DeFiLlama recently made the decision to remove perpetual futures volume data for Aster, a decentralized exchange linked to former Binance CEO Changpeng Zhao, due to concerns over potential wash trading. Co-founder 0xngmi announced the delisting on October 5, 2025, citing worries about data integrity.
The analytics platform detected trading volumes on Aster that closely mirrored Binance’s volumes across multiple trading pairs, with a correlation ratio of nearly 1 in pairs like XRP/USDT. This raised red flags as competitor Hyperliquid showed decorrelation in similar pairs. Despite not being able to access lower-level data to verify wash trading, DeFiLlama decided to remove Aster’s data temporarily to maintain data integrity for users relying on the platform’s analytics.
The move sparked a debate within the crypto community, with some critics questioning DeFiLlama’s centralization, while others defended Aster, attributing the correlation to legitimate liquidity migration from Binance. Blockchain investigator ZachXBT called out industry figure Anndy Lian for normalizing wash trading, while Lian argued that alignment in open interest and price action is common across projects and that spending to acquire market share is the prerogative of the project.
Supporters of Aster pointed out that Binance’s liquidity was moved to the platform, explaining the synchronized volumes. Dune Analytics data showed Aster’s total trading volume exceeding $2.2 trillion, with significant total value locked, total users, and income figures.
Dashboard creator Odbtc clarified that he used DeFiLlama’s API for data, and Dune served as a visualization layer. He defended DeFiLlama’s decision, emphasizing the platform’s role in aggregating protocol-reported data.
In other news, Aster launched its Stage 3 rewards program while Binance confirmed it would list ASTER with a Seed Tag. The platform also implemented VIP fee tier updates to enhance liquidity. Despite the delisting of volume data, Aster recorded significant trading volume and market share in the perpetual DEX space.
At present, ASTER trades at $2.08 with a fully diluted valuation of $16.5 billion, while HYPE, Hyperliquid’s token, trades at $48.89 with a fully diluted valuation of $48.9 billion. The perpetual DEX market continues to see growth and competition, with Aster and Hyperliquid leading the way.