Aster’s Open Interest and TVL Surge May Signal Growing Traction on BNB Chain, Challenging Hyperliquid

• Aster recorded $24.7B in 24-hour perpetual volume — topping competitors.

• Aster’s open interest rose to $1.25B from $3.72M in under a week, a surge indicating concentrated capital inflows.

• Aster’s TVL hit $1.85B (a 196% increase), while seven- and 30-day volumes still favor Hyperliquid by a wide margin.

Aster open interest surges to $1.25B as 24-hour volume hits $24.7B; read details and next steps for traders. Stay informed with COINOTAG coverage.

What is Aster’s open interest surge and why it matters?

Aster open interest surged from $3.72 million to $1.25 billion in under a week, reflecting a massive increase in active perpetual contracts and trader capital allocation on the BNB Chain platform. This metric signals higher liquidity and trader conviction but also raises short-term volatility risks.

DefiLlama data showed that Aster topped daily perpetual trading volumes with $24.7 billion on Wednesday, surpassing competitors like Hyperliquid and edgeX.

Aster, a decentralized perpetuals exchange on BNB Chain, saw open interest surge nearly 33,500% in less than a week, challenging its top rival, Hyperliquid.

CoinGlass data showed Aster’s open interest jumped from $3.72 million last Friday to $1.25 billion at the time of writing. The spike in active contracts signals that traders are piling into the platform, challenging its biggest competitor, Hyperliquid.

Open interest refers to the total number of outstanding contracts that haven’t been settled. It’s a key metric to gauge liquidity and market conviction toward a project. Aster’s open interest surge shows that traders are willing to deploy capital on the platform.

In addition to open interest, Aster’s total value locked (TVL) also increased. DefiLlama data showed that Aster’s TVL reached $1.85 billion, a 196% increase from Friday’s $625 million.

Aster futures open interest. Source: CoinGlass

How did Aster pass Hyperliquid in 24-hour volume?

DefiLlama data showed Aster topped daily perpetual trading volumes with nearly $24.7 billion in the last 24 hours. That figure exceeded Hyperliquid’s reported ~$10 billion for the same period.

Aster’s single-day spike was led by concentrated trading flows and promotional exposure that boosted user activity. edgeX and Lighter reported $8.25 billion and $6.18 billion in daily volumes, respectively.

However, Hyperliquid continues to lead over longer windows: seven-day and 30-day perpetual volumes favor Hyperliquid, which recorded roughly $66 billion over seven days and nearly $300 billion over 30 days.

Decentralized exchange perpetual volume rankings. Source: DefiLlama

Why did CoinMarketCap and BNB Chain support push Aster higher?

Support from BNB Chain and YZi Labs (formerly Binance Labs) provided mentorship, ecosystem exposure, and access to technical and marketing resources that accelerated adoption. CoinMarketCap’s CMC Launch program further amplified visibility through large-scale promotional placements and campaign impressions.

According to CMC Launch campaign figures provided to COINOTAG, the promotional push generated hundreds of millions of impressions, millions of clicks and millions of views across events — materially increasing Aster’s public reach and onboarding activity.

How should traders interpret Aster’s metrics?

Traders should treat a rapid open interest and TVL increase as evidence of heightened liquidity and interest, but not as a guarantee of sustainable dominance. Short-term spikes often amplify both opportunity and risk. Monitor funding rates, order book depth, and multi-day volume trends before allocating large capital.

Frequently Asked Questions

How fast did Aster’s open interest grow?

Aster’s open interest rose from approximately $3.72 million to about $1.25 billion in under a week, representing an increase of roughly 33,500% and indicating concentrated new positions on the platform.

Is the 24-hour volume lead sustainable?

Short-term volume spikes can be driven by promotions and onboarding. Hyperliquid still leads on seven- and 30-day metrics, so sustained dominance depends on ongoing liquidity and user retention.

Key Takeaways

• Surge in open interest: Aster’s open interest jumped to $1.25B from $3.72M, signaling rapid capital inflows.
• Short-term volume leadership: Aster recorded $24.7B in 24-hour perpetual volume, surpassing Hyperliquid for that day.
• Promotional impact: BNB Chain support and a CoinMarketCap launch campaign materially increased visibility and user activity.

Conclusion

Aster’s leap in open interest and 24-hour volume marks a notable shift in decentralized perpetual markets, driven by platform support and promotional exposure. Traders should weigh increased liquidity against volatility risks and monitor multi-day metrics before reallocating capital. COINOTAG will continue to track on-chain and derivatives data for updates.