The privacy dilemma in perpdex: Why does Aster challenge Hyperliquid?

The total transparency of Hyperliquid comes at a hidden cost. While its speed and user experience dominate the market, every order, every position, every strategy is exposed to the public — and that is exactly what bots, sharks, and market makers are waiting for.

The problem that no one wants to admit

Remember the whale hunting in Hyperliquid months ago. On-chain data is public data. OG whales know this. That's why many prefer not to play on CZ's turf when everyone can read their game.

This is the same problem that privacy coins ($ZEC, $ZEN, $DASH) solved years ago — but no one has applied it to derivatives until now.

Aster brings the missing mechanism

Confidential orders + zk-proof = no public exposure of:

• Order size
• Current positions
• Trading tactics

Result: less front-running, less MEV, less risk of them reading your strategy before executing it.

Numbers speak clearly

• Hyperliquid: ~40 billion in cap
• Aster: ~2 billion in cap

While Hyperliquid remains number 1 in speed and volume, Aster is building something different: the first layer of real anonymity for derivative trading. It is an inevitable trend.

CZ already pumped $BNB a 130 billion. Aster at 10 billion wouldn't be outrageous if the narrative of “privacy in perpdex” takes off.

The question is not whether Aster will win. The question is how much room there is in the market for two different strategies: speed vs. privacy.