Aster DEX Surpasses Hyperliquid with Record $11.94B Volume, Implements Tick Size Refinement

On Monday, November 10, 2025, the perpetual futures decentralized exchange (DEX) Aster achieved a significant milestone by overtaking Hyperliquid in 24-hour trading volume, reaching a record $11.94 billion according to DefiLlama data. This surge was partly driven by influential endorsements, including from former Binance CEO Changpeng 'CZ' Zhao, who highlighted Aster's user-centric features such as high leverage up to 1001x and yield options, stating it aligns with current user demands.

Concurrently, Aster DEX announced an adjustment to its ARUSDT perpetual contract tick size, reducing it from 0.01 to 0.001, effective at 09:00 UTC on November 10. This change, which does not affect existing open orders, aims to improve trading precision for short-term strategies by allowing finer order placements, such as setting prices at $1.101 instead of $1.10.

The platform is also progressing through its Dawn program, entering Stage 4 (Aster Harvest) after Stage 3 concluded on November 9. Stage 4 introduces the distribution of 1.5% of the total ASTER supply in six weekly epochs, with 0.25% allocated per week, and airdrops from Stage 3 becoming claimable starting December 15. New features include ASTER as an eligible margin asset, an Aster Asset Points system incorporating ASTER, asBNB, and USDF holdings, and higher leverage ceilings up to 300x for selected perpetuals. Fee buybacks, token burns, and a 5% discount for fees paid in ASTER are also part of the updates.

Aster's token performance has been strong, with ASTER rising 2.35% in 24 hours and 11.2% over the past week, bolstered by Coinbase's November 9 announcement adding it to its asset roadmap. Cumulative volumes on the platform exceed $509 billion for perpetuals and $12.7 billion for spot trading. An Ask-Me-Anything session with Aster CEO Leonard Aster is scheduled for November 10 to discuss future plans, including the AsterChain roadmap.