Crypto data platform DefiLlama removed Aster’s perpetuals data from its tracking pages after its founder flagged unusual correlations in XRP trading volumes, raising questions about the reporting of activity on one of the market’s newest DEX challengers.

Earlier Monday, DefiLlama’s pseudonymous founder, 0xngmi, noted on X that Aster’s XRP perpetual volumes were moving almost perfectly in sync with Binance’s, prompting concerns over potential wash trading or data manipulation. Organic decentralized trading activity typically diverges, making such near-identical volume patterns highly unusual.

“Until we can get that data to verify if there’s wash trading, Aster perp volumes will be delisted,” 0xngmi wrote.

Aster, like other perpetual DEXs such as Hyperliquid, allows traders to take leveraged long or short positions on crypto assets without going through a centralized exchange. It recently climbed to the top of DefiLlama’s leaderboard for daily fees and volume across perp DEXs, briefly surpassing Hyperliquid.

Aster’s native token, ASTER, has been among the market’s hottest performers, surging from $0.09 to over $2 in under three weeks, according to CoinGecko—delivering early investors returns of more than 1,500%. XRP and Ether volumes were significant contributors to Aster’s reported metrics.

Despite one wash trading risk model rating Aster as “low risk,” the one-to-one correlation with Binance volumes raised enough red flags for delisting. In comparison, Hyperliquid maintained a looser 0.59 correlation with Binance and kept its metrics despite a “medium risk” score.

Adding to the scrutiny, Binance listed ASTER with a “Seed Tag” on Monday, shortly after the delisting. The timing attracted attention because Binance co-founder Changpeng “CZ” Zhao, who serves as an advisor to Aster, has been a vocal promoter of the project on X over the past week.

ASTER prices fell roughly 10% in the 24 hours following DefiLlama’s delisting amid a broader market pullback, though losses reversed after Binance’s listing announcement.

Aster did not immediately respond to CoinDesk’s request for comment.