Traders and observers say the token’s spike has shifted capital away from established rivals, while heated commentary from a high-profile trader has added to the drama.
According to on-chain trackers, Aster’s 24-hour perpetual trading volume has climbed into the tens of billions, with figures reported around $23–$30 billion — more than double what Hyperliquid recorded over the same window.
Reports have disclosed that the DEX is now pulling in roughly $10 million in daily revenue, a figure that some outlets say is about four times Hyperliquid’s daily take.
Crypto trader James Wynn — a figure known for large leveraged bets and big losses earlier this year — has publicly backed Aster and predicted a long, slow decline for Hyperliquid.
He loves competition, he loves building and he is obsessed with winning.
Hype will exist, but it will have a slow and painful death in my opinion.
Wynn’s comments, carried across social channels, have been part boast and part critique of Hyperliquid’s visible order model. He argued that Aster’s hidden-order and MEV-mitigation features make it a safer place for large players.
On-chain analytics show major wallets moving into ASTER. Two large buyers are reported to have picked up about 118 million ASTER, valued at roughly $270 million, which is said to represent about 7% of circulating supply.
In the same stretch, a cluster of wallets withdrew 68 million ASTER (about $156 million), and one address moved 50 million ASTER from an exchange.
These flows suggest both aggressive accumulation and repositioning by big holders.
Reports emphasize Aster’s features: MEV-free execution, hidden orders that keep limit sizes private, and trading interfaces pitched at both retail and pro users.
That product story helps explain why some traders are rotating capital. Hyperliquid has not stood still; it has rolled out measures such as a USDH stablecoin and other moves meant to shore up liquidity and product breadth.
Market data show HYPE has fallen from recent peaks — with declines reported near 25% from its highs — as money rotated into ASTER.
Featured image from SleepApnea.org, chart from TradingView
