BNB Chain’s Aster Surges Past Hyperliquid in Daily Perp Volume as Fee-Cut Proposal Gains Steam

The decentralized exchange rivalry is heating up as BNB Chain’s Aster logged a $21.6 billion 24-hour perpetual trading volume, surpassing Hyperliquid’s $10.7 billion, according to Dune Analytics. EdgeX and Light trailed with $8.2 billion and $6.2 billion, respectively.

Despite Hyperliquid still ranking higher overall with $609 million in spot volume—compared with Aster’s $583 million—Aster’s native token has skyrocketed 41.4% in the past day, pushing its market cap to $3.9 billion and making it the 47th largest crypto asset. Hyperliquid’s HYPE token slipped 6.2% but remains far larger at $12.1 billion, currently the 20th biggest cryptocurrency.

Interest in Aster surged after Binance co-founder Changpeng Zhao lauded the DEX’s “good start” earlier this week. Analysts point to recent BNB Smart Chain (BSC) upgrades, aggressive incentive programs, and tighter Binance integration as factors driving the spike.

Meanwhile, BNB Chain validators have floated a key proposal to cut gas fees from 0.1 gwei to 0.05 gwei and shorten block times from 750 ms to 450 ms. Lower fees and faster blocks could strengthen BSC’s competitiveness and draw more liquidity from rival chains.

Still, Hyperliquid remains the heavyweight in long-term metrics, commanding a staggering $326.77 billion in 30-day perpetual volume—more than five times BNB Chain’s $60.12 billion. Even so, with major firms from VanEck to StateStreet recently eyeing Hyperliquid’s USDH stablecoin proposal, the market giant faces intensifying pressure as BNB Chain fights to capture the next wave of decentralized exchange growth.