Aster Captures 90% Market Share, Squeezing Hyperliquid and Binance

TradingKey – Aster’s dominance in the perpetual DEX sector surges toward 90%, posing a serious challenge to centralized exchanges.

On Sunday, September 28, decentralized perpetual contract protocol Aster (ASTER) continued its meteoric rise, reaching nearly 90% market share with $47 billion in 24-hour trading volume — far surpassing rivals like Hyperliquid (HYPE), Superp, and Drift Protocol.

Perpetual DEX Rankings – Source: CoinMarketCap.

Aster’s rapid ascent is not only eroding Hyperliquid’s market share but also threatening Binance’s perpetual contract business. Binance founder Changpeng Zhao (CZ) commented on social media today, stating, “Aster competes with Binance, but it’s good for BNB.”

Just recently, CZ declared that “the Perp DEX era has arrived,” signaling a shift in the competitive landscape for perpetual trading. While this trend challenges centralized exchanges like Binance, it may benefit CZ personally — his investment firm YZi Labs holds equity in Aster.