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The perpetual futures decentralized exchange (perp DEX) sector has entered a new era of explosive growth, with trading volumes surpassing $1 trillion in September 2025. Much of this activity has been led by Aster, a rising star that recently overtook Hyperliquid in market share.
Despite losing ground, industry analysts argue that Hyperliquid remains the “most investible” perp DEX, thanks to its fundamentals, sustainable revenue, loyal user base, and expanding ecosystem.
This article breaks down the latest market shift, Hyperliquid’s long-term edge, and why experts believe it is still positioned as the best platform in the space.
Aster Overtakes Hyperliquid in Perp DEX Volumes
Data from DefiLlama shows that perp DEX monthly trading volumes reached an all-time high of $1.143 trillion in September, a 49% increase from August’s $766 billion.
Of this, Aster accounted for the majority of trading activity, surpassing Hyperliquid — once the dominant leader in the space. On October 2 alone, perp DEXs hit another daily record of $118.7 billion, with Aster commanding $81.88 billion compared to Hyperliquid’s $10.28 billion.
This dramatic market shift cut Hyperliquid’s share from 45% to just 8%, while Aster’s daily volumes surged more than 100X in recent weeks.
For many, this looked like a changing of the guard. But not everyone agrees.
Analyst Patrick Scott: “Hyperliquid Is Still the Most Investible”
Despite Aster’s meteoric rise, DeFi analyst Patrick Scott believes that Hyperliquid still holds the stronger long-term position.
According to Scott, perp DEXs overall are in a long-term uptrend, growing from less than 2% of centralized exchange (CEX) perp volume in 2022 to more than 20% in 2025 — a 10X jump in three years.
“Hyperliquid has been both the driver and beneficiary of that trend,” Scott explained. “The challenge now is that Aster’s Binance-related ties have boosted its growth, but Hyperliquid has the stronger fundamentals.”
Why Hyperliquid Still Leads on Fundamentals
While rivals like Aster, Lighter, and SunPerp rely on airdrop incentives to drive adoption, Hyperliquid has built a sustainable revenue model.
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Revenue multiple: Trades at 12.6x revenue, a healthy sign of valuation relative to earnings.
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Open interest dominance: Maintains a 62% share of open interest, an important measure of liquidity and user commitment.
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Loyal user base: Unlike many competitors, Hyperliquid’s community has continued to trade and grow usage even after the HYPE airdrop ended, proving user retention is product-driven rather than incentive-driven.
Scott summarized it best: “This kind of user loyalty can’t be replicated by rewards. It comes only from building better products.”
Expanding the HyperEVM Ecosystem
Beyond perpetual futures, Hyperliquid is building a broader blockchain ecosystem through HyperEVM. The network currently hosts:
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100+ protocols
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$2 billion in Total Value Locked (TVL)
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$3 million in daily app revenue
The ecosystem includes both native projects like Kinetiq and Hyperlend, and high-profile integrations with Pendle, Morpho, and Phantom.
This positions Hyperliquid not just as a perp DEX but as a multi-layer DeFi infrastructure with long-term growth potential.
USDH: Hyperliquid’s Stablecoin Advantage
Another major differentiator is USDH, Hyperliquid’s native stablecoin. Backed by BlackRock and Superstate reserves, USDH has a market cap of $25 million and is designed to generate yield that supports the ecosystem’s expansion.
Stablecoins are a core part of liquidity and DeFi stability, and Hyperliquid’s move to create its own — rather than relying on external options — strengthens its independence and ability to scale.
HIP-3 Upgrade: Unlocking New Perp Markets
Looking ahead, Hyperliquid’s upcoming HIP-3 initiative could further secure its lead. Under HIP-3, builders will be able to create new perpetual markets by staking 500,000 HYPE tokens.
This creates:
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A supply sink for HYPE, reducing circulation and potentially boosting value.
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Expansion of tradeable assets, attracting more users.
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A new layer of infrastructure, allowing third-party builders to develop businesses on top of Hyperliquid.
By turning into an “infrastructure provider” rather than just a trading venue, Hyperliquid could cement its long-term role in the DeFi space.
Risks That Hyperliquid Faces
While the outlook remains bullish, risks exist. Analysts point out that a sustained drop in absolute trading volume, declining open interest, or a failure of USDH to scale could weaken Hyperliquid’s position.
In addition, Aster’s continued dominance — boosted by Binance’s network effects — may challenge Hyperliquid’s ability to regain significant market share.
However, Hyperliquid’s fundamentals, expanding ecosystem, and strong user loyalty keep it well-positioned against these headwinds.
Rising Competition in the Perp DEX Space
Hyperliquid’s challenges come not only from Aster but also from new entrants.
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Lighter recently launched its perp DEX mainnet.
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SunPerp, introduced by TRON founder Justin Sun, went live on October 1 at the Token2049 event.
Even Binance founder Changpeng Zhao (CZ) weighed in, noting that the influx of new perpetual DEXs would expand the overall market: “More players will grow the market size faster. Rising tide lifts all boats. Long term, the best builders win.”
Final Thoughts
While Aster has shaken up the perp DEX market with record-breaking volumes, analysts stress that Hyperliquid’s fundamentals, revenue model, loyal users, and growing ecosystem make it the “most investible” platform in the long run.
With its USDH stablecoin, HIP-3 upgrade, and HyperEVM ecosystem, Hyperliquid is building more than just a trading venue — it’s laying the foundation for a next-generation DeFi infrastructure.
The short-term market may favor Aster, but when it comes to long-term sustainability, Hyperliquid vs Aster still looks like a battle where Hyperliquid holds the sharper edge.
