Binance Chain Overtakes Hyperliquid in Perpetual Volume

The decentralized exchange (DEX) landscape is witnessing a significant power shift. According to data from Dune Analytics, BNB Chain’s 24-hour perpetual trading volume has reached $21.6 billion, overtaking Hyperliquid’s volume of $10.7 billion. This surge has been significantly aided by Aster, a new DEX on the Binance Chain. The competition remains fierce, with other platforms like EdgeX and Light recording $8.2 billion and $6.2 billion in volume, respectively. When examining overall 24-hour trading volume across all markets, the rivalry is equally tight. CoinGecko data places Hyperliquid in seventh place with $609 million, while Aster follows closely in eighth with $583 million, indicating a heated battle for market position beyond just perpetuals.

The momentum for Aster was supercharged by public endorsement from Binance co-founder Changpeng ‘CZ’ Zhao, who praised the DEX’s “good start” in a tweet earlier this week. This vocal support had an immediate and dramatic impact on Aster’s native token, which shot up 41.4% in the past 24 hours. This rally propelled the token to a market capitalization of $3.9 billion, making it the 47th largest cryptocurrency. In contrast, Hyperliquid’s HYPE token was down 6.2% over the same period, though it maintains a higher ranking with a market cap of $12.1 billion, placing it 20th overall.

Industry experts argue that the recent influx of activity on BSC-based DEXs is not a fleeting phenomenon. Cecilia Hsueh, Chief Strategy Officer at crypto exchange MEXC, told Decrypt that the surge is likely to persist. “The recent surge in BSC perpetual volumes and DEX activity is not merely a passing phase,” Hsueh stated. She attributed this durability to a combination of technical upgrades, strategic incentive programs, and deep integration within the broader Binance ecosystem. This activity has already catalyzed a triple-digit rally for several altcoins in just two days, demonstrating the potent influence of the BSC DEX meta.

Adding fuel to this fire, BNB Chain validators have put forth a proposal to drastically improve the network’s efficiency and user experience. The plan involves a tenfold reduction in gas fees, slashing them from 0.1 gwei to 0.05 gwei. This change is intended to accelerate block intervals from 750 milliseconds to 450 milliseconds, making transactions faster and cheaper for traders. Hsueh noted that this proposal significantly strengthens BSC’s competitive positioning in the crowded DEX arena.

Despite the short-term shift in volume, Hyperliquid remains a formidable giant when viewed through a longer-term lens. Its 30-day perpetual volume stands at an uncontested $326.77 billion, which is more than five times the $60.12 billion recorded by Binance Chain over the same period. This vast lead underscores Hyperliquid’s established position and deep liquidity. Furthermore, the platform continues to attract significant institutional interest. Just weeks ago, legacy and crypto giants including VanEck, StateStreet, Sky, Ethena, and Agora were competing to submit a proposal for Hyperliquid’s USDH stablecoin, highlighting its market influence.

However, the competitive landscape is undeniably changing. Cecilia Hsueh believes that Hyperliquid’s leadership is “no longer uncontested.” While the general rise in interest for decentralized exchanges benefits all players, including Hyperliquid, the platform must now “fight harder to preserve its edge.” The prediction market Myriad, launched by Decrypt’s parent company DASTAN, reflects this uncertainty. Predictors give an 87% chance of Aster breaking into the top 40 coins on CoinMarketCap this month, yet over 60% of predictions expect its token to remain below $4 through November, painting a mixed picture of its near-term prospects.