Web3 analytics platform DefiLlama has removed the perpetual trading volume data of Aster, a fast-growing decentralized exchange (DEX).
The move followed observations that Aster’s reported volumes closely mirrored Binance’s trading activity.
Specifically, the issue came to light when DefiLlama’s pseudonymous founder 0xngmi posted a thread on X on Sunday. In that thread, the founder shared multiple charts, illustrating how Aster’s trading volume began moving in near-perfect sync with Binance’s perpetuals data. This pattern started late Saturday and continued through Sunday.
According to 0xngmi, the correlation was so tight that it looked statistically unlikely to occur naturally in decentralized markets. Binance’s perpetual contracts are among the most liquid instruments in cryptocurrency trading. However, their movements often influence market trends, while direct volume mirroring remains rare and suspicious.
DefiLlama Cites Lack of Transparency in Data
Furthermore, 0xngmi explained that Aster does not offer lower-level trading data, the kind that would show who places and fills orders. This information is essential for detecting wash trading, a practice in which artificial trades are executed to exaggerate reported volume.
Consequently, the founder stated, until it can verify if these volumes are legitimate, “we’re delisting Aster’s perpetual data.”
He added that the platform will only restore Aster’s metrics once it receives verifiable data from on-chain or exchange-level sources.
Additionally, the founder clarified that DefiLlama’s team holds no financial position, long or short, in ASTER or HYPE, the native tokens of Aster and Hyperliquid. This clarification aims to prevent any perception of a conflict of interest.
For anyone questioning my incentives, i never owned any hype or any aster and have never had any positions open on these coins
The thing i care about is integrity of our data
— 0xngmi is hiring (@0xngmi) October 5, 2025
No Similar Correlation Seen with Hyperliquid
Meanwhile, DefiLlama’s analysis also compared Aster’s activity with that of Hyperliquid, a rival decentralized exchange. The team reported no visible correlation between Hyperliquid’s trading volumes and Binance’s data.
This finding, in turn, reinforced the suspicion that Aster’s numbers may have been artificially influenced or inaccurately reported. In particular, the data suggested possible algorithmic imitation or coordinated trading behavior designed to mirror Binance’s liquidity patterns.
Following the news, the price of the ASTER token declined by approximately 10% over the past 24 hours.
Notably, just days before the incident, Aster had topped DefiLlama’s leaderboard for both daily fees and total volume among perpetual DEXs.
Aster’s Ties to Binance’s Former Chief
Aster lists Changpeng “CZ” Zhao, the co-founder and former CEO of Binance, as one of its advisors. Zhao resigned from Binance in 2023 as part of a plea deal with the U.S. Department of Justice, which accused the exchange of compliance violations.
So far, neither Aster nor Changpeng Zhao has publicly commented on the delisting or the data concerns.
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