In a recent article on X, crypto analyst Ryker claimed that Hyperliquid’s advantage over Aster comes down to one thing: transparency.
His argument was that because hyperliquid activity takes place on a public chain, large whale trades are easier to follow, discuss, and turn into market stories. This visibility keeps the platform in conversation and attracts more traders.
At press time, Hyperliquid led DEX derivatives with approximately $7.62 billion in OI and $7.89 billion in 24-hour volume, while Aster had approximately $1.96 billion in OI and $1.70 billion in 24-hour volume.
Hyperliquid’s pre-IPO players
This now extends to product innovation. HIP-3 and TradeXYZ have added Pre-IPO Perpetual Markets to the documentation, allowing traders to gain exposure to companies’ prices before their IPO!
Note that these are perpetual derivatives, not stocks, IPO allocations, tokenized equity, or ownership rights. Pricing is designed around price discovery before listing.
The oracle is linked to the company’s latest funding round, while the market decides the trading price. Once the IPO occurs, the criminal converts at the IPO price; otherwise, it is settled using the average pre-IPO price.
$CBRS is already tradeable, with an IPO expected on May 7.
The market favors the leader
At the time of writing, HYPE was up 50.02%, while ASTER was down 9.14% over the same period. HYPE also closed around $40.96, gaining 3.13% on the day, after trading between around $39.70 and $41.16.
This gap speaks volumes.
Aster may still attract attention due to the names attached to it (read: Binance’s Changpeng Zhao), but Hyperliquid seems to have the best use case. With pre-IPO players now entering the conversation, the market is clearly giving Hyperliquid more credit.
Final Summary
- Hyperliquid dominates DEX derivatives, far ahead of Aster.
- Markets like Hyperliquid transparency and the new pre-IPO perp offering.
