Perpetual DEX fierce competition: Aster jumps to second, Hyperliquid open interest continues to rise

OnChainDetective · 2026-01-08T10:40:12+00:00

Recently, the perpetual DEX market has become more competitive, with Aster's trading volume rapidly increasing to 6.44 billion, surpassing Hyperliquid's 6.35 billion. Although Hyperliquid's open interest has increased, indicating that funds have not been withdrawn and leverage has been added, market competition has intensified. Other smaller platforms like Lighter are also seeking market opportunities, and the competitive landscape of Perp DEX is accelerating its differentiation, with market vitality clearly evident.

OnChainDetective

2026-01-08 10:40:12

Abstract generation in progress

【BlockBeats】Recently, the perpetual DEX market has been very active. According to on-chain data, in the past 24 hours, Aster’s trading activity has significantly increased, ranking second in the industry, while the previous leaders Hyperliquid and Lighter have seen a decline in trading volume—what signals does this reflect?

Looking more closely at Hyperliquid, it’s even more interesting. Although trading volume has slightly decreased to about $6.35 billion, open interest has actually increased to $9.12 billion. TVL remains steady at around $4.3 billion. What does this indicate? Funds are not withdrawing from the platform; instead, they are increasing leverage. Both bullish and bearish sides are adding positions, and market competition is heating up.

Aster is different. Its 24-hour trading volume surged to $6.44 billion, directly surpassing Hyperliquid; open interest is $2.62 billion, and TVL is also at $1.25 billion. This growth trend is quite evident.

Platforms like Lighter, EdgeX, and Variational, although smaller in scale, have trading volumes of $4.58 billion, $3.77 billion, and $1.77 billion respectively, and they are all finding their own market space. Paradex and Pacifica are players in more niche segments.

In this round of market activity, the competition landscape among Perp DEXs is accelerating in differentiation. Some are seeking new liquidity pools, others are leveraging up for betting, and market vitality is indeed there—it’s all about who can retain users.

ASTER-3,37%

HYPE1,75%

LIT0,22%

PERP-4,08%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

11 Likes

Reward
11
8
Repost
Share

Comment

0/400

GasGrillMaster

· 9h ago

Aster's move is indeed aggressive, but Hyperliquid's open contracts are still rising? It shows that everyone is betting on the direction, and the market concentration is getting higher and higher.

View OriginalReply0

LightningPacketLoss

· 11h ago

Aster's recent surge is quite interesting, but Hyperliquid's open contracts are still rising, indicating that funds are really increasing leverage to gamble. It feels like a major market move might be coming soon.

View OriginalReply0

SoliditySurvivor

· 01-09 19:10

Aster's sudden surge this time is indeed quite something... But the increasing open interest in Hyperliquid's contracts is pretty interesting, feels like they're brewing some big move?

View OriginalReply0

UncleWhale

· 01-08 11:08

Aster is really quietly making a fortune this time, directly surpassing Hyperliquid? But Hyperliquid's open contracts are still increasing, what does this mean... Are big players adding leverage and waiting for a breakout? Feels like a storm is coming

View OriginalReply0

BlockchainNewbie

· 01-08 11:07

Aster's recent surge is quite fierce, but Hyperliquid's open contracts are still rising, which is the real core of the game. --- Although Hyperliquid's trading volume has pulled back, the open interest is increasing... This indicates that big players are still holding onto their positions tightly. --- Wait, Aster only has 2.62 billion in open contracts and dares to call itself second? That's a bit outrageous compared to others. --- In the perpetual DEX market, everyone is competing fiercely. The real situation is that everyone is betting on who can survive until the end and who can still outperform. --- I'm optimistic about Aster's rally this time, but don't forget that Hyperliquid has a solid foundation. This is far from over. --- I just want to know how much of the 64.4 billion in trading volume is actually just scalp trading. --- Leverage is increasing, contracts are growing... All major DEXs are playing with fire. Who will explode first? --- Aster quickly reaching second place feels a bit sudden. It seems like there are still stories to tell behind this.

View OriginalReply0

GateUser-3824aa38

· 01-08 11:07

Aster's move was really aggressive this time, pushing HL to second place in an instant. However, looking at HL's open interest, it's still rising. It seems like it's not just fund withdrawal, but everyone is betting on the direction. The atmosphere is quite tense.

View OriginalReply0

TradingNightmare

· 01-08 11:04

Aster is really coming strong this time, from 63.5 to 64.4, surpassing Hyperliquid just like that. Details determine success or failure. Wait, Hyperliquid's open interest is still rising? Trading volume has actually dropped. Are they holding a big move? How dare they increase leverage... In this market situation, is this a sign of a long and short double kill? Aster's TVL is only 12, the growth rate is indeed rapid, but the foundation is still a bit shallow. Who will survive to the end in this round of perpetual DEX? It's really hard to say, everyone is just fighting out of spite.

View OriginalReply0

BugBountyHunter

· 01-08 10:43

Aster's recent surge is quite fierce, directly surpassing Hyperliquid's trading volume... But Hyper's open interest contracts are rising, feeling like they're holding back a big move? It seems the DEX game is getting more and more complicated, with funds re-allocating. Hyperliquid's TVL remains steady, but leveraging so aggressively—what are the risks... How long can Aster sustain this growth? Is this kind of expansion sustainable? The perpetual DEX race has indeed heated up; who will come out on top in the end remains uncertain.

View OriginalReply0