The perpetual DEX space is on fire right now. These are decentralized exchanges that let traders buy and sell perpetual futures contracts, derivatives with no expiration date. You don’t actually own the underlying coins. Instead, you trade on the price movements with the option of using leverage.
In this fast-moving corner of crypto, not every DEX is built the same. Some are emerging as serious innovation hubs with unique features and huge growth potential.
Two names are dominating the conversation: Hyperliquid (HYPE) and Aster Dex (ASTER). Both are grabbing headlines for their speed, strong communities, and explosive token performances. And according to market watchers, each could deliver 10x–50x gains if their momentum holds.
What you'll learn 👉
Hyperliquid: The Early Leader With Big Numbers
Hyperliquid burst onto the scene in late 2024 and quickly became the leading player in the perpetual DEX market. Its token, HYPE, went from just $3.81 to over $32 within a month of launch and has since climbed as high as $45 despite some pullbacks. That’s nearly a 600% gain in a year.
One reason traders love Hyperliquid is its clean token model. The project launched without venture capital, which means there aren’t big investors waiting to dump tokens on retail buyers. Early airdrop recipients have mostly held onto their rewards, strengthening community conviction.
On the tech side, Hyperliquid impresses with lightning-fast performance, over 200,000 transactions per second, and a central limit order book (CLOB) that matches the speed and liquidity of top centralized exchanges. Traders can also use up to 50x leverage, though high leverage always comes with serious risk.
HYPE now carries a $12.35 billion market cap, with only 27% of its 1 billion token supply in circulation. But one key date to watch is late September, when Hyperliquid will see its first major token unlock, a moment that could add some short-term volatility.
Aster Dex: The Challenger Backed by CZ
If Hyperliquid is the reigning champ, Aster Dex is the hungry newcomer looking to take the crown. Launched just a week ago, Aster’s token ASTER exploded right out of the gate.
Backed by YZI Labs (formerly Binance Labs) and supported by Binance founder CZ, Aster was built with one clear mission: to capture market share directly from Hyperliquid.
The early numbers are eye-catching. ASTER price has already rallied to around $2.27, up 17% in just 24 hours, and holds a market cap of roughly $3.75 billion. Some analysts think it could reach $9 if momentum continues.
What sets Aster apart is its trading experience. It offers a Pro Mode with a central limit order book and a Simple Mode that uses an automated market maker (AMM).
The Pro Mode even features a hidden order option, so your trades stay invisible until they’re filled. On top of that, it offers up to 1,001x leverage, though, again, that’s not for the faint of heart, and some of the lowest maker and taker fees in the industry.
CZ’s visible support adds extra fuel. His public endorsements on X and Aster’s financial backing from YZI Labs have convinced many traders that this isn’t just another DEX launch. It’s a strategic push to challenge Hyperliquid head-on.
Read Also: Ethereum to $10,000? Expert Explains Why ETH’s Latest Dip Could Be the Launchpad
Which One Could Deliver 10x–50x Gains?
Both Hyperliquid and Aster Dex are reshaping how decentralized trading works, and both have the numbers to keep growing. Hyperliquid brings first-mover advantage, proven speed, and a massive community.
Aster Dex counters with aggressive innovation, unique trading tools, and powerful backing from CZ and YZI Labs.
For investors and traders, the question isn’t just which one wins, it’s whether both can ride the broader boom in perpetual DEX trading.
If the bull market keeps up and adoption of decentralized derivatives accelerates, 10x–50x returns for early believers don’t sound impossible.
As always, these are speculative plays in a fast-moving market. Prices can spike or drop quickly, especially with high leverage and upcoming token unlocks.
But there’s no doubt that the battle between Hyperliquid and Aster Dex is one of the most exciting stories in crypto right now, and it might define where the next wave of big gains comes from.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
