Bybit Releases Analysis of Decentralized Derivatives Exchanges
Date: 2025-10-03 Author: Oliver Abernathy Categories: BUSINESS
Bybit has published the Bybit Crypto Insights report, dedicated to the development of decentralized derivatives exchanges, and highlighted its Byreal platform. Byreal is a Solana-based decentralized exchange currently in beta mode, with a mainnet launch scheduled for early October 2025. Since its beta launch, the platform has achieved a total trading volume of $335.41 million, a maximum daily volume of $28.15 million, and a TVL of $14.22 million. Its hybrid RFQ and CLMM liquidity model reduces slippage and protects against MEV.
Aster, a combination of Astherus and ApolloX, launched in September 2025 with its native token, which surged over 300% in its first hours of trading, with its market cap reaching $1.33 billion just two days later. The platform's features include order execution without MEV, hidden orders, and an interface adapted for both retail and professional traders. The project plans to launch a zero-knowledge network and integrate with the Binance ecosystem, strengthening Aster's market position.
The report also compares Aster and Hyperliquid. Hyperliquid continues to lead perpetual futures trading, with $200 billion in volume in September and a market cap of $13.2 billion, while Aster's volume was $20 billion and its market cap was approximately $2.5 billion. The main differences lie in their approaches: Hyperliquid uses its own layer-one infrastructure with HyperBFT consensus and sub-second trade finalization, providing execution levels comparable to centralized exchanges. Aster operates on the BNB Chain, emphasizing modular architecture, ecosystem integration, and tokenomics-based marketing.
Bybit notes that Hyperliquid, dYdX, and GMX adhere to the principles of maximum decentralization, while Aster and Hyperliquid focus on speed, liquidity, and user experience, partially sacrificing decentralization for performance.
Analysts believe the priority is shifting from the ideals of decentralization to efficiency and user experience. Aster's success demonstrates an alternative development path: the project attracts attention through narrative, partnerships, and incentives, without building new infrastructure.
Bybit's report concludes: decentralized futures platforms are evolving toward models where decentralization is a tool, not a foundation. Centralized exchanges are also capable of launching their own versions of such platforms, increasing competition. Hyperliquid maintains a technological advantage, but the market is increasingly evaluating the combination of technology, marketing, and cultural resonance, opening up new opportunities for projects like Aster.
