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DUBAI, UAE, Sept. 24, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released its latest Bybit Crypto Insights report, analyzing the growth of decentralized perpetual exchanges and how Aster has emerged as a competitor to Hyperliquid.
Bybit has entered the onchain DEX race with Byreal, a Solana-based decentralized exchange now in beta and set for mainnet in early October. According to DefiLlama, Byreal has recorded more than $335.41M in cumulative trading volume since its beta launch, with daily volume peaking at $28.15M. TVL reached a high of $14.22M. Byreal uses hybrid liquidity models, including RFQ and CLMM mechanisms, to reduce slippage and curb MEV.
The Rise of Aster
Aster was formed from the merger of Astherus and ApolloX and launched in September with a token that surged more than 300 percent in hours. The ASTER token reached a $1.33 billion market cap within two days. Aster's features include MEV-free execution, hidden orders and dual trading interfaces designed for both retail and professional users. Plans for a zero-knowledge-powered chain and integration with the Binance ecosystem have strengthened its early positioning.
How Aster stacks up against Hyperliquid
Hyperliquid remains the leading decentralized perp DEX, recording about $200 billion in September trading volume compared with Aster's $20 billion. Its market capitalization is estimated at $13.2 billion, while Aster's is about $2.5 billion.
The two platforms reflect contrasting strategies. Hyperliquid built its own Layer 1 infrastructure with HyperBFT consensus and sub-second finality, delivering centralized exchange-like execution entirely on chain. Aster was mainly launched on BNB Chain with a modular design and emphasizes ecosystem integration, branding and token-driven growth.
How is Hyperliquid different from dYdX/GMX?
Legacy platforms such as dYdX and GMX emphasize decentralization as a core principle. By comparison, newer players like Hyperliquid and Aster prioritize speed, liquidity and user experience. Both sacrifice a degree of decentralization in favor of performance.
Hyperliquid and beyond
Bybit's report notes that ideals such as trustlessness and community governance are taking a back seat to execution and user experience. Hyperliquid has long been the sector's benchmark, having developed a blockchain optimized for trading, with fully on-chain matching and sub-second settlement.
Aster, however, has gained visibility not by building new infrastructure but by capturing attention through narrative, exchange backing and incentives. Its rapid rise illustrates how token launches, partnerships and endorsements can shift market dynamics.
The road ahead
The report concludes that decentralized perpetual DEXs are evolving into a model where decentralization is treated as a feature rather than a foundation. With centralized exchanges capable of launching their own versions, competition is expected to increase.
Hyperliquid, once seen as untouchable, now faces an existential challenge. Its infrastructure remains strong, but the market increasingly rewards storytelling, ecosystem incentives and cultural resonance alongside technical performance.
Read more about Aster's emergence, Hyperliquid's position and the evolving landscape of decentralized perpetual exchanges in the Bybit Crypto Insights Report: The rise of decentralized perp DEXs: How Aster matches Hyperliquid.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
DUBAI, UAE, Sept. 24, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released its latest Bybit Crypto Insights report, analyzing the growth of decentralized perpetual exchanges and how Aster has emerged as a competitor to Hyperliquid.
Bybit has entered the onchain DEX race with Byreal, a Solana-based decentralized exchange now in beta and set for mainnet in early October. According to DefiLlama, Byreal has recorded more than $335.41M in cumulative trading volume since its beta launch, with daily volume peaking at $28.15M. TVL reached a high of $14.22M. Byreal uses hybrid liquidity models, including RFQ and CLMM mechanisms, to reduce slippage and curb MEV.
The Rise of Aster
Aster was formed from the merger of Astherus and ApolloX and launched in September with a token that surged more than 300 percent in hours. The ASTER token reached a $1.33 billion market cap within two days. Aster's features include MEV-free execution, hidden orders and dual trading interfaces designed for both retail and professional users. Plans for a zero-knowledge-powered chain and integration with the Binance ecosystem have strengthened its early positioning.
How Aster stacks up against Hyperliquid
Hyperliquid remains the leading decentralized perp DEX, recording about $200 billion in September trading volume compared with Aster's $20 billion. Its market capitalization is estimated at $13.2 billion, while Aster's is about $2.5 billion.
The two platforms reflect contrasting strategies. Hyperliquid built its own Layer 1 infrastructure with HyperBFT consensus and sub-second finality, delivering centralized exchange-like execution entirely on chain. Aster was mainly launched on BNB Chain with a modular design and emphasizes ecosystem integration, branding and token-driven growth.
How is Hyperliquid different from dYdX/GMX?
Legacy platforms such as dYdX and GMX emphasize decentralization as a core principle. By comparison, newer players like Hyperliquid and Aster prioritize speed, liquidity and user experience. Both sacrifice a degree of decentralization in favor of performance.
Hyperliquid and beyond
Bybit's report notes that ideals such as trustlessness and community governance are taking a back seat to execution and user experience. Hyperliquid has long been the sector's benchmark, having developed a blockchain optimized for trading, with fully on-chain matching and sub-second settlement.
Aster, however, has gained visibility not by building new infrastructure but by capturing attention through narrative, exchange backing and incentives. Its rapid rise illustrates how token launches, partnerships and endorsements can shift market dynamics.
The road ahead
The report concludes that decentralized perpetual DEXs are evolving into a model where decentralization is treated as a feature rather than a foundation. With centralized exchanges capable of launching their own versions, competition is expected to increase.
Hyperliquid, once seen as untouchable, now faces an existential challenge. Its infrastructure remains strong, but the market increasingly rewards storytelling, ecosystem incentives and cultural resonance alongside technical performance.
Read more about Aster's emergence, Hyperliquid's position and the evolving landscape of decentralized perpetual exchanges in the Bybit Crypto Insights Report: The rise of decentralized perp DEXs: How Aster matches Hyperliquid.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Bybit Crypto Insights Report: Aster Takes on Hyperliquid in the Perp DEX Boom
VANCOUVER, BC, Feb. 10, 2026 /PRNewswire/ -- WAT Medical is proud to announce the publication of a landmark randomized clinical trial in JAMA Surgery, one of the world's most reputable and high-impact surgical journals. The study confirms that the EmeTerm wristband — a wearable device utilizing transcutaneous acupoint electrical stimulation — provides significantly better control of moderate to severe postoperative nausea and vomiting (PONV) compared to metoclopramide, a widely used antiemetic medication.
The patient-blinded, multicenter randomized clinical trial enrolled 232 female patients who developed moderate to severe PONV (numerical rating score [NRS] ≥4) following thyroidectomy or anterior cervical surgery under general anesthesia. Conducted across four leading hospitals, participants were randomized 1:1 to receive either active transcutaneous electrical acupoint stimulation (TEAS) via the EmeTerm wristband targeting the median nerve at acupoint PC6, or a control intervention consisting of a sham device combined with intravenous metoclopramide.
The primary endpoint was the 2-hour remission rate of PONV, while secondary endpoints included 24-hour relapse rates and crossover responses.
Key Findings
- 2-Hour Remission Rate: EmeTerm significantly improved PONV remission compared with metoclopramide (77.6% vs 55.2%, P < 0.001) (Figure 1).
- 24-Hour Relapse Rate: Patients treated with EmeTerm experienced significantly lower relapse rates than those treated with metoclopramide (12.2% vs 56.3%, P < 0.001) (Figure 2).
- Safety: No device-related serious adverse events were reported.
These findings demonstrate that EmeTerm not only achieves superior and sustained symptom control compared with metoclopramide, but also offers a favorable safety and tolerability profile. The results highlight a shift toward non-pharmacological, patient-centered approaches in perioperative care — enhancing patient autonomy, minimizing drug-related side effects, and improving overall recovery outcomes.
Developed by WAT Medical Enterprise Ltd., EmeTerm represents the company's commitment to evidence-based innovation in neuromodulation for nausea management. The device has received multiple international regulatory clearances, including approvals from the U.S. FDA, Health Canada, and Australia's TGA, affirming compliance with global safety and quality standards.
Publication in JAMA Surgery underscores the rigor and impact of the study, validating EmeTerm as an effective, non-drug therapeutic option for managing active PONV. With a growing body of clinical evidence, EmeTerm is being increasingly adopted by clinicians and hospitals worldwide as a reliable solution for nausea control in perioperative settings.
References
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
WAT Medical's EmeTerm Wearable Device Demonstrates Superior Control of Moderate to Severe Postoperative Nausea and Vomiting in JAMA Surgery-Published Clinical Trial
