Decentralized perpetuals exchange Aster has surged to the top of DefiLlama’s protocol fee rankings, generating over $25 million in fees in the past 24 hours.
Key Takeaways:
Aster led all DeFi protocols with over $25 million in daily fees, far surpassing rivals like Hyperliquid. Despite lower trading volume, Aster is gaining traction with its unique “hidden orders” feature and recent token launch. Backed by YZi Labs and endorsed by CZ, Aster’s valuation has soared to $15.1 billion since its rebrand and September token debut.The protocol is significantly ahead of competitors like Hyperliquid, which brought in $3.17 million over the same period.
Despite ranking fifth in fees, Hyperliquid outpaces Aster in daily volume.
Hyperliquid Triples Aster in Spot Volume, DefiLlama Data Shows
DefiLlama data shows Hyperliquid logged $477.3 million in spot trading volume, while Aster recorded $199.96 million, placing it 13th overall.
Notably, Aster does not yet appear on the aggregator’s daily revenue leaderboard.
Aster, previously known as APX Finance, rebranded in March after merging with Astherus. The platform is backed by YZi Labs (formerly Binance Labs) and has built its presence on multi-chain support, with an initial focus on BNB Chain.
What sets Aster apart from other perpetual DEXs is its “hidden orders” feature, which allows traders to place completely invisible limit orders.
This deviates from the transparency of most on-chain order books and has caught the attention of users seeking stealth execution strategies.
The protocol saw a wave of new users following its token launch on September 17, during which its token price experienced a rapid surge.
Momentum picked up further when Binance co-founder Changpeng Zhao endorsed the project on X, confirming that YZi Labs holds a minority stake.
“Few understand this,” Zhao posted. “Aster competes with Binance, but helps BNB.”
Aster’s native token, ASTER, is currently trading at $1.89, down 1.76% over the past 24 hours.
The token now commands a fully diluted valuation of $15.1 billion, an impressive climb from its $560 million valuation at launch.
While volume and visibility metrics may vary, Aster’s spike in protocol fees positions it as a rising force in the on-chain derivatives space.
Aster Reimburses Traders After XPL Price Glitch Triggers Liquidations
On Friday, Aster reimbursed users in USDT after a sudden price spike in the XPL perpetual contract triggered forced liquidations.
The anomaly, which occurred during the transition from pre-launch to live trading, saw the price of XPL briefly surge to over $4, well above its $1.30 average on other platforms.
The exchange responded quickly, completing the first round of reimbursements within hours and compensating affected traders for liquidation and trading fees.
While the exact cause remains unconfirmed, early speculation points to a misconfigured index price or missing sync with live market data. Aster has pledged to continue its investigation into the incident.
The glitch followed the mainnet launch of Plasma, a stablecoin-focused Layer 1 whose native token XPL rapidly hit a $12 billion valuation.
Despite the setback, Aster continues to gain momentum, recently surpassing Hyperliquid in daily perpetuals volume. Its unique “hidden orders” feature has also helped the platform stand out in a competitive market.
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