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.
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Bybit Crypto Insights Report: Aster Takes on Hyperliquid in the Perp DEX Boom
SINGAPORE, Aug. 3, 2026 /PRNewswire/ -- Volvo Trucks has marked an important step forward in its customer-focused growth journey through a series of milestones that demonstrate the value of deep customer understanding, tailored transport solutions and strong cross-functional collaboration.
The achievements highlight how customer segmentation can be translated into tangible business outcomes, helping transport operators address increasingly complex operational requirements while unlocking new opportunities for growth and productivity.
One of the key milestones was the successful deployment of a Volvo FMX 540 10x4 fitted with an Erkin World Power ER400 L-8 crane. The vehicle represents Singapore's first road-legal 200-ton crane truck, demonstrating Volvo Trucks' ability to support highly specialized transport applications through close collaboration, technical expertise and a strong understanding of customer needs.
Another significant achievement was the introduction of the first Volvo FH Aero 500 in ASEAN. The milestone brings a new generation of Volvo performance, efficiency and driver-focused innovation into regional prime mover operations, supporting customers as they seek greater productivity and long-term operational performance.
The momentum continued with the delivery of 12 Volvo FM units for prime mover applications, reinforcing Volvo Trucks' commitment to supporting customers with reliable and versatile transport solutions that meet evolving business requirements.
Together, these milestones reflect the broader strategic ambition of staying close to customers, understanding their operating realities and delivering solutions that create meaningful value.
Ochiai Keiichiro, Region Director for Southeast Asia & East Asia at UD Trucks, said, "These achievements demonstrate the importance of truly understanding the businesses our customers operate and the challenges they face every day. The most effective solutions are not always standard ones. By working closely with customers and understanding their operational needs, we can identify opportunities where innovation, collaboration and the right transport solution can create meaningful value. The progress we are seeing today reflects the strength of a customer-centric approach and the commitment of our teams to delivering solutions that make a real difference."
Johan Larsson, Managing Director, Volvo Trucks Southeast Asia and Japan, reflected, "These milestones demonstrate what can be achieved when customer insights, technical expertise and teamwork come together. From specialized transport applications to the introduction of new technologies and continued support for fleet growth, every achievement reflects our commitment to helping our customers succeed. As we continue to move forward in our strategic period leading up to 2030, we will continue to work closely with customers and partners to identify opportunities, solve complex challenges and drive progress through solutions that deliver tangible business value."
Driving Progress Through Customer-Centric Innovation
As transport requirements become increasingly diverse and complex, Volvo Trucks remains focused on delivering solutions that improve productivity, safety, uptime and operational efficiency. By combining deep customer understanding with engineering expertise and collaborative partnerships, the company continues to expand the possibilities of what transport solutions can achieve.
These latest milestones demonstrate that growth is not driven by products alone, but by understanding customer challenges, identifying opportunities and building solutions that are tailored to real-world operating conditions.
Ready to Unlock New Opportunities
Whether your business is expanding into new applications, improving fleet productivity or tackling complex transport challenges, Volvo Trucks can help identify the right solution for your operations.
Connect with our team to discover how tailored transport solutions, industry expertise and innovative technology can help improve productivity, increase efficiency and support your long-term business ambitions. Because real progress starts with understanding your business and building the right solution together.
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Volvo Trucks Demonstrates Customer-Centric Innovation Through Three Key Milestones
Volvo Trucks Demonstrates Customer-Centric Innovation Through Three Key Milestones
Volvo Trucks Demonstrates Customer-Centric Innovation Through Three Key Milestones
Volvo Trucks Demonstrates Customer-Centric Innovation Through Three Key Milestones
