Aster vs. Hyperliquid: Analyzing the DEX Tokens Post-November Divergence

In the world of decentralized exchanges (DEX), Aster and Hyperliquid have shown varying performance metrics as November ended. While Aster recorded gains, Hyperliquid struggled with significant losses. This article breaks down their trading volumes, valuation comparisons, and recent price movements.

Key Takeaways

Both Aster and Hyperliquid displayed similar trading volumes in decentralized exchange perpetual (perp) trading.
While Aster experienced gains this month, Hyperliquid reported substantial losses.
Aster's price dipped by 0.56% in the last 24 hours, with a daily trading volume of $514.92 million at the time of this report. Hyperliquid fell by 1.54%, trading at $31.17.
Both tokens experienced a downturn, partially influenced by Bitcoin's recent price fluctuations and a cautious market sentiment.
It's unlikely that either token will see a quick increase in value soon.
Notably, Aster outperformed Hyperliquid in a specific metric, suggesting Aster may become the more favorable token on price charts, particularly due to its performance throughout November.

Aster vs Hyperliquid showdown- Metrics reveal the DEX tokens are closely matched

Comparison of Aster and Hyperliquid Metrics

Aster vs Hyperliquid Token Trading Volume Source: Token Terminal

As depicted in the chart, Aster generally maintained a higher token trading volume compared to Hyperliquid. Although there were a few days at the end of October when Hyperliquid's trading volume exceeded Aster's, the overall trend favors Aster, who had a greater cumulative trading volume across the past 90 days—albeit with an incomplete trading data set for that period.

The DEX perp volume, which represents the total volume of perpetual contracts traded on these platforms, showed almost equal numbers: Aster reported a 7-day perp volume of $63.7 billion, while Hyperliquid had slightly less at $63.4 billion.

Understanding the Valuation Gap

PF Ratio Aster Source: Token Terminal

The Price-to-Fees (P/F) ratio reveals significant differences between the two tokens. Aster's P/F ratio is notably higher than that of Hyperliquid, indicating that it might be overvalued in relation to its revenue generation when compared to its market valuation. A lower P/F ratio generally suggests that an asset generates more revenue relative to its market price.

This discrepancy may signal that investors believe in Aster's growth potential, or it might indicate that the fee data for the tokens is inaccurately represented, contributing to the wide gap in their P/F ratios.

Aster vs Hyperliquid Performance Source: TradingView

Analyzing the performance of Aster and Hyperliquid in November reveals distinct differences. Hyperliquid faced a monthly drop of 28.92% and encountered significant resistance at the $34 mark. Conversely, Aster registered a positive change of 10.36% during November. While Aster experienced a recent decline, its recovery from $0.82 to $1.4 earlier in the month has bolstered its position despite the downturn in the past week.