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In this post

Hyperliquid Bridge1.46%
$4.272B
Total Value Locked

Table of Contents

  • Key Takeaways
  • Context on the “DEX Perps War”
  • The Trigger: Aster
  • The New Perps DEX Token Meta
  • Our Opinion
Premium content

Opinion: Aster, Hyperliquid, and the New Meta of DEX Perps

LALilian Aliaga

September 28, 2025

Opinion: Aster, Hyperliquid, and the New Meta of DEX Perps

In this post

Hyperliquid Bridge1.46%
$4.272B
Total Value Locked

Table of Contents

  • Key Takeaways
  • Context on the “DEX Perps War”
  • The Trigger: Aster
  • The New Perps DEX Token Meta
  • Our Opinion

For several weeks, we knew that the “DEX Perps War” would eventually break out. The only unknown was what would trigger it. The answer came this week: Aster. Since then, everyone has been on the hunt for the next Hyperliquid competitor capable of performing like Aster. So, what should we make of this frenzy? Are there longer-term opportunities emerging? And how does this meta affect the leader, Hyperliquid? Here’s our take in this analysis.