Aster dethrones Hyperliquid with $1.25B surge in open interest

DefiLlama data showed that Aster topped daily perpetual trading volumes with $24.7 billion on Wednesday, surpassing competitors including Hyperliquid and edgeX.

Aster, a decentralized perpetuals exchange on BNB Chain, saw open interest surge nearly 33,500% in less than a week, challenging that of its top rival, Hyperliquid.

On Wednesday, CoinGlass data showed that Aster’s open interest jumped from $3.72 million on Friday to $1.25 billion at the time of writing. The spike in active contracts signaled that traders were piling into the platform, challenging its biggest competitor, Hyperliquid. 

Open interest refers to the total number of outstanding contracts that haven’t been settled. It’s used as a key metric to gauge liquidity and market conviction toward a project. Aster’s open interest surge showed that the traders are willing to deploy capital on the platform. 

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