TL;DR: Hyperliquid has ruled on-chain perpetual DEX trading for the past year, but Aster—backed by billions and some wild new features—is gunning for the top spot. This deep-dive pits their origins, tech, native tokens and user adoption head-to-head to see if Aster can seriously dent Hyperliquid’s market share.
The analysis covers exchange mechanics, rebate structures, real-world risks and worst-case scenarios before delivering a verdict on which platform could come out on top in 2025. Spoiler: it all comes down to liquidity, security and community adoption.
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