Perp DEX "Dueling Titans": Who will win the Q4 battle, Hyperliquid or Aster?

In the competition of decentralized perpetual futures trading exchanges (DEX), Hyperliquid (HYPE) maintains a long-term dominant position with deep liquidity and stable activity, with a 30-day trading volume reaching $310 billion, which is 2.14 times that of Aster (ASTER). However, ASTER dominates the market with short-term speculative strategies, with a 24-hour perpetual futures trading volume reaching $15 billion, almost 4 times that of HYPE, showing that the market currently favors high-risk, high-leverage short-term trading. Under the influence of price fluctuations and macro events, HYPE's low-risk characteristics make it the preferred platform for serious traders, while ASTER continues to struggle under speculative pressure.

DEX The battle of short-term speculation and long-term depth between the two giants.

ASTER and HYPE each focus on the DeFi perpetual futures DEX field, reflecting traders' choices between high leverage and deep liquidity.

· Short-term volume imbalance: Although HYPE provides deep liquidity and a CEX-like experience, investors currently seem to prefer the “high-risk, high-reward” excitement of ASTER.

· ASTER Speculation Dominance: The 24-hour Perptual Futures trading volume of ASTER reaches up to 15 billion USD, nearly 4 times that of HYPE. This indicates that strong speculative interest is driving the market, with traders currently favoring short-term, high-leverage strategies.

· HYPE has been leading for the long-term: when the time frame is extended to 30 days, the story is completely different. The total trading volume of HYPE reaches 310 billion USD, about 2.14 times that of AST, which is 145 billion USD, indicating that HYPE remains the winner in the long-term liquidity competition.

Liquidity and Price Resilience: HYPE Demonstrates Low-Risk Advantages

HYPE's advantages in long-term liquidity are validated by its higher total locked value (TVL) and price resilience.

· Liquidity Advantage: HYPE's TVL is at $4 billion, nearly 4 times that of ASTER, indicating that HYPE has a more resilient market Depth. This momentum makes it the preferred platform for serious traders.

· Price trend divergence: On-chain divergence is clearly reflected in the price trend. Over the past month, HYPE successfully limited its retracement to about 15%.

· The high risk of AST: In contrast, AST dropped by 27% and was severely hit during the market crash in mid-October, losing 21% of its gains in a single day. This highlights the higher risk profile of AST. Its high leverage and trading frenzy led to AST hitting new lows, wiping out all gains since the end of September, while HYPE held the support level of $30.

Macroeconomic Events Impact: HYPE Becomes a Safe Haven for Capital Reflow

Macroeconomic events have rapidly changed the on-chain capital flow, further consolidating the position of HYPE.

· External event impact: ASTER was delisted by DeFiLlama and controversies surrounding the founders of mainstream CEX have prompted funds to flow back to HYPE, showing that macro events can quickly change on-chain capital flows.

· Q4 Outlook: Entering the fourth quarter, the resilience of HYPE against ASTER is becoming increasingly apparent. This makes HYPE a relatively low-risk option in the already volatile Perptual Futures market, while ASTER's high-risk characteristics continue to be driven by speculative behavior.

Conclusion

In the field of DeFi Perptual Futures, HYPE maintains a leading advantage in long-term competition due to its deep liquidity and stable price performance, serving as a safe haven for professional traders. Although ASTER has attracted high speculative volume in the short-term, its lower liquidity and higher risk profile have led to more severe impacts during market corrections. Investors should weigh the differences between short-term high-return speculation and long-term stable market depth, making rational choices regarding the trading platform.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.