Hyperliquid leads altcoin rally while Binance-linked Aster gains attention
Hyperliquid’s native token HYPE surged to an all-time high this week, underscoring the growing momentum in decentralized derivatives exchanges. The token closed near $60 after an 8% daily gain, briefly touching $59.29 in early trading. With a market capitalization just shy of $16 billion, HYPE has climbed almost 40% over the past month, far outpacing major cryptocurrencies such as Bitcoin, Ether, and XRP.
Rising demand for decentralized futures trading
Hyperliquid is a derivatives-focused decentralized exchange specializing in perpetual futures, contracts that allow traders to take leveraged positions without an expiry date. The platform has drawn increasing attention from both retail and institutional players seeking alternatives to centralized exchanges.
Arthur Hayes, founder of BitMEX, praised the rally, calling it an “all-time hype.” Hayes previously suggested the token could see massive upside, predicting in August that expansion in stablecoin trading could boost Hyperliquid’s annualized fees to $258 billion, compared to the current $1.2 billion.
Traders fueling the rally
Analytics firm Nansen highlighted one large trader holding a $30 million leveraged long position in HYPE. That trader reportedly accumulated more than $1.3 million in unrealized profits while continuing to add to the position. Such aggressive trading activity has amplified interest in the token, with HYPE ranking among the day’s top altcoin performers.
Binance founder shifts spotlight to ASTER
While HYPE celebrated its record, rival platform ASTER stole headlines after a public endorsement from former Binance CEO Changpeng Zhao. In a rare move, Zhao shared ASTER’s chart on social media, drawing immediate speculation.
ASTER, backed by YZi Labs—a spinout from Binance’s ecosystem—launched only this week and has already gained 350%, reaching $0.50. Market watchers noted the timing of Zhao’s post, interpreting it as a signal of competition between ASTER and Hyperliquid, with both exchanges targeting the fast-growing decentralized derivatives space.
Although Hyperliquid still lags centralized giants like Binance, which processes $34 billion in daily volume, its rapid rise highlights how decentralized exchanges are carving out market share. With HYPE and ASTER both surging, analysts suggest the competition in crypto derivatives trading is entering a new phase—one that could redefine how traders interact with on-chain markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.