Hyperliquid (HYPE) hit a new record high of $59.29, while rival ASTER, backed by YZi Labs, also made headlines with a more than 350% surge after being “promoted” by CZ.
HYPE price sets ATH near $59 after CZ shills rival ASTER
HYPE Price Breaks Out to ATH, Outpacing Top Token
On September 18, the HYPE Token of the perp DEX Hyperliquid set a new ATH at $59.29, after increasing 8% in the past 24 hours. With a Capital of approximately $19.5 billion, HYPE has increased by more than 38% over the past month, far surpassing the performance of big names such as Bitcoin (BTC) , Ethereum (ETH) , and XRP .
HYPE price movement in the last 7 days, CoinGecko screenshot at 03:30 AM on 09/18/2025
Hyperliquid is a Derivative decentralized exchange (perpetual DEX) built on a Layer 1 blockchain of the same name, allowing users to execute Longing/ Short orders with leverage up to x50.
Notably, BitMEX founder Arthur Hayes was quick to comment on this milestone with the phrase “All-time Hype”. Previously, at the WebX 2025 event, Hayes commented that HYPE has the potential to increase 126 times , especially when Hyperliquid expands the stablecoin segment, which can help increase annual revenue from the current $1.2 billion to $258 billion.
All time $HYPE pic.twitter.com/OO0xrOSM0u
— Arthur Hayes (@CryptoHayes) September 18, 2025
According to data from Nansen, trader @tummyy1 currently holds a $30 million Longing HYPE position with an unrealized profit of around $1.39 million. He is said to continue adding to his position, buying an Medium of 123 HYPE every 30 seconds.
You might be bullish, but are you as bullish as @tummyy1 on $HYPE ?
— Nansen 🧭 (@nansen_ai) September 18, 2025
Tummyy has a 3x Longing position on $HYPE with a position value of $30.3m.
Currently holding an uPnL of 1.39M, and still adding onto his position 🧵 👇 pic.twitter.com/E321Ed5Woa
Hyperliquid has also recently attracted attention when it announced its 'bidding' plan for its own stablecoin called USDH. Immediately after that, a series of big names such as Paxos, Frax, Agora and especially Ethena with extremely detailed proposals. However, Hyperliquid's validators decided to hand over the responsibility of developing USDH to the 'domestic' project Native Markets .
Not only that, Circle also just announced that it will integrate USDC into Hyperliquid via HyperEVM, and plans to open a direct connection between HyperEVM and HyperCore in the future, allowing USDC deposits/withdrawals directly on the platform's spot exchange and perps. Notably, Circle also invested in the HYPE Token , and is considering becoming a validator and participating in HIP-3 and HyperEVM incentive programs.
In terms of perp volume , Hyperliquid is still dominating the market with a volume of 13.63 billion USD in 24 hours and 335.56 billion USD in 30 days, far surpassing direct competitors such as Lighter, Aster or edgeX. Meanwhile, in terms of DEX spot, Hyperliquid holds the third position with 27.41 billion USD in 30 days trading, just behind two veteran giants Uniswap and PancakeSwap .
Daily volume statistics on Hyperliquid. Source: defillama (September 18, 2025)
These impressive numbers helped Hyperliquid earn more than 110.11 million USD in revenue in August 2025, the highest level since the beginning of the year.
Hyperliquid Monthly Revenue Statistics. Source: defillama (September 18, 2025)
The strong revenue stream has allowed Hyperliquid to continue implementing its HYPE Token buyback strategy. As of the time of writing, the platform has bought back a total of 31.06 million HYPE, equivalent to $1.4 billion.
CZ shill ASTER - competitor on BNB Chain
Along with the rise of HYPE, a new name suddenly emerged, ASTER, the native Token of the perp DEX Aster. Previously, Aster was invested by YZi Labs , an investment fund led by Changpeng Zhao himself, with an undisclosed amount of Capital . As early as June, the former CEO of Binance expressed his desire to invest in a Derivative DEX that "hides the Order Book" to avoid order hunting, and Aster was quickly proposed by the community.
Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX.
— CZ 🔶 BNB (@cz_binance) June 1, 2025
I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.
Even with a CEX…
In just 24 hours after listing, the ASTER price increased by more than 350%, peaking at $0.52 and currently hovering around $0.43.
15m chart of ASTER/ USDT pair, screenshot on Aster at 02:55 PM on 09/18/2025
Notably, Changpeng Zhao (CZ) directly Chia the ASTER chart on X with the message "Well done! Good start. Keep building!" . This move immediately sparked speculation that CZ was backing Aster to regain market share from Hyperliquid - a name that is gradually "eroding" Binance's pie.
Well done! 👏 Good start. Keep building! pic.twitter.com/oMfOxfsBRS
— CZ 🔶 BNB (@cz_binance) September 17, 2025
It is worth noting that CZ's "shill" Aster not only helped this Token explode, but also partly created a ripple effect, promoting other DEX perp groups, including Hyperliquid, to continue to benefit from the growth wave.
Performance statistics of top Derivative Token . Source: CoinGecko (September 18, 2025)
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