Bybit Crypto Insights Report: Aster Takes on Hyperliquid in the Perp DEX Boom

BitcoinWorld Bybit Crypto Insights Report: Aster Takes on Hyperliquid in the Perp DEX Boom Dubai, UAE, September 24th, 2025, Chainwire Bybit , the world’s second-largest cryptocurrency exchange by trading volume, has released its latest Bybit Crypto Insights report , analyzing the growth of decentralized perpetual exchanges and how Aster has emerged as a competitor to ￰0￱ has entered the onchain DEX race with Byreal, a Solana-based decentralized exchange now in beta and set for mainnet in early ￰1￱ to DefiLlama, Byreal has recorded more than $335.41M in cumulative trading volume since its beta launch, with daily volume peaking at $28.15M. TVL reached a high of $14.22M.

Byreal uses hybrid liquidity models, including RFQ and CLMM mechanisms, to reduce slippage and curb ￰2￱ Rise of Aster Aster was formed from the merger of Astherus and ApolloX and launched in September with a token that surged more than 300 percent in ￰3￱ ASTER token reached a $1.33 billion market cap within two days. Aster’s features include MEV-free execution, hidden orders and dual trading interfaces designed for both retail and professional ￰4￱ for a zero-knowledge-powered chain and integration with the Binance ecosystem have strengthened its early ￰5￱ Aster stacks up against Hyperliquid Hyperliquid remains the leading decentralized perp DEX, recording about $200 billion in September trading volume compared with Aster’s $20 ￰6￱ market capitalization is estimated at $13.2 billion, while Aster’s is about $2.5 ￰7￱ two platforms reflect contrasting ￰8￱ built its own Layer 1 infrastructure with HyperBFT consensus and sub-second finality, delivering centralized exchange-like execution entirely on ￰9￱ was mainly launched on BNB Chain with a modular design and emphasizes ecosystem integration, branding and token-driven ￰10￱ is Hyperliquid different from dYdX/GMX?

Legacy platforms such as dYdX and GMX emphasize decentralization as a core ￰11￱ comparison, newer players like Hyperliquid and Aster prioritize speed, liquidity and user ￰12￱ sacrifice a degree of decentralization in favor of ￰13￱ and beyond Bybit’s report notes that ideals such as trustlessness and community governance are taking a back seat to execution and user ￰14￱ has long been the sector’s benchmark, having developed a blockchain optimized for trading, with fully on-chain matching and sub-second settlement. Aster, however, has gained visibility not by building new infrastructure but by capturing attention through narrative, exchange backing and ￰15￱ rapid rise illustrates how token launches, partnerships and endorsements can shift market ￰16￱ road ahead The report concludes that decentralized perpetual DEXs are evolving into a model where decentralization is treated as a feature rather than a ￰17￱ centralized exchanges capable of launching their own versions, competition is expected to increase.

Hyperliquid, once seen as untouchable, now faces an existential ￰18￱ infrastructure remains strong, but the market increasingly rewards storytelling, ecosystem incentives and cultural resonance alongside technical ￰19￱ more about Aster’s emergence, Hyperliquid’s position and the evolving landscape of decentralized perpetual exchanges in the Bybit Crypto Insights Report: The rise of decentralized perp DEXs: How Aster matches Hyperliquid. #Bybit / #TheCryptoArk /#BybitResearch #Bybit / #TheCryptoArk / #IMakeIt About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million ￰20￱ in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for ￰21￱ a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain ￰22￱ for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of ￰23￱ the future of decentralized finance at ￰24￱ more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.

com For updates, please follow: Bybit’s Communities and Social Media Contact Head of PR Tony Au Bybit media@bybit. com This post Bybit Crypto Insights Report: Aster Takes on Hyperliquid in the Perp DEX Boom first appeared on BitcoinWorld .