Direct comparison
Two Perp-DEX without fiat on-ramp — wallet-only, on-chain perpetuals with different fee and sub-account logic.
Key differences to help you choose, without an overall score.
| criterion |  Aster |  Hyperliquid |
|---|---|---|
| Order types | Limit, Market (Perps) | Limit, Market, TWAP (Perps) |
| API + Sub Accounts | API: Yes · Sub: No | API: Yes · Sub: Yes |
| Proof of ReservesProof of Reserves: Whether the platform publishes reserves (often with liabilities). “Self-certified” ≠ independent testing; “Third-party attested” = external confirmation. | None | Self-certified |
| Maker/Taker baseMaker/Taker: Order book fees. Maker provides liquidity (limit order), taker takes it (market order). Often “n/a” at spread brokers. | 0% / 0.04% | 0.015% / 0.045% |
| Costs (EUR 1,000 one-time purchase) | EUR 0.40 · 0.04% Taker | EUR 0.45 · 0.045% Taker |
| To the offerAffiliate links | To the offer ↗4% fees |
| criterion | Aster | Hyperliquid |
|---|---|---|
| Headquarters | On-chain / decentralized | On-chain / decentralized |
| MiCA licenseMiCA / CASP: EU crypto regulation. CASP = authorized license. Passporting = EU-wide use via an approved entity. Unclear = status not reliably documented. | Unclear / not proven | Unclear / not proven |
| KYC / VerificationKYC (Know Your Customer): How closely the identity is checked. “None / Wallet” = often just Wallet Connect. “Standard” = usual ID check. “Complete” = ID plus proof of address or similar. | None / wallet only | None / wallet only |
| Deposit | None | None |
| app | ✕ | ✕ |
| Recurring buys | ✕ | ✕ |
| Staking | ✕ | ✕ |
| Payout your own wallet | Yes · plus network fee | Yes · plus network fee |
| Futures / PerpsFutures / Perps: Futures contracts or perpetual perpetuals with leverage. High risk of loss up to total loss — not the same as spot buying. | ✓ | ✓ |
| Support | Ticket system | Ticket system |
| German tax reportTax report DE: Export for German tax. “Native” = provider report. “CSV” = file import into tools. “API export” = automated retrieval. “No report” = document yourself. | No report | No report |
| Cost modelCost model: “Order book” = maker/taker fees. “Spread” = markup in the displayed price (typical broker/app) — no classic maker/taker rates. | Order book | Order book |
| EUR spot pairs | n/a (Perps) | n/a (Perps) |
Conclusion — Strengths, limitations and suitable uses. Your workflow and the functions it requires are what matter.
In this direct comparison, Aster and Hyperliquid are two crypto exchanges as on-chain Perp-DEX without a classic fiat broker framework. Both require wallet-only access without KYC — no SEPA deposit, no card on-ramps. Before the first trade, you need on-chain balance and a ready-to-use wallet. MiCA status is unclear for both; The comparison is aimed at experienced users with Perp experience, not at app buyers via bank transfer.
Aster focuses USDT perps with documented Maker 0% / Taker 0.04% according to docs. Limit and market orders for Perps, API available, sub-accounts missing. Proof of Reserves is not shown in the catalog. Self-custody means: keys and transaction errors lie with the user. Leverage, funding and smart contract risks belong in your own analysis - regardless of the base fee. Profile: Aster.
Hyperliquid offers on-chain order book with active pro community, TWAP-like order logic and sub-accounts. Perps base: Maker 0.015% / Taker 0.045% according to docs. Proof of Reserves is self-certified. App, recurring investment plan and Fiat-On-Ramps are missing; Tax report DE is not documented. Liquidations can completely deplete the stake. Profile: Hyperliquid.
No Ranking: If you prioritize minimal taker fees and USDT perps, read Aster; If you need sub-accounts and TWAP order types, compare Hyperliquid - both without bank on-ramp and with leveraged total loss risk.