The rapid rise of ASTER in the decentralized perpetual space has led many to see it as a serious contender. Aggressive incentive programs have created an initial boost: trading volume exploded, cash flow poured in, and attention spread widely. But the market is always harsh. As the reward momentum gradually weakens, questions about the true durability of the platform begin to arise.
This week, ASTER has dropped nearly 70% from its peak, falling to a new low price area and forcing the market to reassess the overall picture of perpetual DEXs. Notably, this sell-off occurs against the backdrop of overall market derivatives activity still at record high levels. This indicates that the issue is not a lack of funds, but that funds are becoming increasingly selective, focusing on platforms that truly retain users, rather than those heavily reliant on incentive rewards. And at the center of this differentiation, Hyperliquid is clearly emerging.
At the current time, ASTER is trading around 0.62 USD, down more than 13% in 24 hours and quite far from the historical peak of 2.41 USD. Developments over the weekly timeframe show a continuous downward pressure, no longer just a short-term correction. More notably, trading volume surged sharply while prices plummeted. In just 24 hours, volume increased by over 300%, surpassing the 300 million USD mark. However, this increase bears many signs of distribution, hedging, or short-term speculation, rather than an accumulation of funds for a sustainable recovery trend.
Looking broadly, the decentralized perpetual market is still extremely vibrant. According to DefiLlama, the total perp volume over 30 days has exceeded 803 billion USD, with daily trading volume nearing 19.9 billion USD, along with an open interest of about 20.6 billion USD. These figures confirm that traders are still very active. The core issue lies in where that activity is focused. Hyperliquid currently handles about 40.7 billion USD in perp volume, Aster follows with 31.7 billion USD, while Lighter is around 25.3 billion USD. On the surface, competition seems quite balanced, but the real difference only becomes apparent when looking at open interest.
In just 24 hours, Hyperliquid holds about 9.57 billion USD in open interest, a figure that is even higher than the total open interest combined of Aster, Lighter, Variational, edgeX, and Paradex. Open interest is not only a technical indicator but reflects confidence, the level of capital commitment, and the willingness to maintain leverage by traders. When a trader chooses to stay with a platform, it indicates they believe in liquidity, order matching quality, and risk management capabilities – not simply for rewards. Hyperliquid is gradually becoming the default destination, while many other platforms are more 'seasonal trading': used when incentives are attractive and abandoned when offers fade.
The sell-off of ASTER is therefore not just the story of a single token, but reflects the transformation of the entire DEX perpetual sector. As short-term dynamics cool down, the market begins to return to core values such as stable liquidity, trading experience, and order book depth. Promotions may drive rapid growth, but cannot replace the fit between product and market. The weakening of ASTER does not mean that the DEX perp market is shrinking, but rather that it is maturing. The race now is no longer about who pays more to the traders, but who is good enough to retain them without having to pay. And at this moment, the balance is clearly tipping.
