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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
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VIENNA, March 26, 2026 /PRNewswire/ -- The Hotel Sacher Vienna opened its doors in 1876 and celebrates its 150th anniversary in 2026. The anniversary year begins with the presentation of the sculptures "Step Big" and "Dancer" by renowned artist Erwin Wurm in front of the hotel entrance. On 26 March 2026, these were ceremoniously unveiled in the presence of the artist, Vienna's Mayor Dr. Michael Ludwig and the owner family. They remain on display there throughout the anniversary year.
"150 years of Hotel Sacher Vienna stand for a lived tradition combined with continuous renewal, as well as for the passion and excellence of the many people who have shaped Sacher over generations. Both guests and employees. It is thanks to them that we are able to stand here today," emphasize the owners Alexandra Winkler and Georg Gürtler.
"I warmly congratulate Hotel Sacher on its 150th anniversary. Sacher represents Viennese history and genuine hospitality, making it an important ambassador for Vienna around the world," says Vienna's Mayor Dr. Michael Ludwig.
Oversized handbags in front of the hotel
To mark the beginning of the anniversary year, Hotel Sacher Vienna presents two sculptures by internationally renowned Austrian artist Erwin Wurm at its entrance: "Step Big" and "Dancer," oversized handbags on long, slender legs. The installation can be understood as a poetic reflection on the "invisible baggage" each person carries, shaped by origin, history and experience. At the same time, this collaboration highlights Sacher's strong connection to art and culture.
"I made these walking, jumping, dancing and stepping bags to address certain ideas about how we design ourselves, how we present ourselves, how we pretend, what we want to be, and how we want to be seen – both in the male world and the female world," explains Erwin Wurm.
150 years shaped by family and excellence
The foundations of Sacher date back to 1832, when Franz Sacher created the Original Sacher-Torte. To this day, it is handcrafted in 34 individual steps and is considered a culinary icon of Vienna. With the opening of Hotel Sacher Vienna in 1876, Eduard Sacher continued this success story and, together with Anna Sacher, established the hotel as an internationally renowned meeting place for society. Hotel Sacher Vienna is one of the few privately owned, family-run five-star superior hotels, a member of The Leading Hotels of the World, and was listed among The World's 50 Best Hotels 2025.
The sculptures mark the beginning of the anniversary celebrations. Further initiatives, such as messages from prominent personalities and a short film combining animation and live-action footage, will follow. More information can be found at: www.sacher.com/en/sacher-vienna-150-years.
Enquiries
Sacher Communications
communications@sacher.com
+43 1 51456 1276
VIENNA, March 26, 2026 /PRNewswire/ -- The Hotel Sacher Vienna opened its doors in 1876 and celebrates its 150th anniversary in 2026. The anniversary year begins with the presentation of the sculptures "Step Big" and "Dancer" by renowned artist Erwin Wurm in front of the hotel entrance. On 26 March 2026, these were ceremoniously unveiled in the presence of the artist, Vienna's Mayor Dr. Michael Ludwig and the owner family. They remain on display there throughout the anniversary year.
"150 years of Hotel Sacher Vienna stand for a lived tradition combined with continuous renewal, as well as for the passion and excellence of the many people who have shaped Sacher over generations. Both guests and employees. It is thanks to them that we are able to stand here today," emphasize the owners Alexandra Winkler and Georg Gürtler.
"I warmly congratulate Hotel Sacher on its 150th anniversary. Sacher represents Viennese history and genuine hospitality, making it an important ambassador for Vienna around the world," says Vienna's Mayor Dr. Michael Ludwig.
Oversized handbags in front of the hotel
To mark the beginning of the anniversary year, Hotel Sacher Vienna presents two sculptures by internationally renowned Austrian artist Erwin Wurm at its entrance: "Step Big" and "Dancer," oversized handbags on long, slender legs. The installation can be understood as a poetic reflection on the "invisible baggage" each person carries, shaped by origin, history and experience. At the same time, this collaboration highlights Sacher's strong connection to art and culture.
"I made these walking, jumping, dancing and stepping bags to address certain ideas about how we design ourselves, how we present ourselves, how we pretend, what we want to be, and how we want to be seen – both in the male world and the female world," explains Erwin Wurm.
150 years shaped by family and excellence
The foundations of Sacher date back to 1832, when Franz Sacher created the Original Sacher-Torte. To this day, it is handcrafted in 34 individual steps and is considered a culinary icon of Vienna. With the opening of Hotel Sacher Vienna in 1876, Eduard Sacher continued this success story and, together with Anna Sacher, established the hotel as an internationally renowned meeting place for society. Hotel Sacher Vienna is one of the few privately owned, family-run five-star superior hotels, a member of The Leading Hotels of the World, and was listed among The World's 50 Best Hotels 2025.
The sculptures mark the beginning of the anniversary celebrations. Further initiatives, such as messages from prominent personalities and a short film combining animation and live-action footage, will follow. More information can be found at: www.sacher.com/en/sacher-vienna-150-years.
Enquiries
Sacher Communications
communications@sacher.com
+43 1 51456 1276
** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **
Hotel Sacher Vienna celebrates its 150th anniversary - with sculptures by Erwin Wurm
