocked after TGE to users who participated in the Aster Spectra programs and other initiatives.
53.5% of ASTER is reserved for community rewards via airdrops, and unclaimed tokens will be redirected into the Airdrop pool for future rewards. The remaining ASTER will be distributed gradually over time for long-term protocol sustainability, according to Aster’s official data.
HYPE has a total supply of 999.54 million tokens, and 336.68 million tokens are in circulation. The maximum supply is 1 billion HYPE tokens.
On September 22, 2025, the team at Hyperliquid submitted a proposal to reduce HYPE’s total supply by 45%. The proposal included the following changes to Hyperliquid’s economic model:
- Future emissions and community rewards (FECR) – Revoking authorization for all unminted HYPE currently allocated to FECR
- Assistance Fund (AF) – Burning all HYPE currently held by AF and burning all HYPE acquired by the AF on an ongoing basis
- Maximum supply – Removing the maximum supply cap of 1 billion HYPE; the ongoing token issuance (for staking emissions or community rewards) would increase the total supply
As a conclusion, ASTER is following a predictable, capped emission model that’s focused on gradual community distribution and long-term sustainability, with moderate dilution risk tied to unclaimed rewards.
On the other hand, HYPE hopes to transition towards a dynamic supply model that combines deflationary burns with flexible future emissions. This could reduce immediate dilution, but the removal of a fixed cap might trigger policy risks, depending on multiple factors like governance and ecosystem demand.
Getting Started on Aster DEX vs Hyperliquid (Step-by-Step)
Getting started on the two decentralized exchanges is not difficult, even for newbies. Here’s how to use Aster DEX and Hyperliquid.
Getting Started on Aster
To get started with Aster DEX, you must follow these steps:
- Fund an external crypto wallet (Wallet Connect, Binance Wallet or Phantom)
- Connect the external wallet to the exchange
To connect with Aster, you can:
- Log in via email
- Use Wallet Connect, Binance Wallet or Phantom
To trade on Aster, you can choose from spot or perps trading.
Getting Started on Hyperliquid DEX
To get started on Hyperliquid, you have to follow these steps:
- Fund an external wallet (Wallet Connect, OKX Wallet, Coinbase Wallet) or the default wallet (Phantom)
- Connect the external wallet to the exchange if you don’t choose Phantom
To connect to Hyperliquid, you can:
- Log in with your email
- Use the default wallet, Phantom
- Use external wallets, including Wallet Connect, OKX Wallet, or Coinbase Wallet
You can choose spot or perps trading on the exchange.
Pros and Cons of Aster vs Hyperliquid
Here are the pros and cons of Aster DEX:
| Pros | Cons |
|---|---|
| Operates on multiple chains (BNB Chain, Ethereum, Solana, Arbitrum) | Higher leverage (up to 1001x) increases liquidation risk |
| Backed by Binance Labs (YZi Labs) and supported by CZ | Complex fee structure and multiple tiers can confuse new users |
| Combines AMM + orderbook model for hybrid flexibility | Funding applied every block in 1001x mode can drain unrealized PnL fast |
| MEV-free and supports hidden orders | Still relatively new (launched in 2025), limited long-term reliability data |
| Offers crypto and stock trading | |
| Lower spot and perps fees compared to most DEXs | |
| 5% trading fee discounts when paying with ASTER | |
| VIP and Market Maker programs with fee rebates | |
| $3T total volume, $3B OI, 524K+ users — strong adoption | |
| Multiple audits (Salus, PeckShield), strong security setup | |
| No known outages to date | |
| Predictable emission model; capped 8B total supply | |
| 53.5% of supply reserved for community rewards — transparent tokenomics |
Here are the pros and cons of Hyperliquid:
| Pros | Cons |
|---|---|
| Built on its own L1 blockchain (Hyperliquid L1) for full onchain execution | Runs only on its proprietary chain (less interoperability) |
| Offers >100 spot and perps pairs | Maximum leverage limited to 40x — lower potential returns |
| Transparent and predictable CEX-style funding model | Recent API outage (July 2025) caused 37 min downtime |
| Dynamic oracle system: validator feeds every 3 seconds | Has not been audited recently (since 2023) |
| Staking tiers with up to 40% fee discounts for HYPE holders | Complex tokenomics due to removal of supply cap plans |
| Maker rebates and a tiered fee system for active traders | Potential dilution from future emissions after removing cap |
| MEV protection and separation between oracle & orderbook | |
| Vault-based backstop and ADL fallback for liquidations | |
| Compensation after outage ($2M USDC refunds) shows accountability | |
| Proposal to reduce total supply by 45% shows deflationary intent |
Which Exchange is Better: Aster DEX vs Hyperliquid
Both decentralized crypto exchanges, Aster DEX vs Hyperliquid, are good options in terms of DEXs in 2025 and beyond.
Aster DEX is a more suitable option for traders looking to make higher profits due to its higher leverage option of 1001x, but this comes with higher liquidation risks as well. Hyperliquid’s model is more comparable to CEXs, and its lower leverage levels translate into lower potential returns.
Aster operates on more chains compared to Hyperliquid, which only operates on its native chain, which means that Aster has increased chain interoperability.
Aster has been audited by more firms than Hyperliquid, which translates into increased security and reliability. Unlike Hyperliquid, Aster hasn’t had any outages so far.
Aster has a capped token supply and transparent tokenomics, while Hyperliquid’s latest proposal shows intent to make the project deflationary.
Both exchanges offer competitive fees, but Aster could be more suitable for traders who are looking for higher returns.
FAQ on Aster vs Hyperliquid
Are Aster DEX vs Hyperliquid Good Choices in 2025?
Both DEXs are good choices for traders interested in spot and perps trading in 2025 and beyond.
Are Aster DEX and Hyperliquid Safe to Use?
Both crypto exchanges, Aster and Hyperliquid, are safe to use, but Aster has been audited more recently by important firms and hasn’t had any downtime as of October 2025.
Do Aster and Hyperliquid Offer Chain Interoperability?
Aster operates on multiple chains, including BNB Chain, Ethereum, Arbitrum, and Solana, unlike Hyperliquid, which only operates on its native chain. So, Aster does provide chain interoperability.
Do Aster and Hyperliquid DEXs Offer External Wallet Support?
Yes, both crypto exchanges provide support for external crypto wallets.
Which Exchange Can Bring More Returns, Aster or Hyperliquid?
Aster can bring more returns for its users due to its 1001x leverage ceiling. Hyperliquid only provides a maximum leverage of 40x.
