The native token of decentralized derivatives exchange Hyperliquid (HYPE) has reached a new all-time high, underscoring the growing momentum behind decentralized trading platforms. Meanwhile, Binance founder Changpeng “CZ” Zhao threw his weight behind ASTER, a newly launched rival DEX token, sparking fresh debate over market share in the rapidly evolving crypto derivatives sector.

HYPE climbed nearly 8% on Thursday, closing just shy of $60 after briefly touching $59.29 in early trading. The token’s explosive rally has pushed its market capitalization to nearly $16 billion, with monthly gains approaching 40% — far outpacing blue-chip cryptocurrencies like Bitcoin, Ether, and XRP.

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Hyperliquid operates as a decentralized exchange specializing in perpetual futures, allowing traders to take leveraged bets without the constraints of expiry dates. The model, popularized by centralized platforms such as BitMEX, is now seeing strong adoption on-chain.

Arthur Hayes, the BitMEX co-founder, celebrated HYPE’s milestone with a characteristically witty post calling it an “All-time Hype.” Hayes has previously forecast that the token could see more than 100x upside if Hyperliquid expands into stablecoins, estimating potential annualized fees in excess of $250 billion compared with its current $1.2 billion run rate.

HYPE prices reach an all-time high. Source: Nansen

Traders Ride the Wave of HYPE

Analytics firm Nansen highlighted one trader who has aggressively built a leveraged $30 million long position in HYPE, currently sitting on more than $1.3 million in unrealized gains. The trader has been steadily adding to the position, buying around 123 HYPE every 30 seconds.

HYPE was among the day’s strongest altcoin performers, second only to Avalanche (AVAX), which posted a 9.5% daily gain.

CZ Turns Spotlight on ASTER

While Hyperliquid stole headlines with its rally, Binance’s former CEO CZ shifted attention to ASTER, a new derivatives DEX backed by YZi Labs (formerly Binance Labs) and supported by PancakeSwap. In a rare move, CZ posted a chart of ASTER on X, igniting speculation about its role as a direct challenger to Hyperliquid.

Launched in July as Aster Chain, ASTER’s native token has already rocketed 350% in just two days of trading, hitting an all-time high of $0.50, according to CoinMarketCap.

Source: Changpeng Zhao

Industry observers were quick to note CZ’s motives. “CZ rarely shares charts. But he posted ASTER. Why? Because it’s a direct Hyperliquid rival, and Hyperliquid keeps stealing Binance’s market share,” wrote Hunters of Web3 founder LANGERIUS.

Despite Hyperliquid’s rapid rise, the platform’s $790 million in daily trading volume still pales compared with Binance’s $34 billion, according to CoinGecko data. Still, the rivalry between the two platforms underscores the growing importance of decentralized derivatives in shaping the future of crypto trading.