The War of the Perp DEXs has begun – Who will dethrone Hyperliquid?

Hyperliquid is the largest on-chain perp DEX platform – simply put, an exchange where you can borrow and increase the size of your trades through leverage. And it’s making staggering amounts of money.

So it was only a matter of time before competitors appeared. And last week, it all happened at once – several new players stepped onto the field and are trying to steal Hyperliquid’s “lunch.” 

The competitor on BNB: Aster ($ASTER)

This is the token that literally blew up Twitter.

Aster launched last Thursday and in just a few days is already among the top 10 platforms by generated revenue.

The token price has jumped ~3.5x since launch.

One more thing: $ASTER is personally backed by CZ (the founder of Binance) and is still not listed on a centralized exchange like Binance. And that usually brings a fresh inflow of traders.

The competitor on Base: Avantis ($AVNT)

Avantis plays on a different field – a larger selection of assets and higher leverage.

Traders can use up to 500x leverage on more assets than Hyperliquid – including equities like Tesla.

And it seems investors like the idea – the token has done 5x over the last 2 weeks.

Lighter (no token yet)

Here the story gets even more interesting.

On Monday, Lighter surpassed Aster by 24-hour volume.

And not only that, it directly challenged Hyperliquid… and hit the target.

So… what’s next?

Hyperliquid is still the biggest player with a large lead. But there’s now real competition, and that changes the rules of the game.

The perp DEX sector is shaping up to be one of the most dynamic arenas in DeFi in 2025 and could offer serious opportunities for traders and investors.

If you want to keep up with such new projects, know where their tokens can be bought, and which events move prices – follow the Altcoins blog!

There you’ll find up-to-date analyses, news, and opportunities presented in an accessible way.