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Aster

7 pieces · Sep 2025 to Feb 2026 · 1 flagship

Sectors

Perps7 Hyperliquid4 Market structure3 DeFi2

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62025

12026

Start here · the strongest pieces on Aster

Thesis11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.Data30 Sep 2025CLOB wars data: CLOBs hold 92% of perp volume, HL 57.9% shareTL;DR of A1's data-driven CLOB landscape: CLOBs dominate perps but lag in spot, Hyperliquid leads with falling fee revenue, competitors use zero-fee and PFOF models, and the market likely consolidates to 3-5 platforms.Market take25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.

Timeline · every piece, newest first

2026 1

24 Feb 2026Perp DEX Wars report: eight platforms, one institutional scorecardAnnounces A1 Research's comparison of eight perp DEXs, finding the volume leaderboard and an infrastructure-quality ranking tell very different stories on capital stickiness, execution cost, confidentiality and liquidation design.BreakdownPerpsDeFi26 likes

2025 6

29 Dec 2025Perp DEX volume vs open interest: Hyperliquid, Lighter, Aster, edgeXVolume can be rented by incentives while open interest is committed risk. Hyperliquid leads OI while Lighter and Aster lead volume, so challengers must prove durability once incentives fade.DataPerpsHyperliquid23 likes

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure37 likes

05 Oct 2025Aster and paid KOL shilling in the CLOB wars: moat and fake volumeArgues hot narratives bring airdrop farming and paid KOL shilling, citing Aster as a CEX-led effort. Urges checking each project's technical or product moat and timing, and studying builders like Bullet, Paradex, Monaco and Lighter.Market takePerpsMarket structure17 likes

04 Oct 2025Hyperliquid vs Aster vs Lighter: open interest to volume ratiosOpen interest reflects conviction while volume can be mercenary. HL has a 0.64:1 volume-to-OI ratio, Aster 40:1, suggesting wash trading, and Lighter shows a similar but milder pattern likely driven by airdrop expectations.DataHyperliquidPerps12 likes

30 Sep 2025CLOB wars data: CLOBs hold 92% of perp volume, HL 57.9% shareTL;DR of A1's data-driven CLOB landscape: CLOBs dominate perps but lag in spot, Hyperliquid leads with falling fee revenue, competitors use zero-fee and PFOF models, and the market likely consolidates to 3-5 platforms.DataPerpsMarket structureDeFi36 likes

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps34 likes

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Hyperliquid113 Lighter21 Paradex26 edgeX7 Bullet33 Monaco18 A1 Research39 ApeX5

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