The fight for dominance among decentralized derivatives exchanges has taken a new turn after data aggregator DefiLlama delisted Aster, citing concerns over data integrity.
Aster, a derivatives decentralized exchange (DEX) backed by YZi Labs (formerly Binance Labs), recently surged in trading volume to overtake Hyperliquid, which has been hailed as one of the crypto industry’s breakout stars.
But on Sunday, DefiLlama founder 0xngmi said on X that Aster’s reported volumes mirrored those of Binance’s perpetuals market, prompting the platform’s removal.
The delisting has since sparked a broader debate about the power of data providers. Supporters of Aster accused DefiLlama of centralization, while critics questioned whether Aster’s meteoric rise was genuine or manufactured.
Aster’s surge reignites debate over fake volumes
Aster led all DEXs in trading volume on Monday with $41.78 billion in 24-hour volume, according to Binance-owned data aggregator CoinMarketCap. At the same time, Hyperliquid recorded over $9 billion.
Aster did not respond to Cointelegraph’s request to comment on this story.
“Wash trading and inflated use volumes are currently estimated to be affecting [a quarter] of exchanges today,” Greg Magadini, director of derivatives at Amberdata, told Cointelegraph.
Magadini added that volume inflation typically falls into two categories: traders who artificially boost their activity to earn points or qualify for airdrops and exchanges that exaggerate user activity to attract genuine volume.
On Tuesday, X user Dethective identified the top five wallets that have generated $85 billion in trading volume on Aster over 30 days in anticipation of the airdrop. However, not all of the top wallets appear suspicious. In a Sept. 30 post, Dethective analyzed Aster’s top 10 traders and said some appeared to display genuine trading activities but added that at least two were suspected of Sybil behavior, likely to farm airdrop points.
Trading volume can be inflated through high-frequency bots that open and close positions instantly. In comparison, open interest reflects positions that require traders to lock up collateral and pay funding over time.
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Among perpetual DEXs, Hyperliquid led with $14.68 billion in open interest on Monday, followed by Aster at $4.86 billion and Lighter at $2.08 billion, according to CoinMarketCap’s data.
Aster fans champion Dune in irony
DefiLlama is one of the most widely used data platforms in decentralized finance (DeFi), tracking protocols across major chains and ecosystems. Its decision to remove Aster has therefore left a gap for users seeking reliable data on the rising perpetuals exchange.
Some users criticized DefiLlama’s move as “centralized,” pointing instead to Dune Analytics as a preferred alternative. Dune allows users to build and publish custom dashboards. The irony is that several Dune dashboards cited by DefiLlama’s critics actually rely on DefiLlama’s own data.
DefiLlama’s 0xngmi addressed the backlash on X, denying allegations that the company was paid to delist Aster or that it was unfairly targeting the exchange.
“We are not,” 0xngmi said. “We delisted Lighter and many other perp DEXs before because of blatant wash trading.”
Wash trading has long been a challenge for crypto data providers. During the non-fungible token market’s boom, users on the marketplace Blur were accused of inflating trading metrics to qualify for future airdrops, helping the platform briefly overtake OpenSea in volume.
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In traditional finance, wash trading is banned under capital markets and securities rules, but in the still-developing crypto space, oversight is limited and detection is left largely to analytics firms. These companies typically identify suspicious patterns through “round-trip” trade analysis.
“A sign of wash trading is when a large percentage of an exchange’s volume consists of identical buy and sell trades occurring within short time frames,” said Magadini. “When this behavior repeats across multiple pairs, it’s a strong indicator that the volume is being artificially inflated.”
Aster drama highlights challenges in measuring DeFi
The delisting of Aster reflects the ongoing challenges of measuring truth in decentralized markets. Disputes like this show how quickly questions about numbers can turn into questions about trust.
Aster’s rise and the scrutiny that followed highlight the competitive nature of DeFi platforms vying to dominate the perpetual trading volume, which captures about 80% of the crypto market.
Trading volume can be a misleading indicator, especially when airdrop incentives and automated strategies distort what looks like genuine activity. Open interest, funding payments and collateral data offer clearer signals of real participation, but they are often overlooked in the race for visibility.
Whether Aster’s rapid growth proves genuine or inflated, DefiLlama’s criticism of its metrics shows how fragile confidence in data remains in crypto. Trading volume still shapes perception, even when its accuracy is uncertain.
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