Aster DEX is moving fast. The next-generation perpetuals exchange has just added $SUSHI perpetual futures to its growing roster — offering up to 5x leverage with a 1.2x trading points boost running through June 10. The listing arrives as Aster has cemented its position as the #2 perp DEX by daily volume — a milestone that would have seemed ambitious just months ago.
The official announcement confirmed:
“New perp listing: $SUSHI with up to 5x leverage. @SushiSwap — Earn 1.2x trading points until June 10, 23:59 UTC.”
$SUSHI at a Glance
Aster Solidifying at #2 in Perp DEX Volume
Aster continues its aggressive push in the decentralized perpetuals space. According to the latest 24-hour normalized volume rankings:
ormalized volume rankings:
| Rank | DEX | Normalized Volume 24h |
|---|---|---|
| 1 | Hyperliquid | $11.875 billion |
| 2 | Aster | $3.24 billion |
| 3 | Lighter | $2.072 billion |
Aster now commands the second-highest daily perp trading volume, trailing only Hyperliquid while significantly outpacing other competitors. The platform has rapidly grown into a serious contender in the on-chain derivatives market thanks to low fees, deep liquidity, and innovative product listings.
At $3.24 billion in daily normalised volume — Aster is generating more than 1.5x the volume of the third-ranked platform while sitting in the second position only to Hyperliquid — the dominant force in on-chain perps that we have covered extensively including the ICE CEO calling it “bigger than NASDAQ”.
The gap between Aster and Hyperliquid remains significant — $3.24B versus $11.875B — but the fact that Aster has established a clear #2 position with meaningful distance from the third-ranked competitor signals that the competitive structure of on-chain perps is beginning to consolidate around two dominant players rather than remaining fragmented.
Why the $SUSHI Listing Matters
Boosted rewards drive early liquidity — The 1.2x trading points multiplier until June 10 is a deliberate market-making incentive. New perp listings on any DEX face the cold-start liquidity problem — without sufficient open interest and bid/ask depth, the market is unattractive to traders. The points boost incentivises early volume that creates the liquidity depth needed to make the market genuinely functional from day one.
$SUSHI momentum creates natural demand — With SushiSwap’s token up +16.11% in 7 days, the listing captures a period of genuine momentum rather than trying to attract traders to a range-bound asset. Traders who want leveraged exposure to SUSHI’s recent strength now have a native on-chain option with up to 5x leverage.
Expanding the product roster — Aster has been systematically broadening its market coverage across crypto perps, stock perps, and prediction markets — building the kind of comprehensive on-chain trading venue that can retain users across different market cycles and asset classes. Each new listing adds to the platform’s addressable trading volume and strengthens the case for the #2 position to become durable rather than temporary.
Aster’s Competitive Position — The Bigger Picture
Aster’s rise to #2 in perp DEX volume is the most concrete signal yet that the on-chain derivatives market is developing a genuine competitive structure. As we covered in our Hyperliquid HIP-3 NIFTY 50 listing and our HIP-4 prediction markets analysis, Hyperliquid has been building toward a comprehensive on-chain financial infrastructure — and Aster’s emergence as a credible #2 creates the competitive dynamic that historically drives innovation and fee compression across an entire sector.
Aster’s differentiation strategy — low fees, deep liquidity, trading points incentives, YZi Labs backing, and a privacy-focused user experience — targets the same institutional and sophisticated retail audience that Hyperliquid has been capturing. The $3.24B daily volume confirms there is genuine user demand for an alternative rather than just theoretical competition.
Bottom Line
Aster’s $SUSHI perpetuals listing with 5x leverage and a 1.2x points boost is a well-timed product addition to a platform that has just established itself as the clear #2 in on-chain perp DEX volume. The $3.24B daily normalised volume represents genuine traction — not paper volume — and the competitive positioning directly below Hyperliquid creates a narrative that will attract both traders and attention.
For $SUSHI traders specifically — the listing gives SushiSwap’s token a new leveraged trading venue at a moment of genuine momentum. The 1.2x points multiplier through June 10 makes the opening window the most rewarding time to engage.
Frequently Asked Questions
What has Aster DEX listed?
$SUSHI perpetual futures with up to 5x leverage — with a 1.2x trading points multiplier available until June 10, 23:59 UTC as a launch incentive to drive early liquidity.
What is Aster DEX’s current market position?
Aster has reached #2 in 24-hour normalised perp DEX volume at $3.24 billion — trailing only Hyperliquid ($11.875B) and significantly ahead of Lighter ($2.072B) in third place.
Who backs Aster DEX?
Aster DEX is backed by YZi Labs — and has been rapidly expanding across crypto perps, stock perps, and prediction markets while maintaining a focus on low fees, deep liquidity, and privacy-oriented trading.
How does Aster compare to Hyperliquid?
Hyperliquid leads with $11.875B in daily normalised volume — approximately 3.7x Aster’s $3.24B. However Aster’s establishment of a clear #2 position with meaningful distance from third-ranked competitors signals the market is consolidating around two dominant on-chain perp platform