Here’s a comprehensive analysis of ** Aster** and ** Hyperliquid**—focusing on recent news, social sentiment, token performance, and on-chain/technical indicators—to explain why Aster’s 24-hour perpetual futures trading volume has recently surged past Hyperliquid’s:

1. Recent Performance & Market News

Aster

• All-time high in daily perpetual trading volume: On September 24, 2025 (UTC+0), Aster reported a record $24.7 billion in daily perpetual trading volume, outpacing Hyperliquid and edgeX[^1]. For the same day, Foresight News confirms Aster’s derivatives volume was $21.1 billion—twice Hyperliquid’s $9.72 billion[^4].
• Rapid emergence: Aster DEX, launched after its September 2025 rebranding, rapidly became a major player in DeFi derivatives. It specializes in multi-chain perpetuals and spot trading on BNB, Ethereum, Solana, and Arbitrum, while also developing its own privacy-focused L1 (Aster Chain).
• Ecosystem and incentives: Aggressive incentive campaigns—large airdrops (53.5% of supply), “Stage 2” points farming, and unique product features (24/7 US stock perps)—drive user engagement. In just days, Aster’s TVL skyrocketed from $3.72M to $1B, backed by 330,000+ new wallets and high-volume trading rewards.
• Tokenomics & price surge: $ASTER’s market cap hit $2.47B (with a $9-10B FDV), rallying 1,600% in 24 hours after launch. Insiders and whales are making multimillion-dollar trades with notable profits, adding speculative momentum.
• Strategic backers: Aster is supported by YZi Labs and publicly endorsed by Binance’s CZ, increasing its credibility and exposure. Future integration with the Binance ecosystem (BNB Chain) is a likely tailwind[^2].

Hyperliquid

• Institutional-grade reputation: Dominates yearly perpetuals with $320B annual volume and a strong community (proposals for a native stablecoin, institutional backers).
• 24h Vol: In the same window, Hyperliquid’s perpetual volume ranged between $4–10B[^4][^5].
• Trading edge: Hyperliquid uses a hybrid on-chain matching engine with an off-chain orderbook for ultra-fast execution and deep liquidity, preferred by professional traders.
• Efficiency and buybacks: 97% of platform revenues go to HYPE buybacks.
• Cautious optimism: Hyperliquid remains the market share leader but faces new competition as Aster innovates on features (24/7 perps, cross-chain liquidity, etc.)[^2][^3].

2. Social Sentiment

Aster

• Community euphoria and speculation: The large user influx (+330K wallets) and excitement over airdrops and tokenomics has generated buzz. CZ’s endorsement amplifies community confidence, despite UI criticism and concerns about sustainability[^2][^3].
• Speculative fervor: Whale activity and 5x points multipliers for liquidity pools underscore a strong speculative narrative, driving both retail and institutional activity.
• Some skepticism exists around sustainability and engineered growth, but overall sentiment is highly bullish, with prominent voices projecting a $15–30B valuation.

Hyperliquid

• Steady institutional focus: Maintains a loyal trader base due to its reliability and performance. Community discussions highlight stability, innovation (e.g., HYPE denominated perps), and institutional integrations.
• Market discussions: Hyperliquid is viewed as a benchmark for decentralized perps, but some social channels acknowledge Aster’s rise as healthy competition rather than a direct existential threat[^3].

3. Technical & On-Chain/Token Metrics

Aster (ASTER)

• Price (as of 2025-09-24T21:05:22 UTC+0): $2.3247 (range: $1.903–2.4352 in 24h).
• Trade count: 288,145 over 24h, with $23.7M+ volume[^2].
• TVL: Surpassed $1B shortly after launch.
• Market cap: $2.47B; FDV: $9–10B within five days[^2].
• Momentum: The rapid rise in TVL, wallet creation, and volume signals both airdrop/gamification-driven activity and genuine user interest.
• Risks: Heavily incentive-driven, which could unwind if rewards diminish. Concerns exist regarding UI bugs and narrower market coverage compared to Hyperliquid.

Hyperliquid (HYPE)

• Current price (2025-09-24 21:05:33 UTC+0): $46.19, up 2.4% in 24h. All-time high: $59.39 (2025-09-18); all-time low: $3.20.
• Market cap: $15.5B; Circulating supply: 336.7M; FDV: $46.2B.
• Open interest: $232.9M; 24h volume: $550.8M[^8].
• Indicators:
  • Technicals are mixed: Bullish MACD crossover (+ momentum), but overbought CRSI (81.38) warns of a possible near-term correction.
  • Market cap and open interest have rebounded after a brief dip. Funding rates dropped, suggesting some balance between long/short bias[^6].
• Ecosystem: Proposals for stablecoins and ongoing product innovation keep sentiment moderately bullish.

4. Key Drivers Behind Aster’s Surge

• Airdrop farming & points multipliers: Broad community participation, 53.5% airdropped supply, and aggressive rewards for volume and liquidity provision.
• Binance/CZ endorsement: Lends credibility, draws attention from BNB Chain users, and reassures retail traders.
• Innovative features: Multi-chain perps, up to 1001x leverage, privacy angle with Aster Chain, and unique 24/7 US stock perpetuals—features mostly unavailable on other DEX platforms.
• Liquidity aggregation: Enhanced by cross-chain incentives, deepening activity and reducing fragmentation.
• Speculation cycle: The combination of high FDV, rapid onboarding, and price momentum attracts both speculative and yield-seeking flows.

5. Outlook & Risks

• Aster faces sustainability challenges (UI bugs, incentive dependence, less pair diversity), but may continue gaining share, especially with further integration into major ecosystems.
• Hyperliquid’s institutional strength and stable innovation help retain a loyal user base despite the new competition.
• Crypto market remains fragile (regulatory, macro headwinds), so outsized swings in momentum-driven tokens like ASTER are possible[^3].

Summary Table: Aster vs. Hyperliquid (as of 2025-09-24 UTC+0)

In conclusion: Aster’s volume surge is a combination of aggressive user/volume incentives, strong social narratives (with strategic endorsements), and rapid feature rollout targeting both retail and institutional users. Hyperliquid’s ongoing dominance is being tested, but its institutional credibility and technical stability remain its moat. Watch for shifts as both platforms evolve their incentive strategies and product differentiation[^1][^2][^3][^4][^8].

If you’d like an even deeper dive (for example, social media breakdowns, address flow analysis, or strategy generation), just let me know!