Hyperliquid vs Aster

Hyperliquid or Aster: which to use

Hyperliquid vs Aster turns on markets, leverage and access. Aster lists 588 markets on one book, 133 of them real-world assets, allows up to 300x and charges 0 bp maker and 4 bp taker. Hyperliquid's own book lists 178 crypto markets at up to 40x and 1.5 bp maker and 4.5 bp taker; its stocks and commodities are on HIP-3 exchanges traded from the same wallet. Neither asks for ID, but Aster is closed to more regions. Pick Aster for one long list and higher leverage, Hyperliquid for its crypto book and HIP-3 markets, or if you live where Aster does not serve.

How each exchange is built

Both are decentralized exchanges with a central limit order book: you trade from a wallet, and resting orders sit on a public book until they fill. Hyperliquid runs on its own chain, Hyperliquid L1, and also accepts an email login. Aster runs on BNB Chain.

Hyperliquid lets other teams deploy their own perp exchanges on its chain under HIP-3, traded from the same Hyperliquid account. The live ones include tradeXYZ (110 markets), Paragon (29 markets), Entropy (8 markets) and Markets by Kinetiq (5 markets), and most of Hyperliquid's stock and commodity perps are there. Aster keeps every market, crypto and real-world assets, on one exchange.

Fees and what they mean

Aster charges 0 bp maker and 4 bp taker, per Aster's fee page. Hyperliquid's base tier is 1.5 bp maker and 4.5 bp taker, per Hyperliquid's fee page.

A market order pays the taker fee to open and again to close: 8 bp per round trip on Aster, 9 bp on Hyperliquid. A limit order that rests on the book pays the maker fee instead, nothing on Aster and 1.5 bp on Hyperliquid.

Fees are only part of a trade's cost. Slippage, the price you move by eating through the order book, grows with size and depends on each book's depth. The cost table above adds both at each size, and every exchange's trading cost is compared on one page.

Markets and leverage

As of 1 October 2026 Aster lists 588 active perps, 133 of them stocks, commodities, FX or other real-world assets. Hyperliquid's own book lists 178, all crypto; its stocks and commodities are on the HIP-3 exchanges above. The list further down this page shows the markets both exchanges have and each one's funding rate.

Aster allows up to 300x and Hyperliquid up to 40x on their highest-leverage markets; most markets on both allow less. Hyperliquid pays funding every hour on every market. Aster pays every hour, 4 hours or 8 hours depending on the market, so check a market's interval before you hold it: an hourly market settles 24 times a day, an 8-hour market three times.

Who can use them

Neither asks for ID. Hyperliquid accepts any EVM wallet or an email login and is closed to the US, Ontario and sanctioned countries. Aster's terms keep a right to limited checks, and it is closed to the US, Canada, the UK, China, Russia, Ukraine and sanctioned countries.

Vaults, tokens and points

Both run a vault whose depositors carry the traders' profit and loss. Hyperliquid's HLP (Hyperliquidity Provider) makes markets and takes liquidations; it takes USDC, locks each deposit for 4 days and charges no fee. Aster's ALP (Aster Liquidity Pool) takes the other side of traders' positions; a burn is locked for 48 hours and minting or burning costs 0.25% ± 0.05%.

Hyperliquid's token is $HYPE and Aster's is $ASTER. As of 19 September 2026 Hyperliquid's points program was in Season 2 and Aster's at Stage 5.

Reading the numbers on this page

Hyperliquid publishes open interest as longs plus shorts, both sides of every position. Aster publishes one side. For the same positions Hyperliquid's figure reads about twice as large, so the open interest row and chart above are not a like-for-like comparison of size. TVL above is DefiLlama's figure for each exchange's bridge, the deposits it holds.

Which one fits you

• Pick Aster if you place limit orders: 0 bp maker against 1.5 bp.
• Pick Aster if you need more than 40x, on the markets that offer it.
• Pick Aster if you want stocks, commodities and FX on the same book as your crypto.
• Pick Hyperliquid if you are in Canada, the UK, China or Ukraine, where Aster is closed.
• Pick Hyperliquid if you want every market on an hourly funding schedule.
• Pick Hyperliquid if you want its crypto book plus the HIP-3 exchanges from one wallet, or an email login.