BNB Chain Perpetuals $ASTER and $MYX Challenge $HYPE’s Market Lead

BNB Chain is heating up. Two new perpetuals, $ASTER and $MYX, are eating into $HYPE’s once-dominant position. Just a month ago, HYPE held 86% of the market. That number has now slipped to 62% in September 2025.

The shift signals a growing appetite for competition in the decentralized perps space, where liquidity, fees, and user trust drive market share.

HYPE’s Market Share Erosion

For most of the summer, $HYPE commanded near-total control. Its August dominance stood at 86%, making it the undisputed leader among decentralized perpetual exchanges. But in September, that dominance dropped to 62%.

At the same time, new entrants are rising. $ASTER, backed by Binance, and $MYX, with its BNB Chain traction, are pulling traders away. The change is not only about hype cycles, it’s about deep liquidity and incentives.

According to CoinMarketCap, HYPE trades at $48.38 with a market cap of $16.16 billion, ranking 11 overall. That valuation has come under pressure in recent weeks as whales take profit and competition builds.

Hyperliquid Revenue Still Booming

Despite losing market share, Hyperliquid’s numbers are strong. Revenue for September has already crossed $700 million. That figure highlights how sticky perps volume can be, even as rival platforms grow.

The revenue momentum shows that traders still trust Hyperliquid’s rails. But questions remain: can it defend dominance with new players offering cheaper fees and deeper liquidity?

Arthur Hayes Exits His Position

The news that rattled markets most came from a familiar name. Arthur Hayes, co-founder of BitMEX, dumped his entire $5.1 million $HYPE position on Sept. 21.

Hayes sold 96,600 tokens, securing about $823,000 in profit after holding for just one month. His exit sent $HYPE down nearly 5% on the day. Other whales followed, pulling large positions and deepening the selloff.

Hayes’ Bull Case, Then the Pivot

Only weeks before selling, Hayes made headlines with a bold prediction. At WebX Asia, he argued that Hyperliquid could become a “decentralized Binance.” His thesis rested on two ideas:

•  The growing supply of stablecoins
•  Rising retail appetite for leveraged trading

He even projected $HYPE could 126x by 2028, reaching a staggering $5,000 per token.

But the pivot was quick. Hayes later pointed to competitive threats from Binance-backed AsterDEX and OKX’s growing interest in perps as reasons for his exit. The shift caught the market off guard.

The Rise of $ASTER and $MYX

$ASTER and $MYX are now the clear challengers.

$ASTER: Built on BNB Chain and backed by Binance’s ecosystem, AsterDEX offers aggressive liquidity mining and fee rebates. On CoinMarketCap, ASTER trades at $1.41 with a market cap of $2.34 billion, ranking 45 overall. Its tight integration with Binance users gives it a funnel few competitors can match.

$MYX: Focused on community-driven trading incentives, MYX has seen rapid adoption on BNB Chain. It’s smaller but growing fast. CoinMarketCap shows MYX at $9.2, with a market cap of $1.83 billion, sitting at 57. Its strategy leans on token rewards and deep partnerships with BNB Chain protocols.

Together, they’ve eroded HYPE’s lead, taking a combined 24% market share in September.

Why Traders Are Shifting

The migration isn’t random. Three forces explain why traders are moving:

1. Liquidity Mining – Both ASTER and MYX are offering aggressive reward programs, pulling users who want yield alongside perps trading.

2. BNB Chain Integration – With lower fees and Binance connections, ASTER in particular offers a smoother bridge for retail traders already in Binance’s orbit.

3. Market Sentiment – Whale exits from HYPE, including Hayes’ sale, have shaken confidence and made traders more willing to explore alternatives.

What This Means for Hyperliquid

Hyperliquid is still a giant. With more than $700M in revenue this month alone, it remains the top player by far. But dominance slipping from 86% to 62% in just one month is a warning.

To maintain its position, Hyperliquid will need to:

•  Refresh incentives to keep traders onboard
•  Defend liquidity pools against new entrants
•  Deliver on its long-term promise of becoming the go-to decentralized exchange for leveraged trading

If it can’t, its once commanding lead could shrink further.

The battle for decentralized perpetuals is only starting. Hyperliquid has the scale and revenue, but ASTER and MYX have momentum. Hayes’ abrupt exit showed how quickly sentiment can shift in crypto.

For now, Hyperliquid’s dominance is intact. But the question is no longer whether competition will rise, it’s how much market share HYPE can hold on to as the next wave of exchanges take shape.

BNB Chain is proving to be fertile ground for new perps protocols. $ASTER and $MYX are not just experiments, they’re serious competitors now eating into Hyperliquid’s base.

$HYPE’s story is far from over. But the days of 86% market dominance may be gone. In crypto perps, loyalty is thin, liquidity is mobile, and narratives change fast.

As of today, the scoreboard is shifting. Hyperliquid leads, but the challengers are closing in.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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