Hyperliquid vs Aster: How the Perp DEX Market Share War Ended in Just 7 Months

TLDR: Hyperliquid’s open interest reached $5.15B versus Aster’s $899M, a gap of 5.7x in April 2026. Aster’s OI-to-volume ratio sits at 0.18, far below Hyperliquid’s 0.64, showing weaker trader retention. Bitwise and Grayscale filed HYPE ETFs in 2026, while Aster has recorded zero institutional ETF filings. Hyperliquid generated roughly $1B in revenue with 97% burned, [...]

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