# What is Aster?

[Aster](https://www.asterdex.com/en) is a privacy-focused decentralized exchange, offering perpetual markets on crypto, stocks and commodities, and more commonly known as a perp DEX.

### **Why Aster?**

Most perp DEXs make a trade-off you don't see until it costs you. On fully transparent platforms, every order, position size, and liquidation level is visible to anyone watching the chain. That information has value to other market participants, and they use it. Position hunting – where traders coordinate to push the market against a visible liquidation – has cost traders hundreds of millions of dollars. It's not a bug in how these platforms are run. It's a consequence of how they're built.

Aster is built to remove that dynamic. Every order is encrypted before it reaches the chain, decrypted only at execution, and never exposed in the order book. Your position size, entry point, and liquidation level stay yours. Privacy is the default.

This runs on Aster Chain, our own L1 built for private perps trading: 100,000+ transactions per second, 50ms block latency. The performance serious traders expect from a centralised exchange, with the self-custody and verifiability that only a DEX can offer.

### **Explore Aster**

Aster offers four seamless trading types:

* [**Perpetuals**](https://www.asterdex.com/en/futures/v1/BTCUSDT): Perpetuals trading via an order book interface with deep liquidity, extremely low trading fees, and advanced trading tools.
* [**Shield Mode:**](https://www.asterdex.com/en/trade/shield/futures/BTCUSDT) A simplified, AMM-style trading interface with built-in order and position privacy – faster, easier, and more streamlined, with higher leverage and a lower barrier to entry. 
* [**1001x**:](https://www.asterdex.com/en/trade/1001x/futures/BTCUSD) Perp trading using onchain liquidity – one-click, MEV-resistant perp contract trading.
* [**Spot**](https://www.asterdex.com/en/spot/ASTERUSDT)**:** Spot trading via an order book interface with deep liquidity, extremely low trading fees, and advanced trading tools.

Aster also provides yield products under Aster Earn, including the BNB liquid staking derivative asBNB and the yield-bearing stablecoin, USDF.


# Roadmap

***

### **2026 Product Roadmap: What’s Next?**

<table data-header-hidden><thead><tr><th width="168.859375"></th><th width="389.40234375"></th><th></th></tr></thead><tbody><tr><td><strong>Product / Feature</strong></td><td><strong>Description</strong></td><td><strong>ETA*</strong></td></tr><tr><td>Shield Mode</td><td>Enable privacy trading with high leverage.</td><td>​<a href="https://x.com/Aster_DEX/status/2000582149754560653?s=20">December 15, 2025</a>​</td></tr><tr><td>Strategy Order</td><td>Implement a TWAP (Time-Weighted Average Price) algorithm to ensure optimal average pricing and minimize slippage.</td><td>​<a href="https://x.com/Aster_DEX/status/2008508925914869931?s=20">January 6, 2026</a>​</td></tr><tr><td>Aster Chain testnet</td><td>Roll out the testnet for community testing.</td><td>Whitelist: <a href="https://x.com/Aster_DEX/status/2002167110152474686?s=20">December 24, 2025</a>​<br>Public: <a href="https://x.com/Aster_DEX/status/2019336145440764254?s=20">January 5, 2026</a>​</td></tr><tr><td>Aster Code</td><td>Empower builders to integrate with Aster effortlessly.</td><td><a href="https://x.com/Aster_DEX/status/2037500010846417068?s=20">March 27, 2026</a></td></tr><tr><td>Aster Chain</td><td>Launch Aster's own L1.</td><td><a href="https://x.com/Aster_DEX/status/2033894753520275508?s=20">March 16, 2026</a></td></tr><tr><td>Fiat</td><td>Offer on-ramp and off-ramp through third-party providers.</td><td>​<a href="https://x.com/Aster_DEX/status/2019380619260882996?s=20">February 5, 2026</a>​</td></tr><tr><td>Aster Staking</td><td>Enable holders to stake their ASTER tokens to earn additional APY rewards.</td><td><a href="https://x.com/Aster_DEX/status/2034901009156501525">March 20, 2026</a></td></tr><tr><td>Sub-accounts</td><td>Allow users to isolate positions, balances, and API keys across each account.</td><td><a href="https://x.com/Aster_DEX/status/2037847208616468688?s=20">March 28, 2026</a></td></tr><tr><td>UIUX upgrade (Web)</td><td>Completed the official website UI rebrand for the main trading pages, including Perp, Spot, and Shield, and added the <a href="https://x.com/Aster_DEX/status/2054562510645461361?s=20">Small Amount Exchange</a> feature.</td><td>throughout Q2 2026</td></tr><tr><td>UIUX upgrade (Mobile)</td><td>Upgraded the overall mobile app UI, and introduced the <a href="https://x.com/Aster_DEX/status/2046241946902073854?s=20">Custom Price Alerts feature</a> and an Announcement section on the homepage.</td><td>throughout Q2 2026</td></tr><tr><td>Aster Open Standards (AOS)</td><td>Empower projects to list assets autonomously on Aster Chain through a decentralized, open-access mechanism.</td><td>AOS-1: <a href="https://x.com/Aster_DEX/status/2070145424640573568?s=20">Jun 25, 2026<br></a>AOS-2: <a href="https://x.com/Aster_DEX/status/2059580175663440201?s=20">May 27, 2026</a></td></tr><tr><td>Chase Order</td><td>Implement a limit order that automatically tracks the best bid or ask price.</td><td><a href="https://x.com/Aster_DEX/status/2058896003231875461?s=20">May 25, 2026</a></td></tr><tr><td>Aster Predictions</td><td>Enable users to forecast future events and trade on outcomes.</td><td><a href="https://x.com/Aster_DEX/status/2066445617103282227?s=20">June 15, 2026</a></td></tr><tr><td>Tokenomics Upgrade</td><td>Launched the Tokenomics Update with an automated buyback and auto-burn mechanism, allocating 99% of daily platform fees to $ASTER buybacks, boosting staking rewards by up to 198%, and reducing the total supply from 8B to 3B.</td><td><a href="https://x.com/Aster_DEX/status/2067217075089867086?s=20">Jun 17, 2026</a></td></tr><tr><td>Aster Vault</td><td>Optimize yield strategies and maximize capital efficiency through automated liquidity management vaults.</td><td>Q3 2026</td></tr><tr><td>Aster Card</td><td>Bridge the gap between crypto and daily spending with a seamless payment solution for real-world utility.</td><td>Q3 2026</td></tr><tr><td>TradFi CFD</td><td>Redesign the Shield page with a stronger focus on the TradFi experience, expanding support for stock perpetuals and tokenized stock assets while delivering deeper liquidity and a more seamless trading experience.</td><td>Q3 2026</td></tr><tr><td>Block Trade</td><td>Supported private over-the-counter (OTC) perpetual transactions between users, allowing them to trade at mutually agreed prices without relying on the order book.</td><td>Q4 2026</td></tr></tbody></table>

*\*All dates are for scheduling purposes only and are subject to change. Launch announcements will be made on our* [*official X account*](https://x.com/Aster_DEX) *as they are confirmed.*

***

### 2026 H1 Key Milestones

The first half of 2026 has been packed with milestones. As we continued to ship across products, infrastructure, and ecosystem growth, we've made meaningful progress toward our long-term vision.

Here's a look at what we achieved in H1.

<figure><img src="/files/l1P3hsc4NqlGm0VRi7k6" alt=""><figcaption></figcaption></figure>

Looking ahead, the second half of 2026 will be focused on both continuous product improvements and expanding the Aster ecosystem with new capabilities. From automated liquidity management vaults and real-world crypto payments to a more comprehensive TradFi trading experience and institutional-grade block trading, we're building the next generation of on-chain financial infrastructure. Stay tuned for what's ahead!

***

### **Key Recap of 2025**

Before we unveil our next major focuses, let’s take a moment to celebrate the thrilling and extraordinary milestones Aster has accomplished this year. We extend our heartfelt gratitude to our incredible community. Your unwavering support has been the driving force behind every achievement.

<figure><img src="/files/O2Y9DVCEoOcb7ByACd89" alt=""><figcaption></figcaption></figure>

#### **Three Foundational Engines: Infrastructure, Token Utility, and Ecosystem & Community**

At Aster, everything begins with one simple belief: great products define great experiences. Our development is driven by three Foundational Engines: Infrastructure, Token Utility, and Ecosystem & Community.

These three engines form a continuous cycle: technology creates value, value fuels collaboration, and collaboration drives innovation. Together, they illustrate how Aster is evolving from a trading platform into a foundational layer of decentralized finance – each engine guided by its own set of detailed execution priorities.

<figure><img src="/files/cXAeIPohL4usPoGuhGBJ" alt=""><figcaption></figcaption></figure>


# Smart Contracts

Aster's smart contracts are the foundation of our decentralized platform. Designed for security and transparency, they power everything from perpetual trading to earn products.

This page lists the official Aster smart contract addresses across supported networks for your reference.

### **Aster Deposit Bridge**&#x20;

* **BNB Chain:** 0x128463A60784c4D3f46c23Af3f65Ed859Ba87974
* **Ethereum:** 0x604DD02d620633Ae427888d41bfd15e38483736E
* **Solana:** EhUtRgu9iEbZXXRpEvDj6n1wnQRjMi2SERDo3c6bmN2c
* **Arbitrum:** 0x9E36CB86a159d479cEd94Fa05036f235Ac40E1d5
* **SUI:** 0x16c5df59874dd4f12d8ea22859e8430064edd1b9ff330050a5ecdb5222003c3e<br>

### [**Aster Earn**](https://docs.asterdex.com/product/asterearn)

* **asBTC Token Contract:** 0x184b72289c0992BDf96751354680985a7C4825d6

* **asBTC Minting Contract:** 0x8a3C77E6c6A488d26CD44F403b95e44675f46e6A

* **asUSDF Token Contract:** 0x917AF46B3C3c6e1Bb7286B9F59637Fb7C65851Fb

* **asUSDF Minting Contract:** 0xdB57a53C428a9faFcbFefFB6dd80d0f427543695

* **asBNB Token Contract:** 0x77734e70b6E88b4d82fE632a168EDf6e700912b6

* **asBNB Minting Contract:** 0x2F31ab8950c50080E77999fa456372f276952fD8

* **asCAKE Token Contract:** 0x9817F4c9f968a553fF6caEf1a2ef6cF1386F16F7

* **asCAKE Minting Contract:** 0x1A81A28482Edd40ff1689CB3D857c3dAdF11D502

### [**USDF**](https://docs.asterdex.com/product/usdf-stablecoin)

* **USDF Token Contract:** 0x5A110fC00474038f6c02E89C707D638602EA44B5
* **USDF Minting Contract:** 0xC271fc70dD9E678ac1AB632f797894fe4BE2C345


# Audit Reports

**AsterVault audit report**

{% file src="/files/2ZVN0R28g9wyfPM0B1fe" %}

**AsterEarn audit report**

{% file src="/files/XBrLsGTzNuasZHpXu4vY" %}

**asBNB audit report from Salus Security**

{% file src="/files/oap5GcBNOQSc6xx3rAsO" %}

**asBNB audit report from PeckShield**

{% file src="/files/XmIsOVBimrLtxeER6Wm1" %}

**USDF audit report from PeckShield**

{% file src="/files/qmSHdpVgaHgbc2xGmkWE" %}

**USDF & asUSDF audit report from HALBORN**

{% file src="/files/ZqCFATpmqW0k2KTmdfJ9" %}

**asCAKE audit report from Salus Security**

{% file src="/files/Ttj5t3cQ6cdG0JYBqDEf" %}


# Deposit & Withdrawal Guide

Before you can start trading on Aster, you need to transfer funds to your DEX account. This guide walks you through the deposit and withdrawal process.

### **Getting Started**

Start by connecting your wallet using the \[Connect wallet] button in the top right corner of the interface.

Before you can start trading on Aster, you need to transfer funds to your DEX account. This guide walks you through the deposit and withdrawal process.

### Getting Started

In [Aster](https://www.asterdex.com/en/futures/v1/BTCUSDT), connect your wallet by clicking \[Connect wallet] button in the top right corner of the UI.

<figure><img src="/files/kfw4oDCS3W4iP7OBs342" alt=""><figcaption></figcaption></figure>

### **How to Deposit**

1. Click the \[Deposit] button

<figure><img src="/files/sTNvjs6cmq62RvhJpG2v" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/zFv0TvE7cYFZf0a4xCol" alt="" width="188"><figcaption></figcaption></figure>

After a short wait, your deposited balance will appear in your Portfolio.

After a couple of minutes, your deposited balance will appear in your Portfolio.

<figure><img src="/files/F3VaW5tBK5P0YUUAzEy1" alt=""><figcaption></figcaption></figure>

### How to Withdraw

1. Click the \[Withdraw] button
2. Click the \[Withdraw] button
3. Select the network, token, and amount to withdraw
4. Approve the transfer in your wallet

<figure><img src="/files/rglW3C6VjQaKcMZ6E7eM" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/qDExcWtjLGbVbAneKdwr" alt="" width="188"><figcaption></figcaption></figure>

Your withdrawn funds will arrive in your wallet within a few minutes.

2. Select the network, token, and amount to withdraw
3. Approve the transfer in your wallet

Your withdrawn funds will arrive in your wallet after a short wait.

### **Managing Negative Balances**

#### **Why Negative Balances Occur**

The settlement asset for Aster is USDT. As multiple assets can be used as collateral, negative balances can result from:

* Realized losses on closed positions
* Funding fees
* Trading commissions

You must resolve any negative balances before making withdrawals.

#### Why Negative Balances Occur

The settlement asset for Aster Pro is USDT. Since Aster Pro supports multiple assets as collateral, negative balances can result from:

* Realized losses on closed positions
* Funding fees
* Trading commissions

You must resolve any negative balances before making withdrawals.

<figure><img src="/files/B0c5EArl70z0Bm1E2JAZ" alt=""><figcaption><p>An example of a negative balance</p></figcaption></figure>

#### **How to Rebalance**

To fix a negative balance:

1. Click \[Withdraw] on the screen showing the token with a negative balance
2. Click \[Rebalance]

You can also manually deposit the exact token amount needed to cover the negative balance.

Rebalancing appears as "auto-conversion" in your transaction history.

#### **How to Rebalance**

To fix a negative balance:

1. Click \[Withdraw] on the screen showing the token with a negative balance
2. Click \[Rebalance]

You can also manually deposit the exact token amount needed to cover the negative balance.

Rebalancing appears as "auto-conversion" in your transaction history.

<figure><img src="/files/N2pQNwqKdbeygQ42ltr9" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/fyPCaaJ62GLZBvs7lc20" alt=""><figcaption><p>Rebalancing will show as "auto-conversion" in your transaction history.</p></figcaption></figure>

### **Processing Times**

The exact time your funds arrive depends on blockchain confirmation times. Use the table below as a reference:

The exact time your funds arrive depends on blockchain confirmation times. Use the table below as a reference:

### **Need Help?**

If your funds don't arrive significantly later than the times listed above, please reach out to us on Discord.


# Login via Web3 Wallet

## Connecting Your Wallet

To start trading on Aster, you need to connect a compatible Web3 wallet.

### Supported Wallets

Aster supports Rabby, MetaMask, Binance Wallet, and any wallet compatible with WalletConnect.

**Note:** If connecting to BNB Chain, your wallet must hold at least 0.001 BNB.

### Steps

1. Go to [asterdex.com](https://www.asterdex.com/en) and click **\[Launch App]**.

<figure><img src="/files/v2WymPV1e2bVm60qQiZs" alt=""><figcaption></figcaption></figure>

2. Select your chain from the dropdown menu, then click **\[Connect Wallet]**.

<figure><img src="/files/wpVEX2SFrD7IVO1qWBqz" alt=""><figcaption></figcaption></figure>

3. Choose your wallet.

<figure><img src="/files/n1MsjtZExc5dVcYTOn9v" alt=""><figcaption></figcaption></figure>

4. A signature request will appear in your wallet. Approve it to complete the connection.

<figure><img src="/files/DqhjKzKczX0K1rMlCchc" alt=""><figcaption></figcaption></figure>


# Login via Email Address

Aster supports email login for your convenience. All you need is a valid email address – once you've deposited funds, you'll be ready to use Aster's products.

**Note:** Email login currently only supports USDT deposits on the Arbitrum network.

### **Steps**

1. Go to <https://www.asterdex.com/en> and click **\[Launch app]**.

   <figure><img src="/files/v2WymPV1e2bVm60qQiZs" alt=""><figcaption></figcaption></figure>
2. Click the **\[Connect]** button in the top right corner and enter your email address.

<figure><img src="/files/5M83S68ugvA0xcudM4tn" alt=""><figcaption></figcaption></figure>

3. A 6-digit verification code will be sent to your email. Enter the code to log in.

<figure><img src="/files/yiRirmJBcUcWdcK3PZMt" alt=""><figcaption></figcaption></figure>

4. Create and enter a strong password for your Aster account.

<figure><img src="/files/XfpWwK73kA9tIhkfFbl2" alt=""><figcaption></figcaption></figure>

5. Sign the popup message.

<figure><img src="/files/sBJ4G2rjNWGktfMLAddB" alt=""><figcaption></figcaption></figure>

6. A new wallet address will be generated for your email. Click the **\[Deposit]** button – accessible from your wallet address in the top right corner – to fund your account.

<figure><img src="/files/XQhdz4P0ZGnYAKgv1oOO" alt=""><figcaption></figcaption></figure>

7. Deposit collateral from your Web3 wallet or a centralized exchange (CEX) using a supported network. **You can only deposit USDT via the** [**Arbitrum One**](https://arbitrum.io/) **to your email-linked wallet. Aster is not liable for refunds if you deposit the wrong asset or use the wrong network.**

<figure><img src="/files/bgyteML0e6S7HvKXuVzm" alt=""><figcaption></figcaption></figure>

8. Once your wallet receives USDT on Arbitrum, you can use it as collateral to trade on Aster.


# Retrieving Incorrectly Deposited Assets

If you deposit the wrong tokens like USDC rather than USDT on the Arbitrum network, please follow the guidance to retrieve your tokens.

1. Go to <https://www.asterdex.com/en> and click \[Launch app].

<figure><img src="/files/yWP4y8LKbIF0os5XR6FX" alt=""><figcaption></figcaption></figure>

2. Click the \[Connect] button on the top right corner and enter your email address.

<figure><img src="/files/HfGrLzdn4Me53smD4ami" alt=""><figcaption></figcaption></figure>

3. Click the \[Withdraw] button and check the third point.

<figure><img src="/files/qzKoRSsnzYTbmEpP35ZI" alt=""><figcaption></figcaption></figure>

4. Select the blockchain network (BNB, ETH, ARB or SOL) and token, input your destination address, and click \[Transfer] button to retrieve your tokens.

<figure><img src="/files/X4rOLe55V2bhBYxM0inr" alt=""><figcaption></figcaption></figure>

#### **Important Note**

Users are responsible for paying gas fees when withdrawing unsupported assets from email-linked wallet to their wallet. Please make sure you have the corresponding tokens to pay gas fees for these networks:

* BNB Chain: $BNB
* Ethereum and Arbitrum: $ETH
* Solana: $SOL


# Aster Mobile App Overview

Download Aster Mobile by tapping ["Download beta"](https://www.asterdex.com/en) on the Aster website.

### **Getting Started with the Aster App**

Follow these steps to connect your wallet and start trading:

1. Open the app and tap \[Connect wallet] at the top right
2. Tap \[Connect] again to proceed
3. Select your preferred blockchain network
4. Choose your wallet. If you don’t have one, we recommend using [**Trust Wallet**](https://trustwallet.com/?utm_source=cryptwerk).
5. Approve the connection request in your wallet app
6. Approve the signature request to complete the connection

You're all set! You can now start using the Aster App to trade perps.

#### Getting Started with the Aster App

Follow these steps to connect your wallet and start trading:

1. Open the app and tap \[Connect wallet] at the top right
2. Tap \[Connect] again to proceed
3. Select your preferred blockchain network
4. Choose your wallet If you don't have one, we recommend using [Trust Wallet](https://trustwallet.com/?utm_source=cryptwerk)
5. Approve the connection request in your wallet app
6. Approve the signature request to complete the connection

You're all set! You can now start using the Aster App to trade perps.


# Troubleshooting WalletConnect

If you're experiencing issues connecting your wallet to Aster Mobile through WalletConnect, this guide covers the most common problems and their solutions. Most connection issues can be resolved by reconnecting your wallet.

### **Error: "Given link couldn't be opened"**

**Problem:** You tap your wallet but receive an error message saying the link couldn't be opened.

**Solution:** Make sure you have the wallet app installed on your phone. WalletConnect uses app deep linking – if the compatible wallet app isn't installed, the connection will fail.

**Fix:**

1. Install the supported wallet app
2. Try connecting again

### **Wallet Opens but No Connection Prompt Appears**

**Problem:** Your wallet app opens, but it doesn't show a prompt asking you to approve the connection.

**Solution:** This sometimes happens due to a temporary glitch with WalletConnect. Force-closing both apps and reconnecting usually resolves the issue.

**Fix:**

1. Force-close both Aster Mobile and your wallet app
2. Reopen Aster Mobile and try connecting again

### **Wallet Doesn't Open or Switch Back to Aster Mobile**

**Problem:** The apps aren't automatically switching back and forth during the connection or signature process.

**Solution:** WalletConnect doesn't always automatically switch between apps, especially on certain devices. You may need to manually return to each app to complete the steps.

**Fix:**

Manually switch back to Aster Mobile or your wallet to complete the current step.

### **Wallet Accounts Not Switching**

**Problem:** Changing your wallet account or network doesn't update in Aster Mobile.

**Solution:** WalletConnect sessions are tied to the specific account and network you originally approved. Changing either inside your wallet doesn't automatically update your Aster Mobile session.

**Fix:**

1. Disconnect your wallet from Aster Mobile
2. Reconnect using your desired account and network

### **Still Having Issues?**

If none of these solutions work, reach out to the Aster community on Discord for additional support.

\
\ <br>


# Mobile App Account Deletion

{% embed url="<https://docs.google.com/forms/d/e/1FAIpQLSfs-tPKzMlkHhNB02q5UFIiDO8uu65Kg31ww6HdEs_Fcoajrg/viewform?embedded=true>" %}


# Help

Whether you're just getting started or need support with features, you have a couple of ways to find answers:

### **Consult our Docs**

Our Docs contain detailed guides on getting started and understanding how the platform works.

### **Connect with the Community**

Our team and community members are here to answer your questions:

* [Aster Discord](https://discord.gg/invite/asterdefi) (recommended)
* [Aster Telegram](https://t.me/AsterDEX)

### **Open a Support Ticket**

Drop by our [Discord](https://discord.gg/invite/asterdefi) and open a support ticket — our team and moderators will get back to you as soon as they can.

Here's how you can open a support ticket once you have completed the steps to verify your account and join our Discord server.

1. In the Aster Discord, click on **`🆘┃support-ticket`** channel and select correct category for your question

<figure><img src="/files/8onYX28aWitWzN5mFHFe" alt=""><figcaption></figcaption></figure>

2. Fill in the ticket with details of the issue, question or help needed as detailed as possible, followed by your wallet address, then click `Submit` to open a ticket.

<figure><img src="/files/kpome28SJbuuLbLzpqx3" alt=""><figcaption></figcaption></figure>

3. Once your ticket is created, the team will respond as soon as possible. Feel free to upload files or provide more information in the message bar if needed.

<figure><img src="/files/9ZK40KIFiDHsy1nWfN4e" alt=""><figcaption></figcaption></figure>


# Overview

At the heart of the Aster ecosystem is the $ASTER token, a core asset that secures the network, decentralizes governance, drives growth, rewards participation, and supports long-term sustainability.

* **Ticker:** $ASTER
* **Maximum Supply:** 8,000,000,000
* **Token Standard:** BEP-20 on BNB Chain
* **Token address:** 0x000Ae314E2A2172a039B26378814C252734f556A


# Tokenomics

**Important upgrade \[June 17th]:** Aster's tokenomics upgrade puts the platform's own activity to work, rewarding veASTER stakers and reducing $ASTER supply. 99% of daily fees buy back $ASTER automatically, all of which is distributed to veASTER stakers. Every buyback triggers an equal burn from reserve. Burns are executed bi-weekly and will continue until the total supply reaches 3,000,000,000.

### **Allocation and Distribution Schedule**

#### **Token Allocation**

The $ASTER token supply is distributed across several key categories to support community growth, ecosystem development, and long-term protocol sustainability.

<table data-header-hidden><thead><tr><th></th><th width="499.74609375"></th><th></th></tr></thead><tbody><tr><td><strong>Category</strong></td><td><strong>Description</strong></td><td><strong>Allocation</strong></td></tr><tr><td>Airdrop</td><td>Incentives for traders, community builders, and key ecosystem stakeholders</td><td>53.5%</td></tr><tr><td>Ecosystem &#x26; Community</td><td>Migration pool for APX holders, ecosystem grants, marketing initiatives, initial liquidity and staking rewards on exchanges</td><td>30%</td></tr><tr><td>Treasury</td><td>Reserved for future strategic initiatives, operational reserves, and governance flexibility</td><td>7%</td></tr><tr><td>Team</td><td>Allocated to Aster core contributors and advisors with cliff vesting</td><td>5%</td></tr><tr><td>Liquidity &#x26; Listings</td><td>Reserved for exchange listings to facilitate liquidity bootstrapping.</td><td>4.5%</td></tr></tbody></table>

<figure><img src="/files/9vPL5D47hGzWLlojG6nd" alt=""><figcaption></figcaption></figure>

#### **Airdrop (53.5% - 4,280,000,000 $ASTER)**

8.8% of total allocation (704,000,000 $ASTER) will be unlocked immediately upon Aster TGE for eligible participants from two reward programs: Aster Spectra and Aster Gems.

Unclaimed $ASTER tokens will be redirected back to Airdrop & Community Rewards allocation for future community distribution.

All remaining $ASTER tokens under this category will be gradually released over the next 80 months (approximately 7 years), subject to future adjustments by protocol governance.

#### **Ecosystem & Community (30% - 2,400,000,000 $ASTER)**

The APX Upgrade, Marketing & Ecosystem allocation is reserved for APX upgrade allocation, liquidity bootstrapping, ecosystem partnerships, staking rewards and grants.

Eligible $APX holders and stakers will be able to exchange their tokens for $ASTER during a designated swap period. The conversion rate will decrease over time.

This allocation (excluding the APX to ASTER swap) was originally vested over 20 months on a linear distribution model. The linear vesting was active for 4 months (October 2025 – January 2026) and has since been replaced by a staking emission model. Staking rewards are currently the sole active use of this allocation. Refer to the Staking page for current emission parameters.

#### **Treasury (7% - 560,000,000 $ASTER)**

The Foundation Treasury allocation is reserved for future strategic growth initiatives, operational reserves, and governance initiatives.

It will not enter circulating supply after TGE and remains fully locked until utilized via governance-approved mechanisms.

#### **Team (5% - 400,000,000 $ASTER)**

The Team & Advisors allocation is reserved for the long-term alignment of core contributors and advisors.

* **Cliff:** 12 months from TGE
* **Vesting**: 40 months of linear distribution (10,000,000 $ASTER per month)

#### **Liquidity & Listing (4.5% - 360,000,000 $ASTER)**

The Liquidity & Listing allocation is reserved for exchange listings to facilitate liquidity bootstrapping. This allocation will be fully unlocked upon TGE.

#### **Protocol Revenue Buyback Initiative**

Aster has upgraded its buyback mechanism so that the platform's own activity both rewards stakers and reduces $ASTER supply.

#### Fee Buyback

\
99% of Aster's daily platform fees are used to automatically buy back $ASTER. The buyback runs via TWAP across each day and settles on-chain to the public buyback wallet, with no discretionary reserve.

* Buyback wallet: \[0xa0edBaBcb48034e368de286b49F9603C7AfA1b60]

#### Staking Rewards

&#x20;All bought-back $ASTER is distributed to stakers. Each epoch, the buyback amount is added on top of the 300,000 $ASTER base Loyalty Rewards and distributed to veASTER holders by lock weight.

#### Burn Mechanism

\
For every $ASTER bought back, an equal amount is burned from reserve — with the Team allocation burned first. Burns are executed bi-weekly and will continue until the total supply reaches 3,000,000,000.

#### Permissionless Spot Listing Fee

\
Every permissionless listing on Aster Spot incurs a 50,000 USDT listing fee, which is used to buy back $ASTER as additional staking rewards. Spot listing fees are collected weekly and enter the buyback the following week, with staking rewards from this portion taking effect two weeks after listing.

* Listing fee wallet: \[0x39C473f4420e4ae9Ab3fe9e7ceDFc08F9684bB1a]

### Overall Highlights

* 53.5% of $ASTER is reserved for community rewards via airdrops.
* 99% of daily platform fees are automatically used to buy back $ASTER, with all bought-back tokens distributed to veASTER stakers as additional Loyalty Rewards each epoch.
* For every $ASTER bought back, an equal amount is burned from the reserve—team allocation is burned first. The burn continues until total supply reaches 3,000,000,000.&#x20;
* Remaining $ASTER will be distributed gradually over time for long-term protocol sustainability.

<br>


# TGE

### Airdrop Claim Details <a href="#id-56e2" id="id-56e2"></a>

**Total tokens unlocked at TGE:** 704,000,000 $ASTER (8.8% of total supply)\
**Claim opens:** 17 September 2025\
**Claim closes:** 17 October 2025\
**Claim portal:** Aster Airdrop page to be shared soon

Exact timing for the $ASTER claim will be shared soon.\
\
**Distribution method**

Tokens will be credited directly to your Aster Spot account after a successful claim, no gas fees or wallet authorization are required to claim $ASTER. Please be vigilant and verify that any page requesting “approval” is an official page to avoid potential phishing scams.

**Actions/ withdrawal after claims**

Upon successful $ASTER TGE on 17 September, users will be able to trade $ASTER on Aster Spot directly, or deposit/ withdraw to their wallet by paying gas fees

All unclaimed tokens after the 30-days window will be redirected to Community Rewards, so don’t miss out!\
\
**Who’s Eligible for $ASTER?**

We are committed to rewarding loyal users who contributed to Aster’s success since the beginning. Upon $ASTER TGE, 704 million tokens will be available for claims.

You are eligible for $ASTER airdrop if you have participated in any of the following:

* Earned **Rh or Au points from** [**Aster Spectra**](https://docs.asterdex.com/stage-1-spectra/aster-spectra-stage-1) Stage 0 and 1 points program
* Received [**Aster Gems**](https://medium.com/astherus/eac627274bff) allocation from community and partner initiatives
* Traded on Aster Pro after Stage 1 ended and **earned loyalty rewards**

Aster Spectra Stage 0 and 1 participants need to have a minimum points allocation in order to be eligible for airdrop.

You will soon be able to check your $ASTER quota via the eligibility checker page on Aster — stay tuned.


# How to claim your Airdrop

How to claim $ASTER Airdrop

Users will have up to 30 days to claim the airdrop via [Aster’s website](https://www.asterdex.com/en/airdrop). After Oct 17 2025, all unclaimed tokens will be redirected to support the ecosystem’s development initiatives.

## Check Your Eligibility

Users can check their token eligibility for the airdrop and claim their tokens by following these steps:

1\. Navigate to[ ](http://list.org/)Aster, and open the “$ASTER Airdrop” Tab in the header navigation bar at the top and click "Claim Airdrop”. You can also access the Aster official Airdrop page [here](https://www.asterdex.com/en/airdrop)

<figure><img src="/files/oE6zSKQVb7t5YAqvDecB" alt=""><figcaption></figcaption></figure>

2\. Once eligibility checks are available on 11 September 07:00 UTC+0, check your airdrop amount by connecting your wallet and click on “check your eligibility”:

<figure><img src="/files/JtfZ0Wqdz23UzCOEyFkl" alt=""><figcaption></figcaption></figure>

3. After you click the button of Click eligibility, you will be able to see the amount of Aster airdrop tokens on your Aster account.

<figure><img src="/files/DhyBdew5ok6zxTvxgmLx" alt=""><figcaption></figcaption></figure>

\
4\. You should be able to claim your Aster Airdrop once the Airdrop claim goes live on 17 September, 09:00 UTC+0. Click on “Claim” and confirm the transaction.

<figure><img src="/files/O7DPnN7PLQVXnyLE8Fx6" alt=""><figcaption></figcaption></figure>

*Note\* Claiming airdrops does not require any authorization, or in other words, “approve” transactions. Please be vigilant and verify that any page requesting “approval” is an official page to avoid potential phishing scams.*

5\. Please check check balance to see your Aster token balance. You will be notified and the tokens will be in your [Aster Spot account ](https://www.asterdex.com/en/spot/ASTERUSDT)after the claim.

<figure><img src="/files/BCkX5yLC5akMqWWCpZr5" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/8YuqsTUEdfMCe8gfU2EZ" alt=""><figcaption></figcaption></figure>

6. Be aware of phishing scams and make sure that you click on the official airdrop link: <https://www.asterdex.com/en/airdrop>

\ <br>

<br>


# APX Token Exchange

<figure><img src="/files/MZRAG3toSMoZpZTIHKAX" alt=""><figcaption></figcaption></figure>

With the [reveal of $ASTER token](https://medium.com/asterdex/all-need-to-know-about-aster-airdrop-24b2e914b025) by Aster, APX holders will soon be able to upgrade their $APX tokens to $ASTER. This article explains everything you need to know before exchanging your APX holdings for $ASTER.

#### APX to ASTER Exchange Info

APX Token Exchange page will be live on September 17 2025. All exact timestamps for time sensitive activities will be revealed closer during the day - please watch out for announcements from [Aster’s X account](https://x.com/Aster_DEX).

#### APX token holders:

\
You can immediately exchange APX spot tokens for $ASTER. The exchange ratio decreases over time on a first-come, first-served basis. See the exchange ratios below across five time periods.&#x20;

**Rewards from APX DAO will end on September 11.**

**APX DAO stakers:**

You can unlock your veNFT and retrieve all your $APX tokens without penalties on September 16, before exchanging APX spot tokens for $ASTER based on the same exchange ratios below.

**APX to ASTER Exchange Ratio:**

<figure><img src="/files/h99qHD4b2i08CGpmJubp" alt=""><figcaption></figcaption></figure>

&#x20;***Tip:** There are no restrictions on the amount you can swap during each cycle.*

**APX to ASTER Exchange Process**

**APX token holders:**

1. Once APX Token Upgrade page is live, visit the page and connect your wallet
2. Deposit $APX to your Aster spot account
3. Enter the amount of $APX you wish to exchange, and complete the exchange to receive your $ASTER tokens instantly in your Aster spot account
4. After that, you can trade the $ASTER tokens on the Spot trading page when trading opens or withdraw the $ASTER tokens to your crypto wallet when withdrawals are live

**APX DAO stakers:**

1. Access the [APX DAO page](https://www.apollox.finance/en/governance) to unlock your current veNFT and retrieve all your $APX tokens without penalties
2. Once unlocked, proceed to the Aster exchange page to swap for $ASTER tokens based on the steps shared above for APX token holders.

💡 Tip: Please claim all your rewards before unlocking the current veNFT on APX DAO.

#### FAQs

**How do I exchange $APX for $ASTER tokens?**

* Go to the Aster exchange page, connect your wallet, and deposit your $APX tokens into your spot account. Enter the amount you want to convert, then confirm the exchange. Your $ASTER tokens will be added instantly to your Spot account.<br>

**How do I exchange $APX from APX DAO for $ASTER tokens?**

* On the[ APX DAO page](https://www.apollox.finance/en/governance), use the immediate unlock feature to retrieve your staked $APX. After unlocking, return to the Aster exchange page to complete the swap. Please note that the exchange rate decreases over time.<br>

**How do I check the $ASTER token balance after the exchange?**

* You will see your $ASTER token balance in the Aster spot account directly after the exchange. You may trade $ASTER tokens on the spot market directly or withdraw $ASTER to another wallet.
* Your $ASTER balance will appear directly in your Spot account after the exchange. You can trade $ASTER on the spot market or withdraw it to another wallet.<br>

**When can I unlock the veNFT on the APX DAO page?**

* The instant unlock feature with no penalties will be available on September 16.<br>

**When can I deposit $APX tokens to my Aster Spot account?**

* Aster will enable $APX token deposits on September 16. Please follow [our Twitter](https://x.com/Aster_DEX) for the exact timestamps for the instant veNFT unlock and $APX deposit functions on Aster.

***Tip:** Exchange early to get the best rate and maximize your $ASTER tokens.*

More detailed tutorials will come soon.\ <br>


# Exchange APX to Aster

If you have $APX tokens in a decentralized wallet, please follow the step-to-step tutorial to exchange $APX tokens to $ASTER tokens.

&#x20;First step: Connect your wallet on [Aster token exchange page](https://www.asterdex.com/en/apx-upgrade), sign the confirmation request to complete the process.

<figure><img src="/files/rUHGybYI1exHX8IMomNs" alt=""><figcaption></figcaption></figure>

Second step: Click the button of deposit, deposit $APX tokens to your Aster Spot account.

<figure><img src="/files/NLwYi3cbTS1m2VPnF0MF" alt=""><figcaption></figcaption></figure>

\
Third step: Input the $APX amount and click the button of “exchange” to complete the transaction based on the current exchange ratio. Kindly please note that the exchange ratio will decrease over time.

&#x20;

<figure><img src="/files/XTYZeQCwQN5zCmp2lCye" alt=""><figcaption></figcaption></figure>

Last step: After this, you could see $ASTER token balance in your[ Spot account](https://www.asterdex.com/en/spot/CDLUSD1). You can trade the $ASTER tokens on the Spot trading page when trading opens or withdraw the $ASTER tokens to your crypto wallet when withdrawals are live.

<figure><img src="/files/hI5GKmD8VXNJIyBb9xtj" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/RXstZcrzZNiqujMqEos9" alt=""><figcaption></figcaption></figure>

\
\ <br>


# Deposit APX to Aster Spot

If you have $APX tokens in a decentralized wallet, please follow the step-to-step tutorial to exchange $APX tokens to $ASTER tokens.

First Step: Connect your wallet on[ Aster Spot trading page](https://www.asterdex.com/en/spot/CDLUSD1).

<figure><img src="/files/TIKHzE5zgnjJ5yK2aX3T" alt=""><figcaption></figcaption></figure>

Second Step: Click the button of deposit, deposit $APX tokens to your Aster Spot account. Click the button of Approve APX.

<figure><img src="/files/nhWho6Sejg7ZX7zvqRER" alt=""><figcaption></figcaption></figure>

\
Third Step: Input the APX amount and click the button of Deposit. Please confirm the deposit transaction in your wallet.&#x20;

<figure><img src="/files/6O4FqDJsINvcu67Owdfp" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/YqB55BqbmGzTLQGIMxc3" alt=""><figcaption></figcaption></figure>

Last Step: Then you could see the APX tokens under Assets.&#x20;

<figure><img src="/files/AS0xP3sm8kuQyDCF7Hzz" alt=""><figcaption></figcaption></figure>

When Aster exchange page launched, you could exchange APX tokens to ASTER tokens. <br>


# Unlock APX tokens in APX DAO

You can unlock your veNFT and retrieve all your $APX tokens without penalties on September 16. Kindly please follow the step-to-step instructions to unlock the APX tokens without penalties.

First Step: Go to [APX DAO staking page ](https://www.apollox.finance/en/governance/vault)and connect your wallet. <br>

<figure><img src="/files/YUrVJg4DK8XMXFvM0qZ6" alt=""><figcaption></figcaption></figure>

Second Step: Claim all your rewards first before unlocking the current veNFT.

<figure><img src="/files/EJaNzG5p29CkiPmvEPp9" alt=""><figcaption></figcaption></figure>

Third Step: Click the button of “Instant unlock” to withdraw your $APX tokens without penalties.

<figure><img src="/files/xBLPnEISbdof4aA3S81z" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/0gfD0BBw8za1WOZaGeaa" alt=""><figcaption></figcaption></figure>

Last Step: Click the button of "Unlock Now", then you will receive APX tokens in your wallet.&#x20;

<figure><img src="/files/gwvXwJrUdyWxzhUMTUgJ" alt=""><figcaption></figcaption></figure>

Once you have unlocked all veNFT and receive all APX tokens. You could deposit all APX tokens to Aster dex and exchange all APX tokens into ASTER tokens.<br>


# Withdraw APX from APX perpetual account

If you have $APX tokens in the APX perpetual account, please follow the instructions to withdraw all $APX tokens to your wallet.

\
First step: Please go to the [APX V1 page](https://www.apollox.finance/en/futures/BTCUSDT) and connect your wallet as below:

<figure><img src="/files/yrqxQzoUrLTPutngCR6U" alt=""><figcaption></figcaption></figure>

Second step: Kindly please check the APX tokens under the “Assets”:

<figure><img src="/files/isBp62U0OAhEJ4lc0RXM" alt=""><figcaption></figcaption></figure>

Third step: Please click the button of withdraw to proceed the transaction on the blockchain.

<figure><img src="/files/giZcMoFDvG2dgiNLo1gZ" alt=""><figcaption></figcaption></figure>

Last step: After you withdraw all $APX tokens from the APX perpetual account to your wallet, you could follow the above instructions to exchange your $APX tokens into $ASTER tokens.\ <br>


# Claim ALP staking rewards

If you have ALP staking rewards, please follow the step by step instructions to claim your $APX tokens.

First step: Please connect your wallet to[ the ALP staking page](https://www.apollox.finance/en/ALP) on APX Finance.&#x20;

<figure><img src="/files/uWguJJgcj4lK49joFtSC" alt=""><figcaption></figcaption></figure>

Second step: Check the Unclaimed rewards. Please click the button of “Claim” to withdraw all $APX rewards to your wallet.

<figure><img src="/files/kN6fh36bA7VjWqRJ79C3" alt=""><figcaption></figcaption></figure>

Last step: After claiming your ALP staking rewards successfully to your wallet, you could follow the above instructions to exchange your $APX tokens into $ASTER tokens.<br>


# Unstake the APX-BNB LP

If you hold the APX LP like APX-BNB LP, please follow the instructions to unlock the $APX tokens.

First step: Please go to the[ APX LP staking page](https://www.apollox.finance/en/staking/lp) and connect your wallet.

<figure><img src="/files/hKKRlkqctx97A9R6sMCj" alt=""><figcaption></figcaption></figure>

Second step: Please enter the amount of ALP, click the button of “Unstake” to unlock the LP.

<figure><img src="/files/opJtohSciFwEJN0JkuLB" alt=""><figcaption></figcaption></figure>

Third step: Go to the PancakeSwap page and check your holding positions, click the button of “remove”, then you could receive the responded tokens in return.

<figure><img src="/files/PcfeAbYkSGW4Kg5tSSzN" alt=""><figcaption></figcaption></figure>

Last step: Since you remove the LP successfully and receive the $APX tokens, you could follow the above instructions to exchange your $APX tokens into $ASTER tokens.

\ <br>


# Claim Binance Wallet Exclusive Reward

Claim your $ASTER from the Binance Wallet Exclusive Reward campaign

**Note**: This feature will go live after Aster TGE on 17/9/2025.

If you participated in the Binance Wallet Exclusive Reward campaign [*Stake BNB with Astherus and Kernel to Earn Up to 50% APR for 16 Days!*](https://www.binance.com/en/activity/marketing-campaign/1810c89f7f414ace805760edf74f09cb), you may be eligible to claim $ASTER rewards. This guide explains how to claim your tokens.

### Steps

1. Connect your wallet to [Aster Spot](https://www.asterdex.com/en/spot/BTCUSDT).<br>

   <figure><img src="/files/4ko0QeerwWA1UCYH6tDk" alt="" width="563"><figcaption></figcaption></figure>

2. Sign the verification message.

<figure><img src="/files/0u1v5PHIKEZytZaJUsc1" alt="" width="212"><figcaption></figcaption></figure>

3. Check your Spot wallet \[Assets] to see your ASTER balance.
   1. To trade your ASTER tokens, select the trading pair, enter the quantity, and choose an order type to place your trade.
   2. To withdraw your ASTER tokens to your wallet, first transfer them from your spot account to your perpetual account. After that, start the withdrawal process in your Aster perpetual account.

<figure><img src="/files/Qm4v4ukoAANqmPSMpiSB" alt="" width="563"><figcaption></figcaption></figure>

#### About Aster

Aster is a next-generation decentralized exchange offering both Perpetual and Spot trading, designed as a one-stop onchain venue for global crypto traders. It features MEV-free, one-click execution in Simple Mode. Pro Mode adds 24/7 stock perpetuals, Hidden Orders, and grid trading, available across BNB Chain, Ethereum, Solana, and Arbitrum.

Its unique edge lies in the ability to offer liquid-staking tokens (asBNB) or yield-generating stablecoins (USDF) as collateral, unlocking unparalleled capital efficiency. Powered by Aster Chain, a high-performance and privacy-focused L1, and backed by YZi Labs, Aster is building the future of DeFi: fast, flexible, and community-first.

At the heart of this ecosystem is the $ASTER token, a core asset that decentralizes governance, drives growth, rewards participation, and supports long-term sustainability.

\
\
\ <br>


# Aster Open Standards

**Overview**

AOS (Aster Open Standards) is the standard layer for open finance on Aster, governed on-chain by validators.

Each AOS defines the rules for one financial domain, such as listing, trading, or asset management, so eligible participants can access it through a transparent and standardized process. Once a standard is live, participants can review the criteria, follow the applicable process, and apply to go live.&#x20;

This is how Aster expands its financial infrastructure, through a set of open, auditable standards that any project, builder, or operator can use to bring new financial activity on-chain.

***

**How AOS Works**

Each standard follows the same governance model:

1. Published rules — Every AOS defines its eligibility criteria, access mechanism, operating requirements, and applicable review process in a public specification.
2. On-chain enforcement — Access is gated by on-chain actions (fees, staking, or both), not by discretionary approval.
3. Validator governance — Where required by the standard, applications are reviewed through on-chain validator votes, rather than being decided by the Aster team unilaterally.
4. Operator accountability — Once live, the operator — whether a token project or a perpetual issuer — must operate within the published rules.

The result is a system where Aster publishes the standards, validators govern where applicable, and eligible participants can access each domain under transparent rules.

***

**Current Standards**

| Standard  | Domain                             | Access Mechanism                                          |
| --------- | ---------------------------------- | --------------------------------------------------------- |
| **AOS-1** | Spot Listing                       | One-time listing fee + validatorvote                      |
| **AOS-2** | Perpetual Listing– **Coming Soon** | Stake **1,000,000 $ASTER** (4-year lock) + validator vote |

Each standard opens a distinct financial domain on Aster:

AOS-1 ：Spot Listing brings new tokens to Aster's spot markets. Any project can apply through a self-service flow, pay a one-time fee, and go live upon passing the validator vote. The fee flows directly into the $ASTER buyback.

AOS-2 ：Perpetual Listing opens Aster's perpetual markets to any qualifying project. By staking 1,000,000 $ASTER for four years, a project demonstrates long-term commitment to the market. The market launches after validator approval and risk parameter configuration, with a designated Market Maker providing liquidity from day one.

***

**Why On-Chain Governance**

Listing decisions and certain market actions carry financial consequences.Placing them under on-chain validator governance rather than team discretion creates three properties that matter for an open financial system:

**Predictability** — The rules are published in advance. Any participant can know what is required to access each domain.

**Credible neutrality** — Validators vote on applications based on published criteria. For standards requiring a validator vote, no single team or entity can unilaterally approve an application.

**Auditability** — Every application, vote, and configuration change is on-chain and independently verifiable. Operators, users, and the broader ecosystem can inspect the record at any time.

***

**What Comes Next**

AOS is a living standard. As Aster's ecosystem grows, new standards can be proposed and ratified through governance — each one opening a new financial domain to permissionless access under validator oversight.

The architecture is designed to expand: every new AOS is a new surface for builders, projects, and operators to participate in Aster's open financial system on equal, published terms.

<br>


# AOS-1 Spot Listing

#### Overview

Spot Listing brings new tokens to Aster's spot markets. Any project can apply through a self-service flow, pay a one-time fee, and go live upon passing the validator vote. The fee flows directly into the $ASTER buyback.

***

#### 1. Fee & Review

* Listing fee for Binance Spot or Binance futures& Alpha listed token: **50,000 USDT** (one-time)
* Listing fee for only Binance Alpha listed token **20,000 USDT** (one-time)
* Listing fee for rest projects: **20,000 USDT** (one-time)
* Review mechanism: On-chain validator vote

***

#### 2. How to Apply

**Step 1** — Deposit and check your balance Deposit USDT into your Spot account and ensure your balance covers the listing fee before proceeding.

**Step 2** — Transfer required USDT on the application page, transfer the fee to the designated address.  Account Privacy must be OFF before initiating the transfer. If Account Privacy is ON, the application will be blocked at this step, and the progress card will display: "Waiting for you to turn off Account Privacy."

**Step 3** — Submit the application form Complete all required fields marked with \*. Provide complete and accurate project information. Applications containing invalid, inconsistent, or unverifiable information may be rejected.&#x20;

| **Group**        | **Required fields**                                      | **Optional fields**                      |
| ---------------- | -------------------------------------------------------- | ---------------------------------------- |
| Project info     | Project Name, Token Symbol, Network, Contract Address    | —                                        |
| Token details    | Decimals, Logo (PNG/SVG), Max Supply, Circulating Supply | —                                        |
| Channels & links | Binance Alpha Link                                       | Website, Twitter (X), Telegram / Discord |
| Contact          | Contact Person, Email or Telegram                        | —                                        |

#### Step 3 — Review & Node Vote

Once eligibility and payment checks pass, the application enters an on-chain validator node vote. Voting is normally completed within three business days of the applicant entering the validator vote.  Once the vote passes and the required technical checks are complete, the token is scheduled to go live on Aster Spot. **If the vote doesn't pass, the fee is returned.**


# AOS-2 Perpetual Listing

**Overview**

If your token meets Aster's eligibility criteria, you can apply for a perpetual listing on Aster through the AOS-2 channel. Stake **1,000,000 $ASTER (locked for 4 years)** and, upon passing the **on-chain validator vote**, the perpetual market can go live on Aster.

Staking is the prerequisite for applying. The application form is only unlocked after the stake is successfully confirmed. The full self-service flow is:

**Submit application → Stake 1,000,000 $ASTER  → Validator Vote → Risk Config → Go live T+1**

***

**1. Eligibility**

Your project must meet all of the following criteria. Eligibility is verified at the time of submission.

* Market presence — Token is listed on Binance Alpha or a Tier 2 exchange &#x20;
* Circulating market cap — ≥ **$10,000,000 USD** at the time of application
* Market Maker — Applicant must provide a designated Market Maker wallet address that is already connected to the Aster platform

*Note: Each wallet address may submit only one application. Addresses associated with an already-listed token cannot re-apply.*

***

**2. Stake & Review**

| Parameter           | Details                                                                                                                                                               |
| ------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Staking requirement | **1,000,000 $ASTER**                                                                                                                                                  |
| Lock duration       | **4 years (208 weeks)** from the date of successful stake                                                                                                             |
| Staking yield       | Accrues rewards under the same applicable terms **as the standard Aster staking pool**                                                                                |
| Early redemption    | **Not available — stake cannot be withdrawn early**                                                                                                                   |
| Review mechanism    | On-chain validator vote → Risk Config                                                                                                                                 |
| Go-live             | T+1 after vote passes and Risk Config is complete                                                                                                                     |
| Market type         | Perpetual market with 3× initial leverage. Risk parameters, including leverage brackets, open interest caps, and other requirements, are configured by the Risk team. |
| Stake on rejection  | Returned to applicant immediately upon rejection                                                                                                                      |

**3. How to Apply**

**Step 1** — **Check eligibility & balance**

Confirm your project meets the eligibility criteria above. Ensure your wallet holds ≥ 1,000,000 $ASTER before proceeding.

* Balance sufficient: The "Stake" button displays as active.
* Balance insufficient: The button displays "Insufficient balance · Get $ASTER".

**Step 2 — Stake 1,000,000 $ASTER**

\
Select a validator and stake 1,000,000 $ASTER (locked for 4 years). **Account Privacy must be OFF** before initiating the stake. If Account Privacy is ON, the Stake button will be disabled and the following message will be shown:

“Account Privacy is ON — Stake is blocked. Turn it off to continue."

The Stake button will also remain disabled if no validator has been selected.

**Step 3 — Submit the application form**

\
Once staking is confirmed, the application form is unlocked. Complete all required fields marked with \*. Fill in your project information truthfully — Applications containing invalid, inconsistent, or unverifiable information may be rejected. **The application is locked as read-only after submission and cannot be modified**, so review all fields carefully before submitting.

| Group              | Required Fields                                  | Optional Fields                                               |
| ------------------ | ------------------------------------------------ | ------------------------------------------------------------- |
| Project Info       | Project Name \* / Token Symbol \*                | —                                                             |
| Network & Contract | Chain \* / Token Contract Address \*             | Contract Address is optional if "Other" is selected for Chain |
| Channels & Links   | —                                                | Website / Twitter (X) / Telegram / Discord                    |
| Market Maker Info  | MM Wallet Address \* / MM IP Address \*          | —                                                             |
| Contact            | Contact Person \* / Contact Email or Telegram \* | —                                                             |

**Supported chains:** BNB Smart Chain (default) / Ethereum / Arbitrum One / Base / Solana / Sui / Other. Deposit and withdrawal support may vary by chain. BNB Smart Chain integrations are generally prioritized.&#x20;

**Step 4 — Review & Validator Vote**

\
Once your application passes the eligibility and stake checks,  it proceeds to an on-chain validator vote. Upon vote passing, the Risk team completes parameter configuration (leverage brackets, open interest caps, and other requirements). The market goes live T+1 after Risk Config is complete.

If the vote does not pass, the stake is returned to the applicant immediately.

***

**4. Market Parameters**

Perpetual markets listed through AOS2 launch under the following default conditions. Final parameters are set by the Risk team based on token’s liquidity, volatility, market depth, and prevailing market conditions at the time of listing.

| Parameter        | Default                                                                              |
| ---------------- | ------------------------------------------------------------------------------------ |
| Initial leverage | 3×                                                                                   |
| Risk parameters  | Leverage brackets, open interest caps, and other requirements (Risk team configured) |
| Market Maker     | Required at listing; Market maker's wallet must be connected to Aster                |

***

**Key Terms**

| Term              | Description                                                                                                                     |
| ----------------- | ------------------------------------------------------------------------------------------------------------------------------- |
| AOS-2             | The Aster Open Standard for permissionless perpetual listing, governed by on-chain validator vote                               |
| Stake             | 1,000,000 $ASTER committed and locked for four years as the listing stake                                                       |
| Node Vote         | On-chain vote by Aster validator nodes to approve or reject a listing application                                               |
| Risk Config       | Parameter configuration by Aster's Risk team (bracket, cap OI and other requirements) completed after vote passes               |
| Market Maker (MM) | A designated liquidity provider required at launch; must be pre-connected to Aster                                              |
| T+1               | The market is scheduled to go live within one business day after both Validator Vote and Risk Config are successfully completed |
| Privacy Mode      | An account setting that must be turned OFF before staking can be initiated                                                      |


# AOS3 Asset Management (Vault)

### Vaults

#### Overview

Vaults allow experienced traders to operate actively managed strategies using capital deposited by Vault investors  through a transparent, dedicated trading account.

A Vault is managed by a Vault Manager, while other users can participate as investors by depositing funds into the Vault. Profits and losses are reflected proportionally in each investor’s share of the Vault’s net asset value.

Vaults are designed for users who want exposure to an active trading strategy without directly managing positions themselves, while also allowing skilled traders to build a track record and earn performance-based profit share.&#x20;

***

### Vault Roles

#### Vault Manager

A Vault Manager may create and operate multiple Vaults.

Managers are responsible for:

* Trading the Vault account
* Managing positions and risk
* Controlling whether new deposits are accepted
* Setting the Vault profit share rate (0% - 100%)
* Managing Vault visibility settings
* Distributing profits to investors
* Closing the Vault when appropriate

To create a Vault, managers must:

* Stake 100 $ASTER
* Make an initial investment of at least $100
* Provide a unique Vault name and description
* Configure Vault settings( account privacy, lock-up period, and profit share)

Each Vault receives its own dedicated account address and operates independently from the manager's personal trading account.

**$ASTER Creation Requirement**

Creating a Vault requires locking 100 $ASTER.

When the Vault is permanently closed:

* If the Vault's lifetime Total PnL is positive, the 100 $ASTER is returned to the manager.
* If the Vault's lifetime Total PnL is zero or negative, the 100 $ASTER is permanently burned.

#### Investors

Investors can deposit supported assets into a Vault and receive a proportional ownership share of the Vault's net asset value (NAV).

Investors do not directly control positions within the Vault. All trading decisions are made by the Vault Manager.

AOS requirements, timelines, and risk parameters may be updated as the standards evolve. Material changes will be reflected in the relevant specification.

<br>


# How vaults work

#### Overview

Vaults allow experienced traders to manage capital on behalf of investors through a transparent, dedicated trading account.

A Vault is managed by a Vault Manager, while other users can participate as investors by depositing funds into the Vault. All profits and losses generated by the Vault are shared proportionally among investors based on their ownership share.

Vaults are designed for users who want exposure to an active trading strategy without directly managing positions themselves, while also allowing skilled traders to build a track record and earn performance based profit share.&#x20;

***

### Vault Roles

#### Vault Manager

A Vault Manager can create and operate multiple Vaults with no maximum limit.

Managers are responsible for:

* Trading the Vault account
* Managing positions and risk
* Controlling whether new deposits are accepted
* Setting the Vault profit share rate (0% - 100%)
* Managing Vault visibility settings
* Distributing profits to investors
* Closing the Vault when appropriate

To create a Vault, managers must:

* Stake 100 ASTER
* Make an initial investment of at least $100
* Create a unique Vault
* Configure Vault settings( privacy mode; lock-up period, profit share)

Each Vault receives its own dedicated account address and operates independently from the manager's personal trading account.

**ASTER Creation Requirement**

Creating a Vault requires locking 100 ASTER.

When the Vault is permanently closed:

* If the Vault's lifetime Total PnL is positive, the 100 ASTER is returned to the manager.
* If the Vault's lifetime Total PnL is zero or negative, the 100 ASTER is permanently burned.

#### Investors

Investors can deposit supported assets into a Vault and receive a proportional ownership share of the Vault's net asset value (NAV).

Investors do not directly control positions within the Vault. All trading decisions are made by the Vault Manager.

<br>

***

### Minimum Manager Ownership

The Vault Manager can set the minimum ownership percentage of the Vault when create.

This requirement ensures managers maintain meaningful exposure alongside investors and keeps incentives aligned.

If the manager's ownership falls below the requirement:

* New investor deposits will be disabled.
* The manager cannot redeem additional funds.
* The restriction remains in place until the ownership requirement is restored.

***

### Profit Share

Vault Managers may charge a performance fee on realized investor profits, there is no profit share for unrealized PNL.

The profit share rate can range from 0% to 100% and is displayed on the Vault page before investing.

Performance fees are charged when:

* An investor redeems funds with realized profits
* The Vault Manager distributes profits through a Fund Distribution
* While manager closed vault and the there are the investors closed with profit.

No profit share is charged on losses.

***

### Lock-Up Period

Each Vault defines a lock-up period, with a default duration of 1 day.

During the lock-up period, deposited funds cannot be redeemed.

Every new deposit resets the lock-up timer for the investor's entire position.

For example:

If a Vault has a 7-day lock-up period and an investor deposits funds on January 1 at 10:05 AM, redemption becomes available on January 8 at 11:00 AM.

If the same investor deposits additional funds at 11:05 AM on January 1, the lock-up timer resets and redemption becomes available on January 8 at 12:00 PM.

Any new deposit resets the lock-up period for the investor's entire position.

***

### Auto Close on Redeem

This setting determines how the Vault handles redemption requests when there is insufficient available balance to satisfy a withdrawal. To prevent investors from incurring significant losses due to Vault strategies or market volatility, investors can redeem their investments after the lock-up period ends. However, the Manager can configure two redemption mode when they create vault. Redemption by investors may involve position close. If redemption is triggered during periods of extreme market volatility, it may result in slippage and transaction fee costs. Therefore, the expected redemption amount may differ from the final amount actually received.

#### Auto Close on Redeem: ON

When a redemption request is submitted, open positions are partially closed according to the redemption share.

For example, if a redemption represents 10% of the Vault's value, approximately 10% of all positions will be closed.

This method ensures investors can access their proportional share of Vault assets immediately. Because positions are closed using market execution, redemption proceeds may be affected by slippage and market conditions.

#### Auto Close on Redeem: OFF

When a redemption request is submitted, the system releases funds using the following sequence:

1. Available Margin
2. Open Orders
3. Open Positions

Positions are only reduced when necessary to satisfy the redemption amount.

This approach may reduce trading impact and unnecessary position closures but can require additional steps before liquidity becomes available.

***

### Privacy Modes

Vaults support three privacy options, this setting is permanent and cannot be changed.

#### Public Mode

All Vault activity, positions, orders, and account information are publicly visible in both Aster chain and Vault info page.

#### Private Mode

Vault positions, orders, balances, and account information remain private.

#### Flexible Mode

The Vault Manager may switch between public and private visibility modes at any time.

***

### Vault Account Restrictions

Vault accounts are specialized accounts designed exclusively for managed perpetual futures trading.

#### Whitelist investors

vault manager can open the whitelist function and only the whitelist users can invest in the vault

#### Trading Restrictions

Vault accounts may only trade perpetual futures products.

The following activities are not supported:

* Spot trading
* Shield products
* Staking products

#### Deposit, Withdrawal & Transfer Restrictions

* Direct blockchain deposits are not supported.
* Direct blockchain withdrawals are not supported.
* Assets cannot be transferred to other FUIDs.
* Transfers between Vault Spot and Vault Futures accounts are not supported.
* Investor deposits are automatically transferred into the Vault Futures account.

#### Account Structure Restrictions

Vault accounts cannot:

* Create sub-accounts
* Create additional Vaults
* Participate in referral programs
* Bind referral codes
* Invite other users

#### VIP & Account Tier

Vault accounts do not inherit the Vault Manager's VIP level.

Trading fees and VIP status are calculated independently for each Vault account.

Vault accounts are not eligible for Market Maker (MM) account tiers.

#### Rewards & Campaign Restrictions

Vault accounts do not participate in:

* Points programs
* Points airdrops
* Spot trading competitions
* Spot reward campaigns
* Promotions that distribute rewards directly to spot accounts

#### API Access

Vault accounts can create API keys and support API-based trading.<br>

***

### Distribute Fund

Vault Managers may distribute available profits directly to investors without requiring investors to redeem their Vault shares.

When a distribution occurs:

* Funds are distributed proportionally based on ownership shares.
* Investors remain invested in the Vault.
* Applicable profit share fees are paid to the Vault Manager.
* Distributions may only be performed once every 24 hours.

This mechanism allows investors to realize profits while maintaining exposure to the Vault's trading strategy.\
Distribute fund= Max withdraw \* Buffer, current buffer is 50%

***

### Vault Performance Metrics

Each Vault provides performance information including:

<table data-header-hidden data-search="false"><thead><tr><th></th><th></th></tr></thead><tbody><tr><td>Metric</td><td>Description</td></tr><tr><td>TVL</td><td>Total Value Locked</td></tr><tr><td>APR</td><td>Historical annualized return</td></tr><tr><td>Total PnL</td><td>Lifetime profit and loss</td></tr><tr><td>Max Drawdown</td><td>Largest historical decline</td></tr><tr><td>Trading Volume</td><td>Historical trading activity</td></tr><tr><td>Win Rate</td><td>Percentage of profitable positions</td></tr><tr><td>Investor Count</td><td>Number of participating investors</td></tr></tbody></table>

Performance data is provided for informational purposes only and does not guarantee future results.

***

### Closing a Vault

A Vault Manager may permanently close a Vault.

Before closing:

* All positions must be closed.
* All open orders must be cancelled.

After closure:

* Remaining funds are distributed according to ownership shares.
* Profit share fees are calculated if applicable.
* The manager's 100 ASTER creation stake is either returned or burned based on Vault performance.

***

### Risks reminder

Investing in a Vault involves substantial risk.

Investors should understand that:

* Past performance does not guarantee future results.
* Vault Managers may incur trading losses.
* Leveraged futures trading carries liquidation risk.
* Redemptions may be affected by market conditions.
* Position closures may generate slippage.
* Vault values may fluctuate significantly over time.

Investors should carefully evaluate a Vault's strategy, historical performance, risk profile, manager track record, and lock-up terms before investing.

***

### Frequently Asked Questions

#### 1. Who controls trading decisions inside a Vault?

All trading decisions are made by the Vault Manager.

#### 2. Can I withdraw my funds at any time?

No. Funds can only be redeemed after the Vault's lock-up period.

#### 3. How are profits distributed?

Profits and losses are allocated proportionally based on each investor's Vault ownership share.

#### 4. Can the Vault Manager stop new deposits?

Yes. Managers can enable or disable deposits at any time.

#### 5. Can a Vault trade spot markets?

No. Vault accounts are restricted to perpetual futures trading.

#### 6. Does investing in a Vault guarantee profits?

No. All investments are subject to market risk and losses are possible.

#### 7. Can I see a Vault's performance before investing?

Yes. Each Vault displays performance metrics, historical returns, TVL, and other relevant information.

#### 8. Can I redeem only part of my investment?

Yes. Partial redemptions are supported, subject to lock-up restrictions and available redemption limits.

#### 9. What is Fund Distribution?

Fund Distribution allows the Vault Manager to distribute available profits to investors without requiring them to redeem their Vault shares.

#### 10. Why must the manager maintain at least 10% ownership?

The requirement ensures the manager maintains meaningful exposure to the Vault and aligns incentives between managers and investors.

#### 11. What happens if a Vault is closed?

All remaining assets are distributed according to ownership shares after positions and orders have been closed.

#### 12. Can a Vault Manager change Vault settings after creation?

No. Core Vault settings are permanent once the Vault has been created.

#### 13. What happens if I make another deposit during the lock-up period?

Any new deposit resets the lock-up period for your entire Vault position. Your next redemption time will be recalculated based on the most recent deposit.

<br>


# How to create and invest in vault

**Vault manager to create vault:**

When creating a Vault, managers must configure the following settings:\
\
1: Click “create vault” button on Vault page&#x20;

<img src="/files/4vJiYRNrhAu0fBeOXFjs" alt="" height="335.1350923619364" width="599">

\
2: Set the vault

<img src="/files/ya3xjfYvexkCDLzGEF7o" alt="" height="339" width="602">

<table data-header-hidden data-search="false"><thead><tr><th></th><th></th></tr></thead><tbody><tr><td>Setting</td><td>Description</td></tr><tr><td>Vault Name</td><td>Unique Vault identifier</td></tr><tr><td>Description</td><td>Optional strategy introduction</td></tr><tr><td>ASTER Required</td><td>100 ASTER</td></tr><tr><td>Minimum Initial Investment</td><td>$100 worthed token</td></tr><tr><td>Supported Asset</td><td>USDF, USDT, USD1, USDC,U</td></tr><tr><td>Profit Share</td><td>Percentage of investor profits allocated to the manager</td></tr><tr><td>Lock-Up Period</td><td>Time investors must wait before redeeming after a deposit. Default 1 day (configurable)</td></tr><tr><td>Auto Close on Redeem</td><td>Determines how redemptions are processed when liquidity must be released</td></tr><tr><td>Privacy Mode</td><td>Public, Private, or Flexible</td></tr><tr><td>Advanced setting</td><td></td></tr><tr><td>Min Manager ownership</td><td>Manager can set the minimum ownership percentage of the vault, the default set is 10%</td></tr><tr><td>Tradable symbol</td><td>The vault can only trade in the selected symbols, it can't be changed after vault created.</td></tr></tbody></table>

Important:

* Vault settings cannot be modified after creation.
* Each Vault supports only one deposit asset.
* The selected asset cannot be changed after creation.

Managers must maintain the minimum ownership requirement at all times.

**Investors:**\
\
Depositing Into a Vault

Investors can deposit funds directly into a Vault using the asset selected by the Vault Manager.

<img src="/files/CxzCAbcMD91CRP9cpghi" alt="" height="476" width="602">

Key rules:

* Minimum deposit value: 100USDT/USDF/USD1/U
* Deposits are subject to the Vault's lock-up period
* New deposits receive Vault shares based on the current NAV
* Deposits may be disabled by the Vault Manager at any time

Once funds are deposited, they become part of the Vault's trading capital and participate in future profits and losses.

***

### Redeeming Funds

Investors can redeem their Vault shares after the lock-up period expires.

Redemptions are processed according to the investor's proportional ownership of the Vault.<br>

<img src="/files/GF88A8sV8N2jeSLUl9ie" alt="" height="577" width="602">

The value received may include:

* Original deposited assets
* Trading profits
* Realized gains or losses

\
Depending on Vault settings, redemption processing may require open positions or orders to be adjusted before funds become available.

Position reductions may result in slippage and execution costs.\
\
\
\ <br>


# Overview

Aster Chain is a high-performance, privacy-focused Layer 1 blockchain designed specifically for derivatives trading.

It powers Aster DEX, enabling a decentralized exchange environment where traders retain full custody of their assets and benefit from strong privacy protections while experiencing execution speeds comparable to centralized exchanges. Aster Chain enables millisecond-level performance without sacrificing decentralization or transparency.

### **Consensus Mechanism (PoSA)**

Aster Chain uses **PoSA (Proof-of-Staked Authority)** as its consensus mechanism.

PoSA is a hybrid model that combines:

* **Proof of Stake (PoS)** economic incentives
* **Proof of Authority (PoA)** validator reputation systems

This design allows the network to achieve fast execution while maintaining:

* Transparency
* High throughput
* Decentralization

All order matching and trading logic are ultimately processed and stored **onchain**, aligning with the long-term goal of building a **fully decentralized derivatives infrastructure**.

### **Top-Tier Performance**

Aster Chain is optimized for ultra-low latency trading environments.

Through the combination of **PoSA consensus**, integrated node aggregation engines, and block pre-confirmation mechanisms, the network achieves:

* **Block time**: 50 ms
* **Transaction Per Second (TPS)**: up to 100,000 TPS
* **Gas fees**: 0

This performance enables Aster to deliver a trading experience comparable to centralized exchanges while preserving decentralized settlement and verification.

### **Transparent Yet Private**

Aster Chain provides built-in privacy protection for trader activity. When Account Privacy is off, all trader activity is published onchain and publicly visible.

**Account Privacy:** When enabled, your asset balances and open positions are hidden from public view. Account Privacy is powered by two complementary mechanisms:

### **ZK-Verifiable Encrypted Orders**

Every order placed under Account Privacy is encrypted and verifiable using Zero-Knowledge (ZK) cryptography. Trades do not appear directly in the transaction history of the trader's primary address. The underlying order data is never exposed onchain in plaintext.

Users can verify their complete transaction history at any time by providing their viewer pass, which allows selective disclosure without revealing data to third parties.

### **Stealth Address Mechanism**

Each trade under Account Privacy automatically generates a fresh, one-time stealth address for that transaction. A single user accumulates many ephemeral addresses over time, each used only once.

External observers cannot link these addresses back to the trader's real account or correlate activity across transactions.

This makes onchain tracking and behavioral analysis effectively impossible without the trader's viewer pass.

*Note: Hidden orders always require ZK verification regardless of whether Account Privacy is on or off. To comply with regulatory requirements, internal transfers to other users are not permitted while Account Privacy is active.*

***

### **Transparency**

Aster Chain maintains a dedicated block explorer that supports both standard and privacy-aware queries:

* Query assets, positions, blocks, hashes, and transactions.

When Account Privacy is on, trader activity is not publicly displayed.

Users can verify their own private transactions – or those of other traders – via **ZK proof**, provided the viewer pass is supplied.

### **Cross-Chain Interoperability**

Aster Chain is designed to interact seamlessly with multiple major blockchains.

Supported networks include:

* BNB Chain
* Ethereum
* Arbitrum
* Solana

The long-term goal is to support cross-chain perpetual trading and unify liquidity across multiple ecosystems.

***

### **Blockchain Explorer**

Aster Chain provides a dedicated blockchain explorer for network transparency.

#### **Core Functions**

Users can:

* View asset balances and account activity
* Query blocks, transactions, and hashes

#### **Privacy Protection**

When Account Privacy is on:

* Trader activity is not publicly displayed
* Users may verify their own private transactions using **Zero-Knowledge verification**. Verification of other trader’s private transactions requires a **viewer pass**.

***

### Cross-Chain Deposits & Withdrawals

Aster Chain provides a secure cross-chain bridge system.

All bridge operations:

* Are validator-signed
* Can be verified onchain

***

### **Smart Contracts & Open Source Policy**

Bridge contracts and related code will be publicly disclosed on the **Smart Contracts page**.

However:

* Core chain contracts and RPC infrastructure will not be open-sourced at the moment

This approach is designed to:

* Protect proprietary matching engine algorithms
* Improve network security during early deployment stages

Despite partial closed-source components, the ZK architecture ensures trust minimization and censorship resistance.

***

### **Validator Participation**

During Phase 1, external validator participation is not supported.

As the ecosystem grows, Aster plans to gradually introduce:

* Observer nodes
* Staking validators

The long-term architecture aims to expand decentralization while maintaining high performance.

***

### **Deposits**

Cross-chain deposits are processed once 3 out of 4 validator nodes verify the transaction.

* Deposit fee on Aster Chain: 0
* Estimated arrival time: 1–5 minutes
* Ethereum deposits may take longer depending on block production and gas conditions.

### **Withdrawals**

Withdrawals are processed in batched transactions. A withdrawal is confirmed once 2 out of 3 validator nodes verify the request.

Key characteristics:

* Gas fees apply to cover validator operational costs
* Fees are calculated based on the destination chain
* Minimum withdrawal fee may be as low as 1 USDT

Estimated withdrawal time:

* \~30 seconds
* Ethereum withdrawals may take longer depending on network conditions.

***

### **Oracle System**

Each validator calculates a weighted median spot price using data from 14 major exchanges:

* Binance
* HTX
* HitBTC
* Gate.io
* Poloniex
* OKX
* KuCoin
* AscendEX
* MEXC
* Bitfinex
* Coinbase
* Bitstamp
* Kraken
* Bybit

Oracle prices are updated in real time and are used for:

* Funding rate calculations
* Mark price determination
* Triggering TP/SL orders

For liquidation, the system uses the median oracle price weighted by validator stake.

***

### **Clearinghouse**

The Clearinghouse is the core execution component of Aster Chain.

It manages for each trader:

* Status of margin balances
* Open positions

Each perpetual market operates with an independent **order book**.

***

### **Margin Management**

Deposits first enter the user’s cross margin balance. By default, all positions open in cross margin mode.

Traders may switch to isolated margin to limit the risk exposure of a specific position.

#### **Cross Margin**

All positions share a common margin pool.&#x20;

Profits and losses are aggregated across the account.

#### **Isolated Margin**

Each position maintains independent margin.\
Liquidation risk is limited to that specific position.

***

### **Data Storage**

Aster Chain prioritizes transparency while maintaining privacy compatibility.

Key trading and account events are recorded onchain, while certain operations remain offchain for privacy protection and system efficiency.


# Staking

### **Overview**

Delegate $ASTER to Aster Chain validators and earn rewards.

When staking, users make two key choices:

* Select a validator&#x20;
* Choose a lock period

These two choices determine how rewards are generated and distributed.

The basic staking flow can be summarized as:

Select a validator → Stake $ASTER → Choose a lock period → Earn epoch rewards

### **What is a Validator?**

A validator is responsible for processing transactions and producing blocks on Aster Chain.

When users stake $ASTER, they delegate their tokens to a validator. Each validator contributes differently to the network, and this performance determines the validator's total rewards.

Once the rewards are received, they are shared proportionally among delegators after deducting the validator's commission.

This design ensures validators compete based on real network contribution rather than simply attracting large amounts of stake.

### **What is the Lock Period?**

The lock period is the duration where the staked $ASTER cannot be withdrawn without penalty. It determines your Loyalty Rewards weight, and a longer lock period means greater reward weight.

The current **maximum lock duration is 208 weeks (approximately 4 years).**

### **Dual Reward Structure**

Aster Chain staking distributes rewards through two distinct layers.

<table data-header-hidden><thead><tr><th width="180.24609375"></th><th width="357.06640625"></th><th></th></tr></thead><tbody><tr><td><strong>Reward Layer</strong></td><td><strong>Determined By</strong></td><td><strong>Weekly Reward Pool</strong></td></tr><tr><td>Base APY</td><td>Validator transaction share and your delegation size</td><td>150,000 $ASTER</td></tr><tr><td>Loyalty Rewards</td><td>Lock duration and trading activity</td><td>300,000 $ASTER+ Fee Buyback rewards (variable)</td></tr></tbody></table>

Separating these two reward streams serves two goals:

* Encouraging healthy competition between validators&#x20;
* Incentivizing long-term staking commitment&#x20;

**New as of June 17, 2026:** Loyalty Rewards now include a variable component on top of the 300,000 $ASTER base. Each epoch, all $ASTER bought back from platform fees is added to the Loyalty Rewards pool and distributed to veASTER holders by lock weight. Permissionless Spot listing fees fund a further buyback into staking rewards on a separate schedule. See Protocol Fee Rewards below for details.

#### **Protocol Fee Rewards**&#x20;

As part of Aster's tokenomics upgrade, 99% of daily platform fees are automatically used to buy back $ASTER via TWAP. All bought-back $ASTER is distributed to veASTER stakers — on top of the 300,000 $ASTER base Loyalty Rewards each epoch.

This means your staking rewards scale directly with Aster's trading activity.

**How it works:**

1. 99% of daily platform fees flow into the buyback wallet (0xa0edBaBcb48034e368de286b49F9603C7AfA1b60)
2. Buybacks execute via TWAP across each day and settle on-chain
3. Each epoch, the total buyback amount is added to the Loyalty Rewards pool and distributed to veASTER holders by lock weight
4. For every $ASTER bought back, an equal amount is burned from reserve — burns execute bi-weekly and continue until total supply reaches 3,000,000,000

#### Spot Listing Fees:

Each permissionless Spot listing incurs a 50,000 USDT fee, which is also used to buy back $ASTER as additional staking rewards. Listing fees are collected weekly and enter the buyback the following week, with staking rewards from this portion taking effect two weeks after listing.

* Listing fee wallet: 0x39C473f4420e4ae9Ab3fe9e7ceDFc08F9684bB1a

### **Key Terms**

<table data-header-hidden><thead><tr><th width="186.45703125"></th><th></th></tr></thead><tbody><tr><td><strong>Term</strong></td><td><strong>Description</strong></td></tr><tr><td>$ASTER</td><td>Native token used for staking, rewards, and governance</td></tr><tr><td>Validator</td><td>Validator receiving delegated stake</td></tr><tr><td>Delegation</td><td>Relationship between user and validator</td></tr><tr><td>Lock Position</td><td>The staking position tied to a lock duration</td></tr><tr><td>Epoch</td><td>Reward settlement cycle (currently weekly)</td></tr><tr><td>Base APY</td><td>Yield derived from validator performance</td></tr><tr><td>Loyalty Rewards</td><td>Additional yield based on long-term lock commitment, including fee buyback rewards</td></tr><tr><td>veASTER</td><td>Weight metric derived from locked ASTER and lock duration</td></tr><tr><td>Power</td><td>Loyalty reward weight calculated from veASTER and Trading Volume Boost</td></tr><tr><td>Total Power</td><td>Combined Power of all users in a given Epoch</td></tr><tr><td>Penalty</td><td>Penalty applied for exiting before the lock period ends</td></tr></tbody></table>

<br>


# How Staking Works

### Creating a Staking Position

To participate in staking:

1. Connect your wallet and navigate to the [staking page](https://www.asterdex.com/en/staking)

<figure><img src="/files/RhP9Depz3t6J4zTwoC2l" alt=""><figcaption></figcaption></figure>

2. Select a validator and click Stake button

<figure><img src="/files/hSuXidoncsDKXRNbzzzc" alt=""><figcaption></figcaption></figure>

3. Enter the amount of $ASTER to stake

<figure><img src="/files/thEo6V6494d5I8hyYERc" alt=""><figcaption></figcaption></figure>

4. Choose a lock period

<figure><img src="/files/EIJegIIAhXiLI8u6KBKY" alt=""><figcaption></figcaption></figure>

5. Confirm the transaction

<figure><img src="/files/hENjyaoy08edXbDUJWHK" alt=""><figcaption></figcaption></figure>

Once confirmed, the staking position becomes active and begins earning rewards in future Epochs.

6. Auto-reinvest&#x20;

<figure><img src="/files/IX3MZQQmTKxF6HUL9YHZ" alt=""><figcaption></figcaption></figure>

Auto-reinvest automatically reinvests your earned rewards. Click the button to enable this feature. Once Auto-reinvest is enabled, it will apply to all staking positions, not just this stake position.

### **Rewards Pool per Epoch**

Emissions per Epoch at launch:

* Base Rewards pool: 150,000 $ASTER
* Loyalty Rewards pool: 300,000 $ASTER

#### **Base APY**

Base APY is the foundational reward layer tied to validator performance. Each validator receives a share of the Base APY pool proportional to the transactions it processes.

**Validator reward calculation:**

Validator Share = Validator Transactions ÷ Total Network Transactions

Validator Reward = Base APY Pool × Validator Share

**Example:**

If the Base APY pool is 100 $ASTER and a validator processes 40% of network transactions:

Validator Reward = 100 × 40% = 40 ASTER

#### **Your Share of Base APY**

After the validator receives its reward, users earn proportionally based on their stake within that validator.

**User Base Reward Formula:**

User Reward = Validator Reward × (User Stake ÷ Total Validator Stake) × (1 − Validator Commission)

**Example:**

<table data-header-hidden><thead><tr><th width="406.18359375"></th><th></th></tr></thead><tbody><tr><td><strong>Parameter</strong></td><td><strong>Value</strong></td></tr><tr><td>Validator Reward</td><td>40</td></tr><tr><td>Total Validator Stake</td><td>10,000,000 $ASTER</td></tr><tr><td>User Stake</td><td>500,000 $ASTER</td></tr><tr><td>Commission</td><td>10%</td></tr></tbody></table>

User stake ratio = 500,000 ÷ 10,000,000 = **5%**

After commission = 5% × (1 − 10%) = **4.5%**

User reward = 40 × 4.5% = **1.8 ASTER**

#### **Loyalty Rewards**

Loyalty Rewards are designed to reward long-term commitment. The longer you lock, the more you earn.

Reward weight is determined using veASTER and a Trading Volume Boost.

**Power formula:**

Power = veASTER × Boost

**Where:**

veASTER = Locked Amount × Time Weight

Time Weight = Remaining Lock Duration ÷ Maximum Lock Duration

Maximum lock duration = 208 weeks (approximately 4 years)

***

### **Trading Volume Boost**

Your reward weight can be boosted based on your personal trading volume within each Epoch.

| **Your Epoch Trading Volume** | **Boost** |
| ----------------------------- | --------- |
| > 500K                        | 1.05      |
| > 50M                         | 1.15      |
| > 200M                        | 1.25      |

***

### **Loyalty Rewards Distribution**

Loyalty Rewards are distributed proportionally based on Power share.

**User Weekly Reward:**

User Reward = Weekly Loyalty Pool × (User Power ÷ Total Network Power)

**Example:**

| **Parameter**       | **Value**      |
| ------------------- | -------------- |
| Weekly Loyalty Pool | 100,000 $ASTER |
| Total Network Power | 1,000,000      |
| User Power          | 5,000          |

User share = 5,000 ÷ 1,000,000 = **0.5%**

User reward = 100,000 × 0.5% = **500 $ASTER**

***

### **Epoch Settlement**

Rewards are calculated and distributed using weekly Epoch cycles. Each Epoch runs Monday through Sunday. A snapshot of staking data is taken at Monday 00:00 UTC.

| **Event**   | **Timing**       |
| ----------- | ---------------- |
| Epoch Start | Monday 00:00 UTC |
| Snapshot    | Monday 00:00 UTC |

Operations that take effect in the next Epoch include:

* New stake deposits
* Additional stake top-ups
* Lock extensions
* Redeem requests


# Early Exit Mechanism

Users may exit before the lock period ends, but doing so triggers a penalty. The penalty depends on how much time remains before the original unlock date.

**Penalty formula:**

`Penalty Amount = unlockAmount × max(N%, min(M%, lock_duration_left ÷ 4 years))`

**Where:**

| **Parameter**        | **Meaning**                         |
| -------------------- | ----------------------------------- |
| unlockAmount         | Principal to withdraw               |
| lock\_duration\_left | Remaining lock duration             |
| M%                   | Maximum penalty rate (example: 60%) |
| N%                   | Minimum penalty rate (example: 2%)  |

#### **Penalty Examples**

**Assuming:**

Stake = 10,000 ASTER ,Maximum penalty = 60% ,Minimum penalty = 2%

| **Scenario**       | **Remaining Lock** | **Penalty Rate** | **Penalty Amount** |
| ------------------ | ------------------ | ---------------- | ------------------ |
| Exit immediately   | 4 years            | 60%              | 6,000 $ASTER       |
| Exit after 1 year  | 3 years            | 60%              | 6,000 $ASTER       |
| Exit after 2 years | 2 years            | 50%              | 5,000 $ASTER       |
| Exit after 3 years | 1 year             | 25%              | 2,500 $ASTER       |
| Exit near maturity | 0.05 years         | 2%               | 200 $ASTER         |
| Exit at maturity   | 0                  | 0%               | 0 $ASTER           |

**Net withdrawal amount:**

`Net Amount = Principal − Penalty Amount + Accumulated Rewards`

Penalized tokens are redistributed according to protocol rules:

* A portion enters the next epoch reward pool
* A portion goes to the ecosystem fund


# Frequently Asked Questions

### **1. Why do I need to choose both a validator and a lock period when staking?**

Aster Chain staking distributes rewards through two layers. The validator you select determines your Base APY, while the lock period determines your Loyalty Rewards weight. Both choices work together to determine your total staking rewards.

### **2. Does a new stake start earning rewards immediately?**

No. New stakes, additional deposits, and lock extensions typically begin earning rewards from the next epoch.

### **3. Are rewards distributed in real time?**

No. Rewards are settled once per Epoch, which currently occurs on a weekly basis. Each Epoch is seven days, running from Monday at 00:00 UTC to Sunday at 23:59 UTC.

### **4. What factors affect my staking rewards?**

Your total rewards depend on several factors, including:

* The validator's transaction contribution
* The validator's commission rate
* Your share of the total stake within the validator
* Your lock period
* Your veASTER weight
* Network-wide staking participation and total Power

Because rewards are distributed proportionally, actual returns may vary depending on overall network conditions.

### **5. Can I add more $ASTER to an existing staking position?**

Yes. You can increase your stake at any time. However, all staking positions share a unified lock period, meaning newly added tokens must follow the same unlock schedule as your existing stake.

### **6. Can I extend my lock period?**

Yes. You may extend your lock duration to increase your veASTER weight, which can increase your share of Loyalty Rewards. When the lock period is extended, the new unlock date applies to your entire staking position.

### **7. Can I switch validators during staking?**

Yes. Users can switch their delegated stake to a different validator at any time. The change takes effect in the next Epoch, after which rewards will begin accruing from the new validator.

### **8. Can I exit staking early?**

Yes. Users may request to unlock their stake before the lock period ends. However, early exits trigger a penalty, which increases with the amount of time remaining in the lock period.

### **9. What happens to penalized tokens?**

Penalized tokens are redistributed according to protocol rules. A portion is added to future staking reward pools, while another portion is allocated to the ecosystem fund.

This mechanism discourages short-term staking while benefiting long-term participants.

### **10. Will I be penalized if I exit after the lock period ends?**

No. If you exit staking at or after the scheduled unlock time, no penalty is applied. Your principal and accumulated rewards can be withdrawn normally.

<br>


# Testnet

### **What is the Aster Testnet?**

The Aster Testnet is a blockchain network established solely for testing new features and products for Aster users. No tokens — or trades made — on the testnet have any financial value.

### **How to use the Aster Testnet**

#### **Accessing the Testnet**

You can access the Testnet via [www.asterdex-testnet.com](https://www.asterdex-testnet.com).

The default network is **BNB Chain Testnet**. Please make sure your wallet supports BNB Chain Testnet before proceeding.

<figure><img src="/files/5B3WMELloZqgocXuPBl0" alt=""><figcaption></figcaption></figure>

### Get Testnet Tokens&#x20;

Users can claim Testnet tokens from the [Faucet page](https://www.asterdex-testnet.com/en/faucet).

Each user can claim:

* 1,000 USDT (Testnet)
* 1,000 ASTER (Testnet)

Token claims are available **once per day.**

<figure><img src="/files/MxeUiKOE9pNPEmKSlkjp" alt=""><figcaption></figcaption></figure>

### **Important Notes**

* The Testnet does not support user-initiated deposits, withdrawals, or internal transfers at this stage.
* Please manage your Testnet assets carefully and do not treat Testnet tokens as real assets.


# Governance

Listing Vote

## **Overview**

Listing Vote is a permissionless listing mechanism on Aster Chain. Any active validator can propose a new listing, and proposals are decided by on-chain vote weighted by staked $ASTER.

This process ensures that listing decisions are transparent, on-chain verifiable, and governed by the validators that secure the network.

***

### **How It Works**

* A Validator proposes a new listing (e.g. BTC/U as a perp pair).
* All active validators vote: **Approved / Rejected / Not Voted (Abstain)**
* Votes are weighted by each validator's **currently active staked $ASTER**
* A proposal passes only if **both** of the following conditions are met:
* Approve **stake > 50%** of total active stake
* Approve validator **count > 50%** of total active validators

Pending stakes and in-progress withdrawals are **not counted** toward vote weight. Validators in **inactive** status cannot vote and are not counted in the totals.

### **Eligibility**

To become an active validator on Aster Chain and participate in Listing Vote:&#x20;

\- Stake a minimum of \*\*20M $ASTER\*\*&#x20;

\- Maintain active validator status

### **Voting Rules**

| Parameter         | Value                                                                                                      |
| ----------------- | ---------------------------------------------------------------------------------------------------------- |
| Who can vote      | Active Validator nodes                                                                                     |
| Vote options      | Approved / Rejected / Not Voted (Abstain)                                                                  |
| Vote weight       | Proportional to active staked $ASTER                                                                       |
| Passing threshold | Approve stake > 50% of total active stake **AND** Approve validator count > 50% of total active validators |

***

### **Voting Lifecycle**

Proposed → Voting → Approved / Rejected

* **Voting** — The proposal is open. Validators cast their votes. Results update in real-time.
* **Approved** — Both stake and validator count thresholds are met; the token will be listed.
* **Rejected** — Either threshold failed.

***

### **For Validators**

If you are an active validator on Aster Chain, you can:

* Propose new listings
* Vote on any active listing proposal: Approve, Reject, or stay as Not Voted
* Votes are recorded on-chain

***

### **FAQ**

**Q: How is the vote result calculated?**

A: A proposal passes only when **both** the Approve stake exceeds 50% of total active stake and the Approve validator count exceeds 50% of total active validators.

**Q: Does every node have the same vote weight?**

A: No. Stake-side weight is proportional to each validator's active staked $ASTER. More stake means more influence. The validator-count threshold treats every active validatorequally (one validator = one count).

**Q: What counts as "active stake"?**

A: Only currently effective staked $ASTER. Pending stakes and in-progress withdrawals are excluded.

**Q: Can inactive validators vote?**

A: No. Validators in inactive status cannot vote.

**Q: Who can propose a new listing?**

A: Any active validator node can propose a new token listing.

**Q: How do I become a validator?**

**A: Stake a minimum of 20M $ASTER and maintain active validator status.**&#x20;

<br>


# Spot Listing Application

### Overview <a href="#overview" id="overview"></a>

You can apply for **Aster's Fast-Track Listing channel**. Pay a one-time listing fee and, upon passing the on-chain validator node vote, your token will go live on Aster Spot.

***

### 1. Fee\&Review

There are different fees for different level of tokens<br>

* **Binance Spot listed or list in both Binance futures and Alpha** — **50,000** USDT
* **Only list in Binance Alpha** — **20,000** USDT
* **Other tokens** — **20,000** USDT<br>

Note: Each wallet address may submit only one application. Addresses associated with an already-listed token cannot re-apply. \
\
Review mechanism: On-chain validator node vote

***

### 3. How to Apply

**Step 1** — **Deposit & balance** check Deposit USDT into your Spot account and ensure your balance covers the listing fee before proceeding.

**Step 2** — **Transfer required USDT** On the application page, transfer the fee to the designated address.  Privacy Mode must be OFF before initiating the transfer. If Privacy Mode is on, the application will be blocked at this step, and the progress card will display: "Waiting for you to turn off Privacy Mode."

**Step 3** — **Submit the application form** Complete all required fields marked with \*. Fill in your project information truthfully — applications flagged as abnormal may be rejected.

| **Group**        | **Required fields**                                      | **Optional fields**                      |
| ---------------- | -------------------------------------------------------- | ---------------------------------------- |
| Project info     | Project Name, Token Symbol, Network, Contract Address    | —                                        |
| Token details    | Decimals, Logo (PNG/SVG), Max Supply, Circulating Supply | —                                        |
| Channels & links | Binance Alpha Link                                       | Website, Twitter (X), Telegram / Discord |
| Contact          | Contact Person, Email or Telegram                        | —                                        |

### Step 4 — Review & Node Vote&#x20;

Once eligibility and payment checks pass, the application enters an on-chain validator node vote. Voting is normally completed within T+3; extensions may apply in special circumstances. Once the vote passes, the listing is finalized. **If the vote doesn't pass, the fee is returned.**

<br>


# Product releases

**Week starting 22/9/2025**

* Aster Perpetual
  * [$HYPE is now listed](https://x.com/Aster_DEX/status/1970125596807331958) on Aster Perpetual with up to 300x leverage
  * [$AIA, $BARD, $BLESS, $0G, $STBL, $TRADOOR, AND $TOSHI](https://x.com/Aster_DEX/status/1970840176370065844) are now listed on Aster Perpetual with up to 50x leverage
  * If aFEE is insufficient, trading fee will be deducted in ASTER (with 5% discount)&#x20;
  * Several improvements and bug fixes
* Grid trading now supports Binance Wallet connections
* Aster Spot
  * Added a warning for market orders with price impact greater than 5%
  * Option to pay fee in ASTER with a 5% discount
  * Several improvements and bug fixes
* Aster app
  * Swap BNB to asBNB and USDT to USDF directly in the Assets tab, or auto-mint when depositing
  * Claim your asBNB ecosystem rewards directly in the app
  * Several improvements and bug fixes

**Week starting 15/9/2025**

* $ASTER
  * [Exchange](https://www.asterdex.com/en/apx-upgrade) your $APX for $ASTER (you can also [redeem](https://www.apollox.finance/en/governance) your veNFTs without penalty)
  * Trade $ASTER on [Aster Spot](https://www.asterdex.com/en/spot/ASTERUSDT)
  * Trade $ASTER on Aster Perpetual with up to 10x leverage on [Aster Perpetual](https://www.asterdex.com/en/futures/v1/ASTERUSDT)
* Aster Perpetual
  * [$HOLO, $UB, $XPIN, and $ZKC](https://x.com/Aster_DEX/status/1968928555146084630) are now listed on Aster Perpetual with up to 50x leverage
  * Smoother process for adding margin to positions in single-asset mode
  * Improvements and bug fixes
* Aster Spot
  * Improvements and bug fixes
* Aster app (hotfix)
  * Fixed crashes caused by certain scenarios

**Week starting 8/9/2025**

* $ASTER
  * Check your $ASTER eligibility and allocation on the [Aster Airdrop Portal](https://www.asterdex.com/en/airdrop/allocation)
  * Participate in [Stage 2](https://www.asterdex.com/en/stage2/team) to be part of the airdrop
  * Learn more about [$ASTER](https://medium.com/asterdex/all-need-to-know-about-aster-airdrop-24b2e914b025)
* Aster Perpetual
  * [$AVNT, $OPEN](https://x.com/Aster_DEX/status/1965709382861431109), [$FLOCK, $SKY](https://x.com/Aster_DEX/status/1966305782137503944), [and $ONDO](https://x.com/Aster_DEX/status/1966464855768179142) are now listed on Aster Perpetual with up to 50x leverage
* Aster app
  * Your feedback helps us make Aster better. Share your thoughts through “Give feedback” in Settings and help shape what’s next.
  * Improvements and bug fixes

**Week starting 1/9/2025**

* Spot
  * [Spot trading is now live](https://www.asterdex.com/en/spot/CDLUSD1) on Aster, with zero trading fees until 23:59 UTC on 12 September 2025. The following pairs are available:
    * CDL/FORM
    * CDL/USD1
    * USD1/USDT
    * FORM/USDT
* Aster Perpetual
  * [$HEMA, $Q](https://x.com/Aster_DEX/status/1963074497445241303), [$ARIA, $PTB, and $TAKE](https://x.com/Aster_DEX/status/1963561444127248465) are now listed on Aster Perpetual with up to 50x leverage
  * $WLFI pre-market pair [has now been converted to regular perp pair](https://x.com/Aster_DEX/status/1962689447641915485) on Aster Perpetual with up to 50x leverage
  * Pre-market listing: [$LINEA is now listed](https://x.com/Aster_DEX/status/1963044290009170059) on Aster Perpetual with up to 4x leverage
* Aster app
  * Spot trading is also available on the app. Transfer assets from your perp account to your spot account to begin.
  * When connecting a wallet for the first time, users are prompted to enter a referral code
  * Several improvements and bug fixes
* Feedback
  * Your feedback helps us make Aster better. [Share your thoughts](https://www.asterdex.com/en/feedback) and help shape what comes next.
* API docs
  * [Spot trading APIs](https://github.com/asterdex/api-docs/blob/master/aster-finance-spot-api.md) are now live

**Week starting 25/8/2025**

* Aster Perpetual
  * Pre-market listing: [$XPL is now listed](https://x.com/search?q=%24XPL\&src=cashtag_click) on Aster Perpetual with up to 4x leverage
  * [$BAS, $BTR](https://x.com/Aster_DEX/status/1961004943692710386), and [$MITO](https://x.com/Aster_DEX/status/1961383370484772920) are now listed with up to 50x leverage
  * Fixed UI bugs affecting the candlestick chart, orderbook, and account sections
* Deposit & withdraw
  * Fixed an issue with the max withdrawal function
  * Corrected a bug where some failed withdrawals were shown as “processing”
  * Added auto-retry for failed deposits
* Wallets
  * Fixed connection and display issues with MetaMask, Trust, and Solflare
* Assets
  * Added missing USDC.e support on ARB chain for withdrawals

**Week starting 18/8/2025**

* Aster Perpetual
  * [Trade & Earn](https://www.asterdex.com/en/trade-and-earn): You no longer have to choose between active trading and passive income - you can now do both seamlessly with $asBNB and $USDF
  * Hedge Mode: Now you can open long and short positions on the same pair simultaneously - perfect for delta-neutral hedging and risk management strategies. Try now by changing position mode in trade settings.
  * [$DAM](https://x.com/Aster_DEX/status/1958348351172452675), [$CUDIS, and $SAPIEN](https://x.com/Aster_DEX/status/1958876911243006335) are now listed on Aster Perpetual with up to 50x leverage
  * Several improvements and bug fixes
* 1001x
  * [$YZY is now listed](https://x.com/Aster_DEX/status/1958496970357842078) on 1001x with up to 25x leverage
* Aster app
  * Hedge Mode (go to trade settings to activate)
  * Set custom rebate splits between you and your referrals
  * Secure your app with biometric authentication
  * Several improvements and bug fixes

**Week starting 11/8/2025**

* Aster Perpetual
  * Optimized UI for all devices
  * Other improvements and bug fixes

**Week starting 4/8/2025**

* Aster Perpetual
  * [$ESPORTS, $TREE, $ZRC](https://x.com/Aster_DEX/status/1952316106909384798), [$C, $TAG, and $ZORA](https://x.com/Aster_DEX/status/1953267364046488023) are now listed on Aster Perpetual with up to 50x leverage
* 1001x
  * U.S. stocks [$AAPL, $AMZN, and $TSLA are now available](https://x.com/Aster_DEX/status/1953086207346524576) to trade with up to 25x leverage

**Week starting 28/7/2025**

* Aster Perpetual
  * [$PORT3 & $SPK are now listed](https://x.com/Aster_DEX/status/1950731389042872389) on Aster Perpetual with up to 50x leverage
  * Aster [Leaderboard](https://t.co/94Md1wjk9Y) is now live! Easily track top traders by volume or PnL, filter by tokens or date, and see where you rank on Aster
  * Improved symbol loading speeds for a smoother experience
* [Grid Trade](https://www.asterdex.com/en/strategy/futures/grid/BTCUSDT) now supports additional wallet providers
* 1001x
  * [$EGL1 & $SKY are now available](https://x.com/Aster_DEX/status/1949645096015831082) to trade with up to 25x & 50x leverage respectively
  * Trade [$ETH](https://x.com/search?q=%24ETH\&src=cashtag_click) with now up to 1001x leverage
* The Aster website is now available in Simplified Chinese
* Aster app
  * The menu bar has been streamlined - you’ll now find settings in the top right of the Markets tab
  * Invite friends and earn up to a 10% trading rebate. Just head to your settings to get started.
  * Your 7-day PnL is now visible in the Assets tab
  * We’ve upgraded the share position feature with new background images to choose from
  * Other improvements and bug fixes

**Week starting 21/7/2025**

* Aster Perpetual
  * [$SBET is now live](https://x.com/Aster_DEX/status/1947656727970910458) — trade with up to 50x leverage
  * Receive trade alerts for margin calls, liquidation, and ADL via Discord or Telegram. [Manage your notifications](https://www.asterdex.com/en/notification)
  * Customize your trading panel: drag, resize, and snap it into place. To reset, click the settings icon in the top right and select “Reset” under “Trading Panel”
  * Set take-profit/stop-loss orders directly by clicking on the candlestick chart
  * Zooming in and out on charts is now smoother
  * Other improvements and bug fixes

**Week starting 14/7/2025**

* You can now trade stock perpetuals 24/7 with up to 50x leverage! Currently, 7 blue-chip equities are supported. [Learn more](https://x.com/Aster_DEX/status/1945488152459882690)
* We’ve revamped our [referral](https://www.asterdex.com/en/referral) program — now you can set the rebate split between you and your invitee.
* Aster Perpetual
  * [asBNB](https://docs.asterdex.com/product/aster-earn/mint-asbnb) is now supported as margin
  * We’ve improved the share position feature, with new background images to choose from
  * Trading performance has been enhanced, including better UX for candlestick charts and the order section
  * It’s now clearer when liquidation price is not shown due to low position risk
* A rolling market data banner is now visible at the bottom of your screen
* Other improvements and bug fixes<br>

**Week starting 7/7/2025**

* Aster Perpetual
  * [$PUMP is now live](https://x.com/Aster_DEX/status/1943300411710148786) — trade with up to 2x leverage before the official launch
  * You can now customize the order book to display only buy or sell orders
  * Transaction history is now exportable
  * Your chart settings, including indicators and time zone, are saved after refresh
  * MetaMask will no longer disconnect when switching between Aster Perpetual and Grid
  * Aster Broker Web SDK has been updated. See [why you should integrate with Aster](https://github.com/asterdex/aster-broker-pro-sdk/blob/main/README.md).
* Aster app
  * Hidden orders are now supported
  * Sign in with your email to instantly generate an Arbitrum wallet
  * View complete deposit and withdrawal history
  * General improvements and bug fixes
* Other improvements and bug fixes

**Week starting 30/6/2025**

* Aster Perpetual
  * Improvements to position sharing, including customizable background images
  * Several minor UX enhancements
* Grid Trading
  * Wallet reconnection is no longer required when accessing Grid Trading
  * Grid Trading details are now visible in Portfolio
* Earn
  * asBNB APY is now displayed in the deposit pop-up
* Other improvements and bug fixes

**Week starting 23/6/2025**

* **Aster app**
  * Our mobile app is now available on Google Play, TestFlight, and as a direct APK download. Go to "Download app" on the [home page](https://www.asterdex.com/en) to begin.
  * We welcome your feedback — reach us anytime at <contact@asterdex.com>.
* We’ve streamlined the menu to make navigation easier.
* Aster Perpetual
  * Trade $SAHARA with up to 10x leverage
  * Hidden orders: Improved experience and better behavior across different market conditions.
  * In cross-margin mode, exchange rates between collateral assets are now displayed.
  * Added guidance for users to switch to single-asset mode before using isolated margin.
* Fixed issues preventing some users from logging in or staying logged in.
* Fixed an error where trading fees were mistakenly included in profit calculations for withdrawal limits.
* Available balance now reflects real-time profit updates.
* Mobile web: Added “Hide other symbols” filter in the Open Orders tab.
* UX improvements and minor fixes throughout the app.

**Week starting 16/6/2025**

* Aster Perpetual
  * **New: Hidden Order**. Place hidden orders where price and size remain invisible in the public order book until executed. [Learn more](https://docs.asterdex.com/product/asterex-pro/hidden-order)
  * You can now filter your order history by status
  * API Management: Improved compatibility with Firefox and Safari browsers
  * Mobile Web UX: Various improvements for a smoother experience on mobile web
  * Fixed an issue where incorrect available balance was shown when adding margin in isolated mode
  * Several improvements and bug fixes

**Week starting 9/6/2025**

* Aster Chain
  * Aster Chain Beta is now live for selected traders. [Learn more](https://x.com/Aster_DEX/status/1931229640414187861)
* Aster Perpetual
  * Trade $Janitor with up to 10x leverage
  * SOL is now supported as margin when connected to Solana chain
  * Market orders now support partial closing — select the position size to close and the system will place a reverse order
  * Limit order closing now lets you choose between crypto- or USDT-denominated size
  * Candlestick settings (line type, colors, etc.) now persist when switching symbols
  * Switching languages no longer logs you out
  * Trade notifications can now be dismissed
  * Estimated PnL now displays as you adjust position size based on TP/SL price
  * Unrealized PnL on the account page now also updates in real time
  * Improved price display consistency
  * Reduced frequency of partial fill notifications
* Grid trading
  * Now supports using the full balance for larger single-position orders
* Withdrawals
  * You now have full access to profits older than 24 hours
  * Same-day profits can be withdrawn up to a daily limit
* Portfolio
  * Trading volume calculations have been refined to reflect actual trading activity more accurately
* Au points
  * The Au Points program has sunset. [Learn more](https://x.com/Aster_DEX/status/1932367398872760416)
* Other improvements and bug fixes

**Week starting 2/6/2025**

* Aster Perpetual
  * Withdrawals are now faster and smoother — gas fees are directly deducted from your withdrawal amount
  * Fixed an issue where the Last Price would sometimes disappear
  * Fixed a bug where TP/SL fields showed null when switching between % and $
  * Fixed issue where entering price in $ mode for sell positions did not update the PnL value
  * Fixed take-profit input bug where PnL in $ did not allow decimal values
  * Fixed a bug where 100% was not selected by default when closing a position
* Grid trading
  * Added support for the Solana network
* 1001x
  * Fixed market down orders incorrectly triggering “Trigger price should be greater than Mark price” warning
  * Several UI/UX improvements
* General
  * From now on, you can login to Aster using an email address. Just sign up via your email, deposit funds into your newly created account, and start using Aster products instantly.
  * Wallet now auto-reconnects after page refresh — no need to re-sign
  * Fixed USDT exchange button behavior
  * Negative balances are now shown above zero balances and prompt users to switch to cross margin
  * Added a shortcut to community links in the menu bar
  * Several UI/UX improvements to mobile web
* Other improvements and bug fixes

**Week starting 26/5/2025**

* Listings & partnerships
  * Aster is the first perp DEX listing [$B](https://x.com/search?q=%24B\&src=cashtag_click) with up to 25x leverage. [Join our lucky draw giveaway](https://x.com/Aster_DEX/status/1927549660345864447)
  * [Trade](https://www.asterdex.com/en/futures/v1/BTCUSDT) $ENA, $MOODENG, $NEIRO, $PEPE with 50x leverage
  * Aster is now [powering PancakeSwap's perpetual trading](https://x.com/Aster_DEX/status/1927681299399266466) infrastructure
* Wallet & Portfolio
  * Wallet now reconnects automatically after a page refresh (no need to re-sign)
  * Users will now receive a warning before depositing if the amount exceeds the platform limit
  * Added a red dot indicator for ongoing deposit/withdraw actions in [Portfolio](https://www.asterdex.com/en/portfolio/overview)
* Trading
  * Clearing percentage input now resets the slider progress bar to 0%
  * PnL in the Assets tab now updates without needing a refresh
  * Position sharing: Fixed copy-link issue and corrected the PnL illustration animation
  * Fixed inability to connect to Solana using Phantom wallet in [Grid trading](https://www.asterdex.com/en/strategy/futures/grid/BTCUSDT)
* Other improvements and bug fixes

**Week starting 19/5/2025**

* Added slippage warnings for rare low-liquidity cases when closing a position
* View your estimated profit and loss changes easily when you adjust your position size after setting a TP/SL price
* Improved UI/UX for [Aster Airdrop Stage 1](https://www.asterdex.com/en/stage1/team)
* Other improvements and bug fixes

**Week starting 12/5/2025**

* New: [Grid Trading](https://www.asterdex.com/en/strategy/futures/grid/BTCUSDT)
  * Buy low, sell high, and earn Rh points automatically when you use Grid Trading. [Learn more](https://medium.com/asterdex/automate-your-trades-with-grid-trading-on-aster-pro-74bc582d3d96)
* Team leaders can receive a configured AU/Rh boost. If their team’s actual TVL or trading volume qualifies for a different boost, the higher of the two will apply. The UI reflects the final boost level, and upon reaching the top tier, the progress bar is replaced with the message: “Reached the top level”.
* Users can now bridge asBNB directly during deposits or withdrawals. Deposits require a single signature, while cross-chain withdrawals may involve multiple steps and signatures. All cross-chain fees are transparently displayed upfront.
* Aster Perpetual trading improvements
  * Trading UI
    * Symbol dropdown now displays the maximum leverage for each pair
    * In the order panel, you can now click the symbol to switch trading pairs
    * A new “Trading Rules” tab has been added to the candlestick chart area
    * Order book layout improved for better background contrast and column spacing
  * Sharing positions
    * Screenshots now indicate whether it’s Aster Perpetual or 1001x
    * Referral code is now shown on shared screenshots
  * User experience
    * New users will see a deposit guidance popup
    * All tooltips in the upper right corner now include an “X” button to close
    * The candestick control panel is now collapsed by default on mobile
    * Preferences have been moved out of the wallet into the Settings section
* Other improvements and bug fixes

**Week starting 5/5/2025**

* Aster's new upgraded [Portfolio page](https://www.asterdex.com/en/portfolio) landed. You can now easily view:&#x20;
  * Assets balance across Aster Perpetual, 1001x, and Earn&#x20;
  * Comprehensive trade history with number of trades, realized vs unrealized PnL, and fees&#x20;
  * Mint and withdrawal activities on Aster Earn
  * Account balance and PnL visualized in chart format
* Aster is the first perp DEX to offer USD1 as collateral
* Aster Perpetual traders will receive additional Au points boost, with a maximum bonus of 0.2×. [View the boost tier details](https://docs.asterdex.com/stage-1-spectra/au-trader-boost)
* Improved the speed of BNB Chain deposits
* USDF used as margin on Aster Perpetual now earns Au points
* Added PnL % to share position images
* Fixed a UI bug when selecting a collateral asset

**Week starting 28/4/2025**

* asCAKE redemption is now available for Aster users
* Enhanced responsive design for Aster Perpetual
* Fixed incorrect PnL percentages in Portfolio
* Refined English UI copy
* Improved Chinese translations in multiple sections

**Week starting 21/4/2025**

* Added a new tutorial when you enter Aster Perpetual for the first time
* Aster Perpetual improvements
  * UI/UX improvements
    * Improved modal popup separation from the background
    * Widened the order book and order panel layout for better clarity; adjusted background color and details
    * Optimized dropdown behavior
    * Standardized input labels and terminology
    * Improved layout and reduced overlap in trading views
    * Improved isolated margin interaction with clearer feedback
    * Enhanced real-time funding rate and funding rate history displays by fixing decimal alignment to 4 decimal places; added missing unit labels across key displays
  * Performance
    * Optimized asBNB chart behavior to start from the latest available data
    * Smoothed scrollbar appearance
    * Enhanced downloaded funding history files with better formatting
* Aster Perpetual mobile web version improvements
  * Feature enhancements
    * Added wallet connection prompts consistent with the web version
    * Improved interaction flow when switching margin modes
  * UI/UX improvements
    * Reorganized order book layout for easier price comparison
    * Updated popup behavior: replaced swipe-to-close with an "X" button to prevent accidental closure
    * Improved input field stability to reduce flickering
* Portfolio
  * Fixed several UI/UX bugs

**Week starting 14/4/2025**

* You can now deposit USDF as margin on Aster Perpetual
* Aster Perpetual improvements
  * Core trading improvements
    * Added manual leverage editing
    * Fixed the sync issue between size input and slider in the order panel
    * Added ADL (Auto-Deleveraging) warning tooltip
    * Updated icons in the order panel
    * Added feature to record user’s long/short actions
  * UI/UX enhancements
    * Optimized the deposit/withdraw dropdown to sort by asset value (descending)
    * Improved layout to avoid overlap between main menu and quick order panel
  * Stability
    * Fixed refresh issue in order history
* Aster Perpetual mobile web version improvements
  * Feature improvements
    * Positions now refresh in real time after placing an order
    * Wallet now automatically displays the updated balance after a successful deposit
    * When entering Aster Perpetual, the chart is now displayed by default
  * UI/UX enhancements
    * Improved the UX of the order panel
    * Order information is now visible when Take Profit (TP) / Stop Loss (SL) is enabled
    * Improved the input field so that it pushes upward when typing
    * The Last Price color is now consistent with the order book
  * Bug fixes
    * Fixed list balances displaying as 0 when there is a wallet balance
    * Fixed issues with switching between main menu tabs
    * Fixed an issue where the Sell tab switched after switching the order type
    * Fixed a display issue with the funding history chart
  * Other improvements and bug fixes

**Week starting 7/4/2025**

* Marketing
  * New [*Trade Like A Pro, Earn Like A Pro*](https://docs.asterdex.com/stage-1-spectra/trade-like-a-pro-earn-like-a-pro) trading campaign:
    * When you trade using Aster Perpetual, you earn Rh points based on your trading volume. The more you trade, the more Rh points you earn.
    * Boost your Rh points multiplier when your friends bind your invite code before their first mint or trade. By forming a team, you and your friends can earn up to 1.2x points boost.
    * We’ve also launched the Treasure Boost campaign for Hyperliquid, GMX, and Drift users. Eligible users can receive either a 1.1x Rh boost and/or 100 bonus USD.
* New listings to Aster Perpetual
  * LUNA2, GAS, RUNE, INJ, ZIL, NEAR, CAKE, SEI, CHZ, AAVE, FIL, KAVA, LTC, OPU, APE, 1INCH, WLD, ADA, LRC, BCH, XLM, AVAX, ARB, DOT, EOS, ATOM, CRV, APT, FET, UNI, DYDX, 1000FLOKI, 1000BONK
* New [Market Data](https://www.asterdex.com/en/futures/futures-info/real-time-funding-rate) and [Trading Limits & Conditions](https://www.asterdex.com/en/futures/trading-rules/leverage-and-margin) pages
* Aster Perpetual improvements
  * **New features**
    * Arbitrum network is now supported
    * You can now set Take Profit and Stop Loss based on the percentage of your position’s profit or loss
    * Added a button to close all positions in one click
    * Added a Margin column to the Positions tab
  * **UI/UX enhancements**
    * Added cryptocurrency logos to the Markets dropdown menu
    * Improved order size percentage selection
  * Other improvements and bug fixes
* Several UX improvements to Aster's mobile web version

**Week starting 31/3/2025**

* Astherus & APX have evolved into Aster – the next-gen perp DEX for all traders. [Learn more](https://x.com/AstherusHub/status/1906615608306758074)
* Improvements to the Account section on the trading screen and the drop-down menu after you connect a wallet
* Improved the [API management](https://www.asterdex.com/en/api-management) page
* Several UX improvements to the mobile web version of the app
* Other improvements and bug fixes


# Perpetuals

[**Aster Perpetuals**](https://www.asterdex.com/en/trade/pro/futures/BTCUSDT)**,** or simply Perps, is Aster’s decentralized perpetual contracts product and the core of our platform. It's designed to give traders greater control, deeper functionality, and a full suite of tools for advanced strategies. Perps are available on all supported chains on Aster.

This section covers everything you need to trade perps effectively — including trading mechanics, margin systems, risk management tools, and more.

This section covers everything you need to use Pro effectively – including trading mechanics, margin systems, risk management tools, and more.

#### **Key Features**

* Multi-asset mode: Trade using a variety of cryptocurrencies as margin
* Lower-than-CEX fees: 0.01% maker fee, 0.035% taker fee

<figure><img src="/files/TxcT6xZFwpl8nigczV0j" alt=""><figcaption><p>Aster Pro mode</p></figcaption></figure>


# Fees & Specs


# Mark Price

On Aster Perps, the Mark Price serves as a reference price for calculating a trader's unrealized profit and loss (PnL) and for triggering liquidations. Its primary purpose is to prevent unnecessary forced liquidations during periods of abnormal market volatility and to ensure fair, accurate pricing for perpetual contracts. Unlike the last traded price — which can be affected by sudden swings or manipulation — the Mark Price provides a more stable and reliable benchmark.

### **Price Index**

The Price Index is a weighted average of prices from major spot exchanges such as Binance, HTX, Kraken, and other key markets. Exchanges with higher trading volume carry greater weight in the index. This index represents the "fair value" of an asset's spot price and is the primary component used to calculate the Mark Price.

**Example:** For BTC perpetual contracts, the index might include BTC/USDT prices from Binance, Kraken, and Huobi, weighted by trading volume, to reflect the fair spot price of BTC.

### **How the Mark Price is Calculated**

The Mark Price is determined by taking the median of three prices:

* Price 1: Price index × (1 + Funding rate × (Time to next funding rate in hours ÷ 8))
* Price 2: Price index + 5-minute moving average of (Bid 1 + Ask 1) ÷ 2 − Price index
* Contract Price: The current contract price

The 5-minute moving average is sampled every minute over a 5-minute interval:

Moving average = Average of ((bid 1 + ask 1) ÷ 2 − Price index)

The Mark Price is the median of Price 1, Price 2, and the Contract Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is selected as the Mark Price.

### **Protective Measures During Abnormal Market Conditions**

* Single exchange deviation: If a price from one exchange deviates more than 5% from the median of all sources, that exchange's weight is set to zero.
* Multiple exchange deviations: If multiple exchanges show deviations above 5%, the median of all sources is used as the index value instead of the weighted average.
* Exchange connectivity issues: If an exchange fails to update its price feed within 3 seconds, it is removed from the price index calculation.
* Last trade price protection: If the latest contract trade deviates more than 5% from the Mark Price and no new trade occurs within 5 seconds, the Contract Price is replaced with the current Mark Price in calculations.

### **Why the Mark Price Matters**

* Unrealized PnL: Determines the unrealized PnL for open positions.
* Liquidation reference: Prevents unfair liquidation due to sudden spikes in contract prices.
* Funding calculations: Influences funding payments between long and short positions.

### **FAQs**

#### **What is the difference between Mark Price and Last Price?**

The Mark Price is a reference used to calculate unrealized PnL and trigger liquidations; it's designed to prevent unfair forced liquidations. The Last Price is the most recent trade price on the contract and can fluctuate more quickly during high volatility.

#### **How is the Price Index calculated?**

It's a weighted average of spot prices from major exchanges. Exchanges with higher trading volumes carry more weight and represent the fair market value of the asset.

#### **Why does Aster use the median of three prices to determine Mark Price?**

Using the median smooths out sudden spikes or drops, reducing unnecessary liquidations.

#### **What protective measures exist if market conditions are abnormal?**

* If one or more exchanges deviate significantly (>5%) from the median, their influence is reduced or removed.
* If trade prices stray far from the Mark Price with no updates, the system replaces the contract price with the Mark Price in calculations.
* Exchanges with delayed feeds are temporarily excluded from the Price Index.

#### **Can the Mark Price differ from the actual market price?**

Yes. During high volatility or abnormal conditions, the Mark Price may deviate from the Last Price.

#### **How does Mark Price affect liquidations?**

The Mark Price acts as a reference price to calculate a trader’s unrealized profit and loss (PnL) and to trigger liquidations.

#### **Is the Mark Price used for funding payments?**

Yes. Funding payments between long and short positions are calculated using the Mark Price to maintain fairness.


# Mark price

For Pro mode (orderbook perpetual contracts)

### **Overview**

On [Aster Pro](https://www.asterdex.com/en/futures/v1/BTCUSDT), the **mark price** serves as a reference price to calculate traders' unrealized profit and loss (PnL). It helps reduce unnecessary forced [liquidations](https://docs.asterdex.com/product/asterex-pro/liquidations) during periods of abnormal market volatility, ensuring fair and accurate pricing of perpetual contracts.​

### **Price index**

The **price index** is a weighted average derived from major spot markets such as Binance, Huobi, and Kraken. Markets with higher trading volumes have a greater influence on the index value. This index represents the fair value of the asset's spot price and is used to calculate the mark price, which is crucial for determining unrealized PnL.​

### **Mark price calculation**

The mark price is determined by taking the median of three prices:​

* **Price 1**: Price index × (1 + Funding rate × (Time to next funding rate in hours ÷ 8))
* **Price 2**: Price index + 5-minute moving average
* **Contract Price**: The current contract price​

The **5-minute moving average** is calculated by sampling every minute over a 5-minute interval:​

Moving average = Average of ((bid 1 + ask 1) ÷ 2 − Price index)​

The **mark price** is the median of Price 1, Price 2, and the Contract Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is selected as the Mark Price.​

### **Handling abnormal market conditions**

In cases of significant deviations between price sources or abnormal market conditions causing large differences between the spot price and the mark price, Aster Pro may implement precautionary measures:​

* **Single price source deviation**: If the last price from a particular exchange deviates more than 5% from the median price of all sources, that exchange's price weight is set to zero.
* **Multiple price source deviations**: If more than one exchange shows a deviation greater than 5%, the median price of all sources is used as the index value instead of the weighted average.
* **Exchange connectivity issues:** If any exchange fails to update its price feed within 3 seconds, that source is removed from the price index calculation. This prevents outdated prices from influencing the mark price.
* **Last trade price protection:** If the latest trade price deviates more than 5% from the mark price and no new trade occurs within 5 seconds, the contract price is replaced with the current mark price in the mark price calculation. This prevents the system from using stale or potentially manipulated trade prices in liquidation-related processes.


# Liquidations

For Pro mode (orderbook perpetual contracts)

### Understanding liquidation mechanics

In [Aster Pro](https://www.asterdex.com/en/futures/v1/BTCUSDT), liquidations are designed to protect both traders and the platform during periods of high volatility. Aster uses both the **last price** and the [**mark price**](https://docs.asterdex.com/product/asterex-pro/mark-price) to manage liquidation processes effectively:

* **Last price**: This is the most recent transaction price of a contract and is used to calculate realized profit and loss (PnL).​
* **Mark price**: Calculated based on a combination of funding data and a basket of prices from multiple spot exchanges, the mark price is used to determine unrealized PnL and trigger liquidations.​

Risk and leverage are adjusted based on exposure; larger positions require higher margin and offer lower leverage.​

### When liquidation occurs

A forced liquidation is triggered when:​

**Margin = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance margin**​

To avoid liquidation (i.e., when the risk ratio hits 100%), it's recommended to maintain a margin ratio below 80% by adding sufficient margin or reducing the position size.​

### Forced liquidation price

Forced liquidation occurs when the mark price reaches the liquidation price. Monitoring both the mark price and your liquidation price is crucial to prevent unwanted liquidations.​

In **cross margin** mode with hedge trading, both long and short positions of the same contract share the same liquidation price. In **isolated margin** mode, long and short positions have different liquidation prices based on the margin allocated to each.​

A built-in future calculator to compute liquidation prices is coming soon.​

### Forced liquidation process

When your margin falls below the maintenance requirement, the system initiates forced liquidation to limit further losses and protect the platform.

#### What happens during liquidation:

* All open orders on your account are immediately canceled.
* A single large [**Immediate-or-Cancel (IOC)** order](https://docs.asterdex.com/product/asterex-pro/order-types#time-in-force-tif-options) is submitted to reduce your position size. The system attempts to fill as much as possible and cancel the rest.
* If your margin is sufficient after this step—accounting for realized losses and liquidation fees—liquidation stops.
* If not, your remaining position is closed at the **bankruptcy price**, and the position is handed over to the **insurance fund**. Your account is then marked as **bankrupt**.

If your wallet balance becomes negative at this point, the insurance fund covers the loss and pays any outstanding fees. Any remaining assets (if applicable) are also allocated to the insurance fund.

Additional notes:

* Different liquidation protocols may apply depending on your position’s size and risk level, helping to minimize the chance of full liquidation.
* It’s advisable to close positions manually before approaching the maintenance margin threshold to avoid forced liquidation fees.
* Smaller positions are generally more likely to be fully liquidated, as they have less margin buffer and may not qualify for partial liquidation. Larger positions benefit from margin tiering, which allows for more gradual risk reduction.

### Liquidation settlement and negative balance handling

#### Automatic negative balance settlement

If your account ends up with a **negative balance after liquidation**, Aster may use funds from the **insurance fund** to cover the loss — but only under specific conditions.

To qualify for **automatic settlement**, all of the following must apply:

* The negative balance is in a **USDT perpetuals** account.
* The account has **no open positions** (cross or isolated margin).
* The negative balance is **no greater than 5,000 USDT**.
* **No funds have been transferred** into the account after liquidation to offset the loss.

If you meet these conditions, the settlement will be handled automatically. If not, please contact us via [Discord](https://discord.gg/invite/asterdefi) for further assistance.

#### Liquidation settlement fee

When your position is liquidated, a portion of the **liquidation fee** is allocated to the insurance fund. This appears in your transaction history as an **“Insurance Clearance Fee”**.

You can find more details on fee tiers in the Trading Rules page.

Additional notes:

* Bankruptcy prices may fall outside the contract’s current market range.
* Due to latency or syncing issues, some numerical values may update without notice.<br>


# Liquidations

### **Understanding Liquidation Mechanics**

Liquidation occurs when your account's margin balance is insufficient to cover the required maintenance margin for your open positions. When this happens, the system automatically closes your position to prevent your balance from going negative.

A forced liquidation is triggered when:

Margin = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance margin​

To avoid liquidation (i.e., when the risk ratio hits 100%), it's recommended to keep your margin ratio below 80% by adding sufficient margin or reducing your position size.

### **How Liquidation Price is Determined**

Forced liquidation occurs when the Mark Price reaches the liquidation price. Aster uses the Mark Price to keep liquidations fair and minimize the impact of price manipulation.

* In cross margin mode with hedge trading, both long and short positions of the same contract share the same liquidation price.
* In isolated margin mode, long and short positions have separate liquidation prices based on the margin allocated to each.

### **What is Maintenance Margin?**

Maintenance Margin is the minimum amount of margin required to keep a position open. Different positions have different maintenance margin requirements. If your account margin ratio falls below the maintenance margin requirement, liquidation is triggered.

### **The Liquidation Process**

When your account margin falls below the required maintenance level, Aster initiates a forced liquidation using a staged, priority-driven process that attempts to avoid full liquidation where possible.

**Step 1: Cancel open orders**\
All open orders tied to the affected account are immediately canceled to prevent new orders from affecting the liquidation flow.

**Step 2: Attempt position close with an IOC order**\
The system issues one large [Immediate-or-Cancel (IOC) order](https://docs.asterdex.com/product/asterex-pro/order-types#time-in-force-tif-options).\
The IOC fills as much as the market allows, and any unfilled portion is canceled. This step attempts to reduce the position size and eliminate the margin deficit without fully closing the position.\
\
**Step 3: Recheck margin**\
After the IOC executes, the engine recalculates your available margin accounting for realized losses and the liquidation fee. If the remaining assets meet the maintenance requirement, liquidation stops and your remaining position stays open.\
\
**Step 4: Bankruptcy and insurance fund takeover**\
If the IOC cannot fully eliminate the deficit, the leftover portion becomes a bankrupt position. That portion is closed at the bankruptcy price and transferred to the Insurance Fund, which covers losses arising from the bankrupt position to the extent possible.

**Step 5: Negative balance handling**\
If closing the bankrupt position still leaves the trader's balance negative, the insurance fund covers the shortfall if possible. If the insurance fund cannot fully cover losses, the system may trigger Auto-Deleveraging (ADL), in which profitable opposing positions are reduced to make up the deficit.

To avoid liquidation (i.e. when the risk ratio hits 100%), it's recommended to keep your margin ratio below 80% by adding sufficient margin or reducing your position size.

#### **Additional notes**

* **Smart Liquidation principle**\
  The protocol uses a smart liquidation approach that prioritizes partial close via the IOC to avoid a full forced close when possible.
* **Bankruptcy price**\
  The bankrupt portion is closed at the bankruptcy price, which is the protocol price used to finalize the bankrupt position. Profits or remaining assets from handling bankrupt positions are retained by the insurance fund.
* **Position size and margin tiering**\
  Smaller positions often have less buffer and are more likely to be liquidated fully. Larger positions may receive more gradual, tiered liquidation treatment that helps avoid immediate full liquidation.
* **Fees and recommendations**\
  Liquidation involves realized loss plus a liquidation fee. To avoid forced liquidation and fees, close positions manually before you approach the maintenance margin threshold, reduce leverage, or add collateral.

### **Liquidation Settlement and Negative Balance Handling**

If your account ends up with a negative balance after liquidation, Aster may use funds from the insurance fund to cover the loss, but only under specific conditions.

To qualify for automatic settlement, all of the following must apply:

* The negative balance is in a USDT perpetual account.
* The account has no open positions (cross or isolated margin).
* The negative balance  does not exceed 5,000 USDT.
* No funds have been transferred into the account after liquidation to offset the loss.

### **Why the Liquidation Price Keep Changing**

The liquidation price is dynamic because it depends on your position and margin, any change in your total account equity will adjust the liquidation threshold automatically. You can refer to some key factors below:

* Funding payments
* Collateral value fluctuations
* New positions opened or closed
* Cross margin effects

### **Liquidation Fee**

When your position is liquidated, a portion of the liquidation fee is allocated to the insurance fund (shown in your transaction history as "Insurance clear"). The fee is calculated based on the applicable liquidation fee rate and the notional value of the liquidated position.

Aster strongly encourages traders to manage leverage and margin carefully in order to avoid forced liquidation. In periods of extreme volatility, the insurance fund may be required to take over liquidation positions directly. When this happens, the takeover is executed at the bankruptcy price, which can be less favorable than the normal liquidation price and may result in greater loss for the trader.

#### **Additional notes:**

* Bankruptcy prices may fall outside the contract’s current market range.
* Due to latency or syncing issues, some numerical values may update without notice.

### **How Cross Margin Affects Liquidation**

Aster uses cross margin by default. This means all your collateral and unrealized PnL from other positions help support your open trades.

This can reduce the chance of liquidation, but it also means all positions share the same risk pool.

### **Does Leverage Directly Affect Liquidation Risk?**

Yes. Higher leverage means a smaller buffer between your entry price and your liquidation price.

For example, a 50x position is much more likely to be liquidated than a 5x position because the room for price movement is very small.

### **What Happens to my Collateral After Liquidation?**

After your position is forcibly closed:

* The system uses your collateral to cover losses
* Any remaining collateral stays in your account

If losses exceed collateral, insurance funds or protocol buffers cover the difference.

### **How to Reduce Liquidation Risk**

* Use lower leverage
* Add more collateral
* Set a stop loss
* Monitor funding fees
* Avoid oversized positions
* Close positions before high-volatility events


# Auto-Deleveraging (ADL)

Auto-Deleveraging (ADL) is a risk management mechanism that activates during extreme market conditions, used only when other protective systems — like liquidation and the insurance fund — cannot cover losses in time.

### **How ADL Works**

When a position is liquidated but the execution price is worse than the bankruptcy price, the system absorbs the remaining loss. However, if the liquidation can't be completed before the Mark Price hits the bankruptcy price, ADL is triggered. This forcibly reduces the size of opposite-side positions held by other traders, starting with those who are most profitable and most highly leveraged.

### **How ADL Priority is Determined**

The system uses a ranking based on a trader's profit and leverage:

PNL Percentage = Unrealized Profit/abs (Position Notional)

Effective Leverage = abs(Position Notional) / (Account Balance + Unrealized Profit)

If PNL Percentage ≥ 0, then ranking = PNL Percentage \* Effective Leverage

If PNL Percentage < 0, then ranking = PNL Percentage / Effective Leverage

Leverage PNL Quantile = rank (user.ranking) / Total User Count

The higher your leverage PnL quantile, the higher your ADL risk.

### **ADL Risk Indicator**

The LeveragePnLQuantile bar shows your risk of being auto-deleveraged:

* 4 bars = high ADL risk
* Fewer bars = lower ADL risk

In Aster Pro, the LeveragePnLQuantile bar shows your risk of being auto-deleveraged:

* 4 bars = high ADL risk
* Fewer bars = lower ADL risk

<figure><img src="/files/AbHxjZ8HZ3j5EIy0FS6M" alt=""><figcaption><p>This position is showing 1 of 4 bars - there is a low ADL risk</p></figcaption></figure>

### **How to Reduce ADL Risk**

* Lower your leverage
* Close and reopen your position to reset your priority in the ADL queue

### **What Happens If You're ADL'd**

Your position is partially or fully reduced without warning. You can re-enter the market at any time afterward.

#### Additional notes

* The bankruptcy price might fall outside the current trading range, making it harder to fully close your position before losses exceed your margin
* ADL mostly affects traders with high leverage and large unrealized profits


# Fees

### **Fee Rates for USDT-Perpetual Contracts**

**Maker Fee:** 0%

A Maker order is one that adds liquidity to the order book. When you place a Maker order, you choose a price above or below the current market price, and your order is not filled immediately. Instead, it sits on the order book, waiting for another trader to match and fill it. You’re essentially making the market by placing an order that helps set available prices for others to trade.

**Taker Fee:** 0.04%

A Taker order is one that removes liquidity from the order book. When you place a Taker order, you’re trading immediately against an existing Maker order at the current available price. You're *taking* liquidity by accepting someone else’s open order.

### **Fee rates for USD1-Perpetual Contracts**

**Maker fee**: 0%

**Taker fee**: 0.005%

### **Fee rates for Stock Perpetual Contracts**

**Maker fee**: 0%

**Taker fee**: 0.009%

### **Pay Fees with $ASTER and Save 5%**

Save 5% on perp trading fees by paying with $ASTER. Simply deposit $ASTER into your perp wallet and it will automatically be used to cover fees. You can also transfer $ASTER from your spot account to your perpetual account to apply the discount.

### **How Fees are Calculated**

In Aster Perps, transaction fees are based on the **nominal value** of your order — that is, the total value of the position you're opening or closing.

**Formula:**

* **Transaction fee** = Nominal value × Fee rate
* **Nominal value** = Number of contracts × Transaction price
  * **Number of contracts**: Each contract typically represents a unit of the base asset — for example, 1 BTC in BTCUSDT contracts. So if you're trading 0.1 BTC, that’s 0.1 contracts.
  * **Transaction price**: The price at which the trade happens (e.g. $80,000 for 1 BTC).

#### **Example 1: Market buy (Taker order)**

You place a **market order** to buy **0.1 BTC** at **$80,000**.

* **Nominal value** = 0.1 × 80,000 = 8,000
* **Transaction fee** = 8,000 × 0.04% = 3.20 **USDT**

#### **Example 2: Limit sell (Maker order)**

Later, you place a **limit sell order** at **$85,000**.

* **Nominal value** = 0.1 × 85,000 = 8,500
* **Transaction fee** = 8,500 × 0 = **0 USDT**


# Funding Rate

### What is the Funding Rate?

In perpetual futures contracts, the funding rate is a periodic payment exchanged between traders holding long and short positions. This mechanism keeps the contract price close to the underlying spot price.

* **Positive funding rate:** The contract price is above the Mark Price — long traders pay short traders.
* **Negative funding rate:** The contract price is below the Mark Price — short traders pay long traders.

**Note:** There is a 15-second deviation between the actual time and when the funding fee is charged. For example, if you open a position at 16:00:05 UTC, you may still be charged a funding fee for that interval. Pay attention to your exact entry time.

### **Funding Rate Formula**

Funding Rate (F)= \[Average Premium Index (P) + clamp (interest rate - Premium Index (P), 0.05%, -0.05%) ] / (8/N)

Where  interest rate = 0.01%, except BNBUSDT perpetual contract, for which the interest rate is set to 0%.

N = funding interval

**Example (ASTERUSDT at 4-hour funding interval)**

Funding Rate (F)

\= \[Average Premium Index (P) + clamp (interest rate - Premium Index (P), 0.05%, -0.05%) ]/ (8/4)

\= \[Average Premium Index (P) + clamp (0.01% - Premium Index (P), 0.05%, -0.05%) ] / 2

In the event of extreme market volatility, Aster reserves the right to adjust the funding rate floor, cap, and the funding interval for perpetual contracts, which may differ from the default 8-hour interval.

For the latest funding rates and intervals, please visit our real-time funding rate and funding rate history pages.

Please be aware that any applicable funding fees will be deducted from your Perps Account balance. If your balance is insufficient, fees may be taken from your position margin, potentially impacting your liquidation price. It is essential to manage your positions carefully to mitigate liquidation risks.

### **Premium Index Calculation**

Premium index = \[max(0, Impact bid price − Index price) − max(0, Index price − Impact ask price)] / Index price

Where:

* Index price = Weighted average price from external spot exchanges
* Impact bid price = Average price to sell a fixed notional value using the current bid depth
* Impact ask price = Average price to buy a fixed notional value using the current ask depth

Aster calculates the premium index every 5 seconds.

For symbols of which the funding interval is greater than 1 hour.\
&#x20;Average Premium Index (P) = (1*Premium\_Index\_1 + 2*Premium\_Index\_2 + 3*Premium\_Index\_3 +···+ n*Premium\_Index\_n) / (1+2+3+···+n)

For symbols of which the funding interval is 1 hour.\
&#x20;Average Premium Index (P) = (Premium\_Index\_1 + Premium\_Index\_2 + Premium\_Index\_3 +···+ Premium\_Index\_n) / n

### **How to Calculate Impact Bid Price**

To determine the impact bid price, identify the level in the order book where the cumulative quote value exceeds the Impact Margin Notional (IMN). \
\
Impact Margin Notional (IMN) is used to determine the average impact bid or ask price in the order book. IMN represents the notional value that can be traded using Impact Margin Amount((price quote in USDT).\
\
Impact Margin Notional (IMN) = Impact Margin Amount/ Initial Margin Rate at the Maximum Leverage

\
This formula determines the size of the order book depth used to calculate the impact price, based on the margin required at the maximum leverage setting.<br>

(Note: The Impact Margin Amount is a configurable parameter and may vary instead of being fixed)

To help visualize the calculation, the following table shows how quote notional values accumulate across levels in the order book:

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcShRwPvPDsa0sKITn9DLRIkFrc7LuURl0dWTxxZbl7BdbFRvduOOvTWYSOTvZAY5tCjEtmYM9Aol5Jfa9j5uQAKJJVF_J_XUUes4ypB5E8Ed6lfWYnF-B68DCpiVsr3f-un-29Nw?key=Jqn2SG7YdgNR0qh-IRD44Q" alt=""><figcaption></figcaption></figure>

In this table:

* Quote Notional Quantity = price × quantity × contract multiplier
* Accumulated Quote Notional Quantity is the sum of quote notional values up to that level.

Once the accumulated quote notional exceeds the IMN, the corresponding level is used in the final Impact Bid (or Ask) Price formula.

If:

Contract multiplier × ∑px × qx > IMN

and

Contract multiplier × ∑px-1 × qx-1 < IMN

Then level x is used to calculate the Impact Bid Price using: Impact Bid Price = IMN / \[(IMN − Contract Multiplier × ∑px−1 × qx−1) / px + Contract Multiplier × ∑qx−1]

Where:

* px = Price at level x
* qx = Quantity at level x
* IMN = Impact margin notional (predefined value)
* Contract multiplier = Multiplier for the contract (usually 1)

### **Example Order Book (Bid-Side)**

Assume the bid-side of the order book is:

| Level | Price (px) | Quantity (qx) |
| ----- | ---------- | ------------- |
| 1     | 100        | 5             |
| 2     | 99         | 10            |
| 3     | 98         | 15            |

To calculate the Impact Bid Price, accumulate quoted value by level until it meets or exceeds the IMN (Impact Margin Notional). Then apply the formula above using the correct level data.

### **Funding Amount**

The funding amount is how much you will pay or receive based on the funding rate.

Funding amount = Position size × Mark price × Funding rate

This value is transferred between long and short traders depending on the direction of the funding rate. **Aster does not charge or receive funding** — it is a peer-to-peer transfer.


# Self-Trade Prevention

### What Is Self-Trading? <a href="#what-is-self-trading" id="what-is-self-trading"></a>

Self-trading occurs when your own buy and sell orders match against each other in the matching engine. This can happen unintentionally when you run multiple strategies at the same time.

**How self-trading affects you:**

* **Strategy disruption** — One strategy's buy order fills against another strategy's sell order. Both sides move, yet no actual entry or exit is achieved.
* **Unnecessary fee loss** — No real gain is made, but fees are still charged on both sides.
* **Unexpected position changes** — Especially on low-liquidity pairs, self-trading can cause your position to drift from its intended target.

The **Self-Trade Prevention (STP)** feature automatically handles self-trade situations according to your preset strategy, preventing the above issues.

The **STP** will apply to **futures order**. The following are all considered self-trades: orders **within the same account**, orders between a master-account and its sub-accounts, and orders between sub-accounts under the **same master account**.

### What happens when STP is triggered?

| Strategy                        | Behavior                                                                               | Best For                                                 |
| ------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------- |
| **Cancel Maker Only** (Default) | Cancels the maker order; the taker continues to match against the next available level | Prioritizing the execution of the **taker side**         |
| **Cancel Taker Only**           | Cancels **the taker order**; the **maker order remains** on the book                   | Protecting **existing maker** orders                     |
| **Cancel Both**                 | **Cancels both orders** simultaneously                                                 | Most **conservative** — eliminates self-trading entirely |

**Reminder:** Accounts default to the **Cancel Maker Only** strategy.

### FAQs

\
Q: **Does STP affect the portion of an order that has already been filled?**\
No. STP only applies to the remaining unfilled quantity at the moment it is triggered.

Q: **What happens if I don't include the stpMode parameter when placing an order via API?**\
The system will automatically apply the account's current global STP setting.

Q: **Is STP supported for FOK orders?**\
No. Orders with timeInForce set to FOK or GTX are not subject to STP.

<br>


# How to Configure STP

### **Option 1 — Global setting:**

1. Log in and go to the **Perp** trading page
2. Click the **Settings** icon in the top-right corner

<figure><img src="/files/791KQhdF8uCVypiygGVJ" alt=""><figcaption></figcaption></figure>

3. Under the "Trading" section, find **Self-Trade Prevention** and click to open

<figure><img src="/files/mP7iW2Rra5Dv6AGRQTNg" alt=""><figcaption></figcaption></figure>

4. Select your preferred strategy in the pop-up and click **Confirm**

*Changes take effect immediately after saving. Portions already filled are not affected — the selected STP strategy applies only to the remaining unfilled quantity.*

<figure><img src="/files/CfsTSOIUTR4GTeObYUX0" alt=""><figcaption></figcaption></figure>

### **Option 2 — API STP Strategy:**

* Add the `stpMode` parameter to the `POST /fapi/v3/order` endpoint
* API-level settings take priority over the global setting, but only apply to that specific order

### Specifying STP Strategy via API <a href="#specifying-stp-strategy-via-api" id="specifying-stp-strategy-via-api"></a>

Use the optional parameter `stpMode` in `POST /fapi/v3/order` to set a strategy for an individual order:

`stpMode: "EXPIRE_MAKER" // Cancel Maker Only stpMode: "EXPIRE_TAKER" // Cancel Taker Only stpMode: "EXPIRE_BOTH" // Cancel Both`

* If omitted, the account's global STP setting (`EXPIRE_MAKER`) is used automatically
* API-specified strategies take priority over the global setting, and apply to that order only

### Example: Cancel Maker Only in Action <a href="#example-cancel-maker-only-in-action" id="example-cancel-maker-only-in-action"></a>

A user runs two strategies simultaneously on the BTCUSDT perpetual contract, with STP set to **Cancel Maker Only**.

**Strategy A** places a limit sell order on the order book: sell 0.1 BTC at 69,000 USDT (maker)

**Strategy B** then places a market buy order: buy 0.1 BTC at market — the best available ask happens to be 69,000 USDT (Strategy A's order)

The matching engine detects that both orders belong to the same account and triggers STP:

`Maker sell order (69,000 limit) → Immediately cancelled, status: EXPIRE Taker buy order (market) → Continues execution, matches against the next ask on the book`

The taker order ultimately fills at 69,001 USDT or higher against another seller, and the strategy continues running as intended.


# Costs of Opening Positions

### **Cost of Opening a Limit Order**

<figure><img src="/files/DGpgETUZPkJ568s2Kyc3" alt=""><figcaption></figcaption></figure>

1. #### **Calculate the initial margin**

Initial margin

\= Notional Value / Leverage Multiplier

\= (102,990.0\*1 BTC)/20x

\= 5,149.50<br>

2. #### **Calculate open loss**

Open Loss = Number of Contracts × Absolute Value {min \[0, Order Direction × (Mark Price — Order Price)]}

Direction of order: 1 for long order; -1 for short order

**Open loss of long orders:**

\= Number of Contract \* Absolute Value {min\[0, Direction of order \* (Mark price — Order Price)]}

\= 1 \* Absolute Value {min\[0, 1 \* (102,988.4- 102,990.0)]}

\= 1 \* Absolute Value {min\[0, (-1.6)]}

\= 1 \* 1.6

\= 1.6

Open loss occurs when you place a long order.

**Open loss of short orders:**

\= Number of Contract \* Absolute Value {min\[0, Direction of order \* (Mark Price — Order Price)]}

\= 1 \* Absolute Value {min\[0, -1 \* (102,988.4- 102,990.0)]}

\= 1 \* Absolute Value {min\[0, 1.6]}

\= 1 \* 0

\= 0

Open loss does not occur when you place a short order.<br>

3. #### **Calculate the cost of opening a position**

Since there is no open loss when you place a short order, the cost of opening a short order is equal to the initial margin.

**Cost of opening a long order:**

\= 5,149.50+ 1.6

\= 5,151.1

**Cost of opening a short order:**

\= 5,149.50 + 0&#x20;

\= 5,149.50

Since placing a long order results in an open loss, it requires more margin than a short order. In addition to the initial margin, you must also take into account the open loss.

### **Cost of Opening a Market Order**

1. #### **Calculate estimated entry price**

Long order estimated entry price = ask\[0] \* (1 + 0.05%); Short order estimated entry price = max(bid\[0], mark price)<br>

**Estimated entry price of long orders:**

\= ask\[0]\*(1 + 0.05%)

\= 102,946.8\*(1 + 0.05%)

\= 102,998.27

\*\[0]：Level 1 price<br>

**Assuming price of short orders:**

\= max(bid\[0], mark price)

\= max (102,946.9, 102,941.0)

\= 102,946.9

\*\[0]：Level 1 price<br>

2. #### **Calculate the initial margin**

Initial Margin = Notional Value / Leverage Multiplier<br>

* Initial margin for long orders

\= Estimated entry price of long order \* Number of Contracts / Leverage Multiplier

\= 102,998.27 \* 1 /20

\= 5,149.9135<br>

* Initial margin for short orders

\= Estimated entry price of short order \* Number of Contracts / Leverage Multiplier

\= 102,946.9 \* 1/20

\= 5,147.345<br>

3. #### **Calculate the open loss**

Open Loss = Number of Contract \* Absolute Value {min\[0, direction of order \* (mark price — order price)]}

Direction of order: 1 for long order; -1 for short order<br>

**Open loss for long order:**

\= Number of Contract \* Absolute Value {min\[0, direction of order \* (mark price — order price)]}

\= 1 \* Absolute Value {min\[0, 1 \* (102,941.0–102,998.27)]}

\= 1 \* Absolute Value {min\[0, -57.27]}

\= 1 \* 57.27

\= 57.27

An open loss occurs when you place a long order.<br>

**Open loss for short order:**

\= Number of Contract \* Absolute Value {min\[0, direction of order \* (mark price — order price)]}

\= 1 \* Absolute Value {min\[0, -1 \* (102,941.0–102,946.9)]}

\= 1 \* Absolute Value {min\[0, 5.9]}

\= 1 \* 0

\= 0

An open loss does not occur when you place a short order.<br>

4. #### **Cost of Opening a Position**

Since open loss occurs when you place a long order, it costs more to place a long order. In addition to the initial margin, you must also take into account the open loss.

**Cost of opening a long order:**

\= 5,149.9135+57.27

\= 5,207.1835<br>

**Cost of opening a short order:**

\= 5,147.345+0

\= 5,147.345

Since there is no open loss when you place a short order, the cost of opening a short order is equal to the initial margin.


# Margin

Margin trading on Aster Perps lets you amplify your positions by using leverage, allowing you to trade with more size than your actual balance.

### **Leverage**

Leverage lets you open a larger position with a smaller amount of collateral. For example, with 10× leverage, a $100 margin allows you to open a $1,000 position.

You can set your desired leverage using the slider or input field in the trading panel. Each asset has its own maximum leverage limit.

The initial margin required to open a position is calculated as:

(Position size × Mark price) / Leverage

Leverage lets you open a larger position with a smaller amount of collateral. For example, with 10× leverage, a $100 margin allows you to open a $1,000 position.

You can set your desired leverage using the slider or input field in the trading panel. Each asset has its own maximum leverage limit.

The initial margin required to open a position is calculated as:

(Position size × Mark price) / Leverage

### **Margin Modes**

Aster supports two margin modes:

#### **Cross Margin (default)**

Your margin is shared across all open positions. Profits from one trade can offset losses in another, reducing liquidation risk – but your entire margin balance is at stake.

#### **Isolated Margin**

Margin is applied to a single position only. If the trade moves against you, only the margin tied to that position is at risk; other positions remain unaffected.

You can select the margin mode in the trading interface (Cross/Isolated) before opening a position. You cannot change the margin mode after submitting a position or placing an open order.

You can select the margin mode in the trading interface (Cross/Isolated) before opening a position. You cannot change the margin mode after submitting a position or placing an open order.

### **Monitoring Margin**

Your used margin, liquidation price, and available balance are displayed in real time in the position panel. Use these to manage risk and avoid liquidation.

Maintenance margin is the minimum amount required to keep a position open. It's based on the total size of your position rather than the leverage you select. As position size increases, higher portions fall into higher maintenance margin tiers, each with progressively higher rates.

### **Liquidation**

If your margin falls below the maintenance requirement, your position may be liquidated to prevent further losses. Keep a close eye on your margin ratio and funding rates to stay safe.


# Calculating Maximum Transfers in Cross and Isolated Margin

Pro Mode (Orderbook Trading)

When using Cross or Isolated Margin modes, the amount you can transfer in or out depends on your wallet balance, margin requirements, and unrealized PnL.

### **Cross Margin**

In Cross Margin mode, your margin balance is shared across all open positions.

**If there is no unrealized PnL:**

Maximum transferable amount = Cross wallet balance − Σ(Isolated open order initial margin) − Σ(Cross position maintenance margin)

**If there is unrealized PnL:**

Maximum transferable amount = Cross wallet balance + Σ(Cross unrealized PnL) − Σ(Cross initial margin) − Σ(Isolated open order initial margin)

**Note:** These calculations assume no gift balance or cross collateral.

### **Isolated Margin**

In Isolated Margin mode, margin is dedicated to each individual position.

**Maximum transfer-in amount for Isolated Margin:**

Maximum transfer-in amount = min (Cross wallet balance − Σ(Isolated open position initial margin) − Σ(Cross position maintenance margin), Available balance)

**Maximum transfer-out amount for Isolated Margin:**

Maximum transfer-out amount = max (0, min (Isolated wallet balance − Isolated position maintenance margin,

Isolated wallet balance + Size × (Mark price − Entry price) − Mark price × Abs(Size) × Initial margin rate))

**Note:** Transferring margin out reduces the buffer protecting your position. Removing too much margin can increase your risk of liquidation.


# Single-Asset Mode & Multi-Asset Mode

Aster Perps offers two collateral modes to support different trading strategies.

#### **Single-Asset Mode**

* **Collateral:** USDT only.
* **Margin allocation:** Managed separately for each position.
* **Risk management:** Each position is isolated — losses in one do not affect others.
* **PnL:** Calculated individually per position.

#### **Multi-Asset Mode**

* **Collateral:** Supports a variety of cryptocurrencies, including restaked tokens.
* **Margin allocation:** Shared across all open positions, enabling more capital-efficient trading.
* **Risk management:** Risk is evaluated across your entire portfolio, not position by position.
* **PnL:** Gains and losses are netted across all open positions.
* **Automatic balance management:** If the balance of a specific asset falls below a required threshold, the system automatically converts other assets in your wallet into the one needed (e.g., converting ETH to USDT). This is handled internally by the matching engine at no additional commission.
* **Efficient capital allocation:** Your margin is shared across positions, so you can use it more flexibly.
* **Profitable offset:** Gains from winning positions can offset losses from others in real time.
* **Simplified monitoring:** Your margin balance reflects net PnL, giving a clear view of your overall exposure.

### **Collateral Value Ratios**

Aster offers two collateral modes to support different trading strategies.

### **Single-Asset Mode**

* **Collateral:** USDT only.
* **Margin allocation:** Managed separately for each position.
* **Risk management:** Each position is isolated – losses in one do not affect others.
* **PnL:** Calculated individually per position.

### **Multi-Asset Mode**

* **Collateral:** Supports a variety of cryptocurrencies, including restaked tokens.
* **Margin allocation:** Shared across all open positions, enabling more capital-efficient trading.
* **Risk management:** Risk is evaluated across your entire portfolio, not position by position.
* **PnL:** Gains and losses are netted across all open positions.
* **Automatic balance management:** If the balance of a specific asset falls below a required threshold, the system automatically converts other assets in your wallet into the one needed (e.g., converting ETH to USDT). This is handled internally by the matching engine at no additional commission.

**Note:** Multi-Asset Mode operates in cross margin only.

#### **Key Benefits of Multi-Asset Mode**

* **Efficient capital allocation:** Your margin is shared across positions, so you can use it more flexibly.
* **Profitable offset:** Gains from winning positions can offset losses from others in real time.

**Simplified monitoring:** Your margin balance reflects net PnL, giving a clear view of your overall exposure.

### Interest rate

Starting **April 9, 2026 10:00 UTC**, interest rates will apply to negative balances under Multi-Asset Mode.

Under Multi-Asset Mode, users may carry a negative balance in assets such as **USDT and USD1**. A free threshold of **–1,000 USD** applies(**USDT \&USD1 will be calculated independently**): no interest is charged as long as your negative balance stays within it.

Once your negative balance exceeds –1,000 USD, interest accrues hourly on the portion beyond the threshold:

Interest fee (hourly) = Hourly rate × (|Negative balance| − 1,000)

For example: if your balance is –2,000 USDT at a rate of **0.000457%/hr**, the hourly charge is 0.000457% × (2,000 − 1,000) = 0.00457 USDT.\
\
**Current annualized rate:** 4%

**Since interest affects your margin balance, please monitor your risk level closely.**

### **Collateral Value Ratios**

Each supported asset has a collateral value ratio that determines how much of its value counts toward your usable margin. Assets with higher risk or volatility receive a larger discount.

Each supported asset has a collateral value ratio that determines how much of its value counts toward your usable margin. Assets with higher risk or volatility receive a larger discount.

**Aster Perps (BNB Chain):**

| Asset    | Collateral value ratio |
| -------- | ---------------------- |
| SlisBNB  | 90%                    |
| LisUSD   | 90%                    |
| BTC      | 95%                    |
| ETH      | 95%                    |
| USDT     | 99.99%                 |
| WBETH    | 90%                    |
| BNB      | 95%                    |
| Stone    | 90%                    |
| LISTA    | 10%                    |
| USD1     | 99%                    |
| USDF     | 99.99%                 |
| Cake     | 30%                    |
| asBNB    | 95%                    |
| BonusUSD | 99.99%                 |
| TWT      | 10%                    |
| ASTER    | 80%                    |
| TSLAB    | 90%                    |
| CRCLB    | 90%                    |
| SNDKB    | 90%                    |
| NVDAB    | 90%                    |

**Aster Perps (Ethereum)：**

| Asset | Collateral value ratio |
| ----- | ---------------------- |
| BTC   | 95%                    |
| ETH   | 95%                    |
| USDT  | 99.99%                 |
| USD1  | 99%                    |
| RSETH | 90%                    |
| USDC  | 99.99%                 |

**Aster Perps (Arbitrum)：**

| Asset  | Collateral value ratio |
| ------ | ---------------------- |
| USDT   | 99.99%                 |
| ETH    | 95%                    |
| USDC   | 99.99%                 |
| USDC.e | 99.99%                 |

**Aster Perps (Solana)：**

| Asset | Collateral value ratio |
| ----- | ---------------------- |
| USDT  | 99.99%                 |
| ETH   | 95%                    |
| USDC  | 99.99%                 |
| JLP   | 90%                    |
| SOL   | 90%                    |


# Order Types

[Aster Perps](https://www.asterdex.com/en/futures/v1/BTCUSDT) supports several order types to give traders precise control over how and when their trades are executed.

<figure><img src="/files/VwNas1wltIfOUL2LbkuH" alt="" width="127"><figcaption><p>Aster Pro's order tab</p></figcaption></figure>

### **Order Types**

#### **1. Market Order**

A market order is an instruction to buy or sell immediately at the best available price. It prioritizes speed over exact price. Use market orders when you want to enter or exit a position quickly and are comfortable with potential slippage.

#### **2. Limit Order**

A limit order lets you set the exact price at which you want to buy or sell. The order only executes if the market reaches your chosen price, giving you full price control.

**Example:** BTC is trading at 62,000 USDT. If you want to buy only if the price dips, you can place a limit buy at 61,800. The order will sit on the order book and only execute if the market reaches that level.

#### **3. Stop Limit Order**

A stop limit order combines two prices: a stop price and a limit price. When the stop price is reached, the system places a limit order at your specified limit price. This gives more control than a stop market order because execution is based on a limit price.

**Example:** You hold a long BTC position at 62,000 and want to protect against a drop. You set a stop price at 61,500 and a limit price at 61,480. If BTC falls to 61,500, a limit sell at 61,480 is placed. If the market falls too fast and never trades at 61,480, the order may remain unfilled.

#### **4. Stop Market Order**

A stop market order converts into a market order once the stop price is reached. It prioritizes guaranteed execution, though the final fill price may differ from the stop price due to market volatility.

**Example:** You're long BTC from 62,000 and want to cut losses if it breaks support. You set a stop market at 61,500. If BTC drops to 61,500, a market sell is triggered at the best available price — which may be 61,490 or 61,470 depending on conditions.

#### **5. Trailing Stop order**

A trailing stop order sets a stop price that follows the market as it moves in your favor. If the price reverses by a set percentage, a market order is triggered. For more details, refer to : [Trailing Stop Order](https://docs.asterdex.com/product/aster-perpetuals/order-types/trailing-stop-order)

#### **6. Post Only Order**

A post only order ensures your limit order is added to the order book as a maker order. If your order would immediately match an existing order, it will be rejected. This is useful when you want to avoid taker fees.

**Example:** BTC is at 62,000. You place a post only limit sell at 62,001. If that price is already matched by a buyer, the platform rejects your order because it would execute immediately. If the best bid is 62,000, your order is posted as a maker order at 62,001.

***

### **Order modifiers**

#### **TP/SL (Take Profit / Stop Loss)**

TP and SL let you set automatic exit levels when opening a position.

* **Take Profit (TP):** Closes your position once the market reaches your target profit level, securing gains without manual monitoring.
* **Stop Loss (SL):** Closes your position if the price moves against you, limiting losses and managing risk.

Aster gives you two price references for TP/SL:

* **Mark price:** The fair price used for liquidation checks. TP/SL based on mark price tends to be more stable during volatility.
* **Last price:** The latest traded price on the order book. TP/SL based on last price reacts more quickly but can be triggered by wicks or sudden spikes.

#### **Reduce Only**

A Reduce Only order guarantees that your order will never open or increase a position — it can only reduce or fully close an existing one.

Use this when:

* You want to close part of a position without accidentally flipping direction.
* You are setting TP or SL and want them to act as exits only.
* You want to avoid accidentally adding to a position when intending to scale out.

#### **BBO (Best Bid/Offer)**

A BBO order places a limit order at the best bid or ask price. For a buy order, BBO sets the price at the lowest current ask; for a sell order, it sets the price at the highest bid.

If using Post Only mode, the order will only be placed if it adds liquidity. Due to market fluctuations, the order may fail to place if the market moves before it's confirmed.

Different BBO options such as \[Counterparty 1] and \[Queue 1] adjust the order price based on the market side and position (best or fifth-best price).

### **Time-in-Force (TIF) Options**

Time-in-Force settings control how long your order remains active and under what conditions it should be canceled.

**GTC (Good Till Cancelled):** The order stays open until filled or manually canceled. Default for most limit orders.

**IOC (Immediate or Cancel):** Fills immediately at the available quantity; any unfilled portion is canceled.

Example: You place a limit order for 1 BTC and only 0.6 BTC is available at your price. The system fills 0.6 BTC and cancels the remaining 0.4 BTC.

**FOK (Fill or Kill):** The entire order must fill immediately; if it can't, the whole order is canceled.

Example: You place a limit order for 1 BTC and only 0.9 BTC is available. The entire order is canceled — nothing is filled.


# Hidden Order & Hidden Position

A hidden order is a type of order that allows traders to place a limit order without revealing any information about its size or presence to the public order book. This privacy extends to the resulting position, which is not surfaced in public data feeds after execution.

Positions opened via hidden orders benefit from an additional layer of protection — Hidden Position. These positions are excluded from all public data and portfolio analytics, keeping your capital strategy and trade intentions fully private. Neither position size, direction, nor PnL is visible to outside observers, giving you maximum discretion in fast-moving markets<br>

Unlike visible orders, hidden orders are completely concealed from other market participants throughout their lifecycle, ensuring privacy and discretion. They operate within the existing order book, sharing liquidity with other orders, which helps maintain tight spreads and efficient price discovery. Matching, margin, and liquidation operate on the full position size.

For example, a trader might place a hidden buy order for BTC at $500,000. Nothing appears on the order book about this order. When another trader sells into it, the order is filled and the resulting position is held in the trader's account, visible in full to the trader but not surfaced in public data feeds.

### Differences Between Hidden Orders and Normal Orders

| Item                | Normal Order | Hidden Order                |
| ------------------- | ------------ | --------------------------- |
| Shows on order book | Yes          | No                          |
| Price impact        | No           | Minimal market price impact |

### Hidden Orders Compared to Similar Order Types

| Item                                     | Hidden Order                          | Iceberg Order          | Dark Pools |
| ---------------------------------------- | ------------------------------------- | ---------------------- | ---------- |
| Invisible                                | <mark style="color:green;">Yes</mark> | No (partially visible) | Yes        |
| Anonymous                                | <mark style="color:green;">Yes</mark> | Yes                    | Yes        |
| <p>Minimal market</p><p>price impact</p> | <mark style="color:green;">Yes</mark> | No                     | Yes        |
| Liquid markets                           | <mark style="color:green;">Yes</mark> | Yes                    | No         |

Traders utilize hidden orders to achieve **stealth execution**, **reduce market impact**, and access **deep liquidity** without revealing their trading intentions. In fast-paced, highly leveraged markets like crypto perpetual futures, they offer a strategic advantage by enabling smooth and discreet trading.&#x20;

Unlike dark pools, which fragment liquidity, or iceberg orders, which partially reveal intent, hidden orders provide full anonymity while still allowing traders to tap into the liquidity available in the public order book.

### Tutorial: How to place a Hidden Order on Aster Pro

1. After connecting your wallet to [Aster Perps](https://www.asterdex.com/en/futures/v1/BTCUSDT), select your preferred contract, leverage, and order amount. Click the check box \[Hidden Order]. Hidden orders are automatically limit orders.

<figure><img src="/files/Q5YGvH9hJjFkAHXK2xWj" alt=""><figcaption></figcaption></figure>

2. Your order will appear under \[Open orders] but will not appear in the public order book. You can differentiate a hidden order from a normal order via the not-visible icon.&#x20;

<figure><img src="/files/OJzagVrrzKryDDFJTGlb" alt=""><figcaption></figcaption></figure>

3. Once executed, your trade will be reflected under \[Positions] in your account. The resulting position remains private to your account.

<figure><img src="/files/IZRFF5oM5m3jhlVG1Oij" alt=""><figcaption></figcaption></figure>


# Trailing Stop Order

A Trailing Stop Order is a smart type of stop order that adjusts itself automatically as the market moves in your favor. Instead of using a fixed stop-loss, you can let the system track the price and move the stop level along with the trend. This helps you protect profits without manually updating your stop every time the price changes.

Rather than choosing a specific stop price, you set a callback rate. The callback rate is a percentage that determines how far the market must reverse before the stop triggers. As long as the market continues to move in your favor, the trailing stop keeps updating and follows the price. Once the price reverses by the callback rate, the trailing stop activates and sends a market order to close your position.

### **How it Works**

Callback rate:\
The key setting. It is the percentage distance the price must reverse from the highest or lowest point reached after your trailing stop is placed.

For example, if you use a 2% callback rate, the trailing stop price will always remain 2% behind the most favorable price reached.\
• For long positions, it stays below the highest price.\
• For short positions, it stays above the lowest price.

Once the reversal equals the callback rate, the trailing stop triggers a market order.

### **How it Behaves for Long and Short Positions**

**Long positions:**\
• The stop price moves upward when BTC rises.\
• The stop price never moves downward.\
• If BTC pulls back by the callback rate, your trailing stop triggers a market sell order to close the position.

**Short positions:**\
• The stop price moves downward when BTC falls.\
• The stop price never moves upward.\
• If BTC rebounds by the callback rate, your trailing stop triggers a market buy order to close the short.

#### **Example 1: Long position on BTC**

• Entry price: 95,000\
• Callback rate: 2%

You place a trailing stop after entering long.

1. BTC rises from 95,000 to 100,000.
2. The system tracks the new peak.
3. The trailing stop price is updated to 98,000 because this is 2%below the recent high.
4. If BTC continues rising, the trailing stop keeps moving upward.
5. If BTC drops from 100,000 to 98,000, the price has reversed by the full 2%, so the trailing stop triggers a market sell order.
6. Your long position closes, locking in profit automatically.

This helps you stay in the uptrend while still protecting gains if momentum shifts.

#### **Example 2: Short position on BTC**

• Entry price: 105,000\
• Callback rate: 2%

You place a trailing stop after entering short.

1. BTC falls from 105,000 to 100,000.
2. The system records 100,000 as the lowest price since the short was opened.
3. The trailing stop adjusts to 102,000, which is 2 percent above the recent low.
4. If BTC continues falling, the trailing stop follows downward.
5. If BTC rebounds from 100,000 to 102,000, the reversal hits 2 percent, so the trailing stop triggers a market buy.
6. Your short position is closed, securing profit before the price climbs further.<br>

A trailing stop is particularly useful when:\
• You want to automatically protect profits as the market moves in your favor.\
• You want your trade to continue running without constantly adjusting your stop price.\
• You prefer a more dynamic exit strategy instead of a fixed stop-loss level.\
• You want to maximize gains in strong trends while still having clear protection if the trend reverses.

<br>


# Trailing Stop Order

For Pro mode (orderbook perpetual contracts)

A **Trailing Stop Order** is a type of stop order that automatically adjusts with the market when the price moves in your favor. It helps you lock in gains without having to manually update your stop.

Instead of setting a fixed stop price, you set a **callback rate** — a percentage that tells the system how far the market must reverse before your order is triggered.

When the price moves in your favor, the stop price follows it. If the price reverses by the callback rate, a **market order** is triggered to close your position.

### How it works

* **Callback rate**: The percentage used to trail the current market price.
  * Example: A 2% callback rate means the stop price stays 2% behind the highest (or lowest) price reached after the order is placed.
* **For long positions**:
  * The stop price moves up as the market rises.
  * If the price falls by the callback rate, a **market sell** is triggered.
* **For short positions**:
  * The stop price moves down as the market falls.
  * If the price rises by the callback rate, a **market buy** is triggered.

#### Example 1 (long position on BTC)

* **Entry price**: $95,000
* **Callback rate**: 2%

If BTC rises to **$100,000**, the trailing stop price moves up to **$98,000** (2% below the peak).

If the price then falls to **$98,000**, your stop triggers a **market sell**, closing the position and locking in profit.

#### Example 2 (short position on BTC)

* **Entry price**: $105,000
* **Callback rate**: 2%

If BTC falls to **$100,000**, the trailing stop moves down with it, staying 2% above — now at **$102,000**.

If the price then rebounds to **$102,000**, your stop triggers a **market buy**, closing the short position to secure profit before the price climbs further.

### When to use it

* To automatically **protect profits** when the market moves in your favor
* To **let your trade run** while still having a dynamic exit
* As a smarter alternative to fixed stop-losses


# TWAP

### **What are TWAP (Time-Weighted Average Price) orders?**

TWAP (Time-Weighted Average Price) is an algorithmic trade execution strategy that aims to achieve an average execution price close to the time-weighted average price of the user-specified period. A TWAP strategy is often used to minimize a large order’s impact on the market by dispersing the large order into smaller quantities and executing them at regular intervals over time.

TWAP is favored to provide a better execution price in the following scenarios:

* Order size larger than the available liquidity on the order book.
* Anticipation of a high price volatility period with no clear up or downward trend.

### **How to Set Up a TWAP Strategy**

* Go to Aster Perps, open **\[Order Type]**, and select **\[TWAP]**.
* Select your symbol and configure your trade details:
  * **Direction:** Buy or Sell
  * **Trade Size:** The total quantity you want to buy or sell. The strategy will aim to fill up to this target size.
  * **Total Time:** How long the strategy should run. Minimum is 1 minute, maximum is 7 days.
* Click **\[Buy/Long]** or **\[Sell/Short]** to place your order.
* Review your order details and click **\[Confirm]**.

**Note:** If you're new to TWAP, review the guidelines before creating your first strategy.

### **Margin Requirements**

Your Perpetual Account must have sufficient margin for the duration of the strategy. If any sub-order fails a margin check, the entire TWAP strategy will be terminated.

Margin checks work as follows:

* Reduce-only orders are not subject to margin checks.
* **Order Cost** = (Total Order Size × Asset Last Price) ÷ Leverage
* The order proceeds if: **Order Cost < Available for Order**

*Available for Order is the available margin for opening a position.*

### **Viewing and Managing TWAP Orders**

Running strategies are visible in the **Strategy Overview** panel under the **\[Running]** tab. From here you can monitor:

* Average filled price
* Strategy duration and status
* Total order size
* **Filled %** — the current executed amount as a percentage of your target size

To manually stop a running strategy, click **\[Stop]** in the **\[Action]** column.

Transaction details are only shown once all sub-orders are fully filled. For partially completed orders, you can view transaction quantity, average transaction price, and trading fee.

#### Notes

* TWAP supports Multi-Assets Mode.
* A maximum of 30 TWAP strategies can run simultaneously per account.
* TWAP orders do not guarantee execution. Orders are filled on a best-effort basis, subject to market liquidity and volatility. Slippage may occur depending on market conditions.

<br>


# Scaled Order

A scaled order places multiple limit orders simultaneously across a defined price range, splitting your total order size into smaller sub-orders. This is useful for managing large positions without revealing your full order volume to the market — reducing the risk that a single large order moves price against you.

Aster supports up to 110 sub-orders per scaled order.

### How It Works

When you set up a scaled order, you define a price range and an order count. The system distributes your total order size across that range according to your chosen distribution pattern. Each sub-order is placed as a separate limit order on the order book.

### Distribution Patterns

Choose how your order size is allocated across the price range:

| Pattern          | How it works                                                                                                                                                                           | When to use it                                                                    |
| ---------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------- |
| **Equal (Flat)** | Each sub-order receives the same size. Distribution is uniform across all price points.                                                                                                | When you expect price to fluctuate within the range but have no directional bias. |
| **Increasing**   | Sub-order size grows as price increases. The highest-priced order is the largest.                                                                                                      | Distributing sell orders to raise your average sell price.                        |
| **Decreasing**   | Sub-order size shrinks as price increases. The highest-priced order is the smallest.                                                                                                   | Distributing buy orders to lower your average buy price.                          |
| **Random**       | Sub-order sizes are allocated randomly across the price range within a set variance. Enter a variance % up to 10% — a 10% variance means order sizes vary randomly within a 10% range. | When you want to obscure order pattern from other market participants.            |

### Creating a Scaled Order

1. Connect your wallet to Aster and go to the Perps trading page.
2. Select **\[Scaled Order]** from the order type options and configure your parameters:

<figure><img src="/files/WnSmv3CY1Q2MVeNaZDDY" alt="" width="188"><figcaption></figcaption></figure>

* Lowest and Highest Price
* Size
* Order Count
* Size Distribution<br>

3. Review your order summary and confirm. Check that your price range, total size, and order count match your intent before submitting — once placed, the orders sit on the book at their respective price levels.

<br>

<figure><img src="/files/oUFDbkBGUxUdpolHHVrk" alt="" width="260"><figcaption></figcaption></figure>

**Note:** Scaled orders place multiple limit orders simultaneously. Ensure you have sufficient margin to support the full position size before confirming.


# Chase Order

A chase order is a limit order that automatically updates its price to follow the best bid or ask, so you stay in line with the market without manually re-pricing. The order keeps running until it fills, you cancel it, or the price moves past a max chase difference you set.

All chase orders are placed as post-only, so every fill is a maker fill at Aster's 0 maker fee. Aster is the first DEX with native chase orders, built into the matching engine and verifiable on Aster Chain.

***

### How it works

Every second, the system checks the best bid/ask and updates your order price if necessary. Only the price is updated — quantity cannot change. Updated orders re-enter the order book queue at the corresponding price level.

You can configure a chase order in two ways:

**Best bid/ask** — the order price follows the best bid or best ask directly. This gives you the fastest fill at the most aggressive available price.

**Gap from best bid/ask** — the order maintains a fixed distance from the best bid or best ask. You get a better entry price at the cost of slower fills.

In both modes, you can set a max chase difference. If the market moves past that boundary, the order automatically cancels instead of continuing to chase.

***

### Two modes

**Best bid / ask** Places your order at the front of the book. Gives you the fastest fill at the most aggressive available price.

* Buy: price updates to Bid1 whenever Bid1 rises above the current order price.
* Sell: price updates to Ask1 whenever Ask1 falls below the current order price.

**Gap from best bid / ask** Places your order at a fixed distance behind the book, set as an absolute price gap. You get a better entry price at the cost of slower fills.

* Buy: price = Bid1 − offset, updating whenever Bid1 − offset rises above the current order price.
* Sell: price = Ask1 + offset, updating whenever Ask1 + offset falls below the current order price.

In both modes, you can set a max chase difference. If the market moves past that boundary, the order automatically cancels instead of continuing to chase.

### Max chase difference

This setting limits how far an order can follow the market price. If the market moves past the boundary you set, the order is automatically cancelled by the system.

You can set the max chase difference as an absolute price distance or a percentage.

**Buy orders**

* Absolute: max chase price = original Bid1 + offset
* Percentage: max chase price = original Bid1 × (1 + offset%)
* Cancellation triggers when the latest order price exceeds the max chase price.

**Sell orders**

* Absolute: min chase price = original Ask1 − offset
* Percentage: min chase price = original Ask1 × (1 − offset%)
* Cancellation triggers when the latest order price falls below the min chase price.

### Order rules

Active order limit Each user can run up to 5 active chase orders per trading pair. Additional orders will be rejected if the limit is reached.

Manual modification Chase orders cannot be modified after submission. To change parameters such as quantity, chase gap, or max chase difference, cancel the order and place a new one.

### How to use

Available under Perpetuals → Order type → Chase Order. REST API is also available for systematic traders.

\ <br>


# Market Order Slippage Tolerance

### Overview

Market Order Slippage Tolerance allows you to set the maximum price difference you're willing to accept when placing a Market Order.

When enabled, Aster automatically converts your Market Order into an Immediate-Or-Cancel (IOC) Limit Order using your selected slippage tolerance. If there isn't enough liquidity within your specified price range, any unfilled portion of the order will be cancelled.

***

## How It Works

You can set slippage tolerance using either:

* Price Amount
* Percentage

Aster calculates a limit price based on your selected method and submits the order as an IOC Limit Order.

The order will execute immediately against available liquidity within the calculated limit price. If the entire order cannot be filled, the remaining quantity will be cancelled automatically.

***

## Slippage Tolerance Types

#### By Amount

Set the maximum acceptable price difference as a fixed amount.

For example:

* Best Ask Price: 100 USDT
* Slippage Tolerance: 2 USDT

The maximum execution price for a buy order is:

100 + 2 = 102 USDT

For sell orders, the limit price is calculated using the current Best Bid.

***

#### By Percentage

Set the maximum acceptable price difference as a percentage.

For example:

* Best Ask Price: 100 USDT
* Slippage Tolerance: 1%

The maximum execution price for a buy order is:

100 × (1 + 1%) = 101 USDT

For sell orders, the limit price is calculated using the current Best Bid.

***

## Price Calculation

#### By Amount

Buy Order

Limit Price = Best Ask + Price Amount

Sell Order

Limit Price = Best Bid − Price Amount

#### By Percentage

Buy Order

Limit Price = Best Ask × (1 + Percentage)

Sell Order

Limit Price = Best Bid × (1 − Percentage)

***

## Slippage Tolerance Limits

#### By Amount

* Minimum: One tick size
* Maximum: Current Mark Price × Market Order Price Cap

#### By Percentage

* Minimum: 0.1%
* Maximum: Market Order Price Cap × 100%

***

## Important Notes

* Slippage Tolerance is available only for Market Orders.
* Market Orders with Slippage Tolerance are executed as IOC Limit Orders.
* Orders may be fully or partially filled depending on available market liquidity.
* Any unfilled quantity will be cancelled automatically.

***

## Frequently Asked Questions

#### What is slippage?

Slippage is the difference between the expected price of a Market Order and the actual execution price. It can occur when market prices change quickly or liquidity is limited.

***

#### Why wasn't my order fully filled?

If there isn't enough liquidity within your specified slippage tolerance, only the available quantity will be filled. Any remaining quantity will be cancelled.

***

#### Can my order be partially filled?

Yes. Orders may be partially filled if only part of the order can be executed within your specified slippage tolerance.

<br>


# Grid Trading

Grid trading lets you automate strategies and capture market swings without constant monitoring. By placing buy and sell orders at preset price intervals, you can profit from volatility whether the market is moving up, down, or sideways.

Aster supports three grid strategies: neutral, long, and short — giving you the flexibility to match your approach to different market conditions. You can use auto-generated parameters or configure your own.

### In this section

* [**Set up your grid strategy**](https://docs.asterdex.com/product/aster-pro/grid-trading/set-up-your-grid-trading-strategy)
* [**Auto grid trading guide**](https://docs.asterdex.com/product/aster-pro/grid-trading/futures-grid-trading-auto-parameters-guide)
* [**Long/short grid trading**](https://docs.asterdex.com/product/aster-pro/grid-trading/long-short-grid-trading-introduction)


# Manual Grid Trading

1. After connecting your wallet, hover over **More** in the top menu and click \[[Grid Trade](https://www.asterdex.com/en/strategy/futures/grid/BTCUSDT)].

<figure><img src="/files/7CJgLCttFZ7rZ8jGq2IE" alt="" width="375"><figcaption></figcaption></figure>

### **Grid Trading Lifecycle**

| **Stage**               | **Description**                                                                                                                                                                                                                                                                                        |
| ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Grid Trigger (optional) | Choose to start grid orders immediately, or set a trigger price. The grid activates when the market price (Last price or Mark price) rises above or falls below your specified trigger price.                                                                                                          |
| Initial structure       | Based on the latest market price, the system places sell limit orders above the market and buy limit orders below it. The number of initial limit orders equals the number of grids + 1, since no position is held yet. One order (nearest to market) is the initial opening order waiting to execute. |
| Open osition            | For neutral grids, the strategy begins with no initial position. The initial position is triggered when the market trades beyond the nearest price point after setup.                                                                                                                                  |
| Grid Update             | Initial sell orders for the neutral grid are placed above the current market price; buy orders are populated below. The price level nearest to the market is excluded.                                                                                                                                 |
| Stop Trigger (optional） | Set a Stop\_upper\_limit and Stop\_lower\_limit. When the market price breaches either level, the grid stops — signaling the market is no longer oscillating within your range.                                                                                                                        |
| Order Cancellation      | After the grid stops, choose whether to cancel all orders and close all positions manually or automatically.                                                                                                                                                                                           |

#### **Grid Creation Failures**

Grid creation may fail if:

* You already have an active grid strategy on the selected trading pair.
* You have open orders or positions on the selected symbol.
* You are in Hedge Mode — switch to One-Way Mode in trading settings.
* You have exceeded the limit of 10 active or pending grid strategies.

#### **Grid Termination**

A grid will terminate if:

* You manually stop the grid.
* Insufficient margin causes positions to be liquidated or prevents orders from being placed.
* You manually cancel some or all grid limit orders.
* You manually close some or all grid positions.


# Auto Grid Trading

1. Navigate to the right sidebar of the Futures Grid trading interface.
2. On the \[Auto] tab, review the recommended parameters and set your \[Initial Margin].

<figure><img src="/files/ZnW61mdKxlYlQ1kpMJSe" alt=""><figcaption></figcaption></figure>

\
3\. Click \[Create] and confirm your grid order. The system automatically places buy and sell orders at the preset prices.

<figure><img src="/files/W6bz7QpG0usXbDqDbaqB" alt=""><figcaption></figcaption></figure>

**Note:** The auto parameters function will not work if there is insufficient trading history for a given asset. In that case, set parameters manually or click \[Copy parameters to Manual settings] to adjust the lower price, upper price, and grid number.

### How Auto Parameters Are Calculated

#### Upper & Lower Price (Bollinger Bands) <a href="#a398" id="a398"></a>

* Upper Band = MA + bbm \* Standard Deviation
* Lower Band = MA — bbm \* Standard Deviation

#### Grid Number <a href="#id-5684" id="id-5684"></a>

Grid Number = (grid\_upper\_limit — grid\_lower\_limit)/ATR

\*Average True Range (ATR) for the past pre-defined hours of the selected symbol

**Risk Reminder:** Grid trading is a strategic tool and should not be considered financial or investment advice from Aster. If your grid settings are unreasonable, you may not capture grid revenue when the market moves in one direction outside your set range. Adjust your strategy based on current market conditions. Grid trading is used at your own discretion and risk. Aster is not liable for any losses arising from the use of this feature.


# Long/Short Grid Trading

### **What is Long/Short Grid Trading?**

Long/Short Grid combines a directional position with a grid trading system. You open an initial long or short position to express a market view, then layer buy and sell limit orders at regular intervals around the current price to capture volatility as the market moves.

The key difference from neutral grid: a long grid opens with an initial long position, a short grid opens with an initial short position. This lets you trade with a trend while the grid captures oscillations within your defined range.

**Example:** A trader bullish on BTC opens a long position in BTCUSDT, then places buy orders every $1,000 below the current price and sell orders every $1,000 above it — holding directional exposure while profiting from range movement.

### &#x20;**Placing a Long/Short Grid Order**

1. On the grid trading panel, enter your strategy parameters:

| Parameter            | Description                                          |
| -------------------- | ---------------------------------------------------- |
| **Upper Price**      | Top boundary of the grid range.                      |
| **Lower Price**      | Bottom boundary of the grid range.                   |
| **Number of Orders** | How many orders to place within the range.           |
| **Grid Width**       | The price interval between each order.               |
| **Initial Margin**   | Capital allocated to open and maintain the strategy. |

**Note:** If the current market price is above your grid range when the strategy starts, it will launch with zero position.

2. Set your initial margin. The system calculates the minimum required based on your grid count, leverage, and price range — denser grids require more margin.

**Note:** Each grid order must meet the minimum notional value requirement. If it doesn't, reduce the grid count or increase your initial margin. When margin falls below the minimum, the interface will display the exact amount needed to activate the strategy. Ensure your available balance and maintenance margin stay above the initial margin to avoid liquidation.

3. Click **\[Create]** to place the grid order.

### **P\&L Calculation**

Long/Short Grid P\&L accounts for both matched (fully completed) and unmatched (partially completed) grid transactions.

| Metric                      | Definition                              | Calculation                                                    |
| --------------------------- | --------------------------------------- | -------------------------------------------------------------- |
| **Unmatched P\&L**          | P\&L on incomplete grid pairs           | (Latest price − unmatched pair's avg price) × unmatched volume |
| **Total Realized P\&L**     | Total realised profit/loss since launch | Matched grid income + unmatched P\&L                           |
| **Yield (ROI)**             | Total return on invested margin         | Total profit ÷ initial margin × 100%                           |
| **Annualised Return (APR)** | ROI scaled to a yearly rate             | ROI × (365 days ÷ days running)                                |

### **Advanced Settings**

**Trigger Price** — Set a price level at which the grid activates. The bot stays dormant until the market reaches your trigger, then begins placing orders based on your parameters.

**Stop Loss** — Define a price level outside your grid range. If the asset price breaches it, the entire grid position closes automatically, limiting downside if the market moves against the strategy.

**Monitoring and closing:**

* Click **\[Active Grid]** to view live grid details, order status, and P\&L.
* Click **\[Terminate]** to close the grid strategy and all associated orders.


# Hedge Mode

### **What is Hedge Mode?**

Hedge Mode is a trading strategy that allows futures traders to manage and mitigate market risk by holding two opposing positions — a long and a short — under the same contract simultaneously. This lets you capitalize on market fluctuations from both directions while minimizing potential losses.

### **One-Way Mode vs. Hedge Mode**

#### **One-Way Mode**

In One-Way Mode, you can hold positions in only one direction per contract. If you open a position anticipating a move in one direction, you cannot simultaneously open an opposing position without first canceling or reducing the existing one.

#### **Hedge Mode**

Hedge Mode allows you to hold both long and short positions at the same time under the same contract. For example, you can maintain both long and short positions in a BTCUSDT contract simultaneously. This flexibility helps you adapt to market dynamics and manage risk across different timeframes.

### **How to Switch Between One-Way Mode and Hedge Mode**

1. Open the trading interface and click the Settings button.

<figure><img src="/files/lcxbT0vrg0hWRcS7dNfc" alt=""><figcaption></figcaption></figure>

2. Click Position Mode to toggle between One-Way Mode and Hedge Mode.

<figure><img src="/files/Lxb5wQmvKaDwz3HN2KRf" alt=""><figcaption></figcaption></figure>

3. Select your preferred mode.

<figure><img src="/files/QR8fgy9LmApWWaDX5HVv" alt=""><figcaption></figcaption></figure>

Note: Position Mode cannot be changed while you have open positions or open orders.


# Market Maker program

Aster will update the market maker fee structure to ensure the liquidity for perpetual pairs.&#x20;

\
**MM Preferential Fees**
------------------------

<table data-header-hidden><thead><tr><th width="77.734375"></th><th width="283.14453125"></th><th></th><th></th><th></th></tr></thead><tbody><tr><td>Tier</td><td>Criteria (Rolling 14 days)</td><td>Taker Fee (bps) Exclude Stock Perpetuals</td><td>Taker Fee (bps) for Stock Perpetuals</td><td>Maker Fee (bps)</td></tr><tr><td>MM 1</td><td>>= $150M or Maker Vol >= 0.25%</td><td>2.3</td><td>0.9</td><td>-0.25</td></tr><tr><td>MM 2</td><td>>= $300M or Maker Vol >= 0.5%</td><td>2.0</td><td>0.9</td><td>-0.35</td></tr><tr><td>MM3</td><td>>= $600M or Maker Vol >= 1%</td><td>1.6</td><td>0.9</td><td>-0.5</td></tr></tbody></table>

**Promotion**: Maker volume on RWA perpetual pairs now counts **10x** toward the Market Maker fee tiers.\
\
For market maker rebates, the trading interface will display your applicable Taker fee rate (determined by your volume tier or marker volume percentage) and a Maker fee of "0". **Please note that our system calculates and disburses Maker rebates every hour based on the published fee schedule.** These rebates can be tracked in the transaction history under Aster Perpetual.

A maker’s volume for a given trading pair is counted as effective only if the following two conditions are met:

**A. Quoting Standards:**

* Bid and Offer sizes meet or exceed the minimum size requirement for the pairs
* Bid-Offer Spread is within the allowed limit (e.g., ≤0.1% for BTC/ETH/SOL, ≤0.25% for other pairs).
* Orders remain live in the orderbook for at least 0.5 seconds at a time.

**B. Qualifying Percentage for that Pair on the Day (from 00:00 to 23:59 UTC):**

* The pair is only counted if the MM maintains these standards for ≥70% of that trading day.
* If \[Qualifying %] < 70%, that pair's volume is excluded from the MM’s effective maker volume.

Kindly refer to 5. Quoting Qualification Details for supported pairs.

**Quoting Qualification Details and Pair Type**

Note: If a pair’s \[Qualifying Percentage] < 70%, this pair does not qualify for preferential fees on the next day. Preferential fees will only be awarded to qualified pairs.

In order to qualify for a particular pair in a day, MMs must satisfy the following conditions simultaneously at least 70% of the day (0:00 UTC to 23:59 UTC) :

* Total Bids shown > Cumulative Minimum Size; &#x20;
* Total Offers shown > Cumulative Minimum Size;&#x20;
* Orders must be outstanding in the order book for at least 0.5 seconds;&#x20;
* The Bid/Offer spread is calculated as( \[Offer price at Minimum Size] - \[Bid price at Minimum Size ]) / { (\[Offer price at Minimum Size] + \[Bid price at Minimum Size]) /2 } < \[Required Bid/Offer spread].&#x20;

| Pair            | bid\_offer\_spread | Min\_size   |
| --------------- | ------------------ | ----------- |
| BTCUSDT         | 0.10%              | 2           |
| ETHUSDT         | 0.10%              | 60          |
| ADAUSDT         | 0.10%              | 1,000       |
| DOGEUSDT        | 0.25%              | 96,000      |
| SOLUSDT         | 0.25%              | 230         |
| XRPUSDT         | 0.25%              | 7,000       |
| DOTUSDT         | 0.25%              | 8,000       |
| SANDUSDT        | 0.25%              | 140,000     |
| 1000SHIBUSDT    | 0.25%              | 1,746,000   |
| AXSUSDT         | 0.25%              | 8,000       |
| AVAXUSDT        | 0.25%              | 1,000       |
| LTCUSDT         | 0.25%              | 100         |
| BNBUSDT         | 0.25%              | 10          |
| GALAUSDT        | 0.25%              | 2,985,000   |
| NEARUSDT        | 0.25%              | 6,000       |
| TRXUSDT         | 0.25%              | 28,000      |
| ATOMUSDT        | 0.25%              | 4,000       |
| CAKEUSDT        | 0.25%              | 7,000       |
| APEUSDT         | 0.25%              | 69,000      |
| ETCUSDT         | 0.25%              | 1,000       |
| GMTUSDT         | 0.25%              | 945,000     |
| AAVEUSDT        | 0.25%              | 110         |
| ZILUSDT         | 0.25%              | 2,577,000   |
| DYDXUSDT        | 0.25%              | 66,000      |
| CRVUSDT         | 0.25%              | 42,000      |
| FILUSDT         | 0.25%              | 10,000      |
| KNCUSDT         | 0.25%              | 68,000      |
| OGNUSDT         | 0.25%              | 462,000     |
| LINKUSDT        | 0.25%              | 1,000       |
| BCHUSDT         | 0.25%              | 20          |
| SNXUSDT         | 0.25%              | 33,000      |
| UNIUSDT         | 0.25%              | 2,000       |
| XMRUSDT         | 0.25%              | 20          |
| JASMYUSDT       | 0.25%              | 1,748,000   |
| ALICEUSDT       | 0.25%              | 76,000      |
| CHZUSDT         | 0.25%              | 211,000     |
| ALGOUSDT        | 0.25%              | 87,000      |
| ENSUSDT         | 0.25%              | 1,000       |
| OKBUSDT         | 0.25%              | 120         |
| LUNA2USDT       | 0.25%              | 156,000     |
| OPUSDT          | 0.25%              | 78,000      |
| BELUSDT         | 0.25%              | 95,000      |
| APTUSDT         | 0.25%              | 10,000      |
| ARBUSDT         | 0.25%              | 85,000      |
| INJUSDT         | 1.00%              | 1,000       |
| SUIUSDT         | 1.00%              | 9,000       |
| CFXUSDT         | 1.00%              | 168,000     |
| 1000PEPEUSDT    | 1.00%              | 2,703,000   |
| LDOUSDT         | 1.00%              | 28,000      |
| ARPAUSDT        | 0.25%              | 858,000     |
| EDUUSDT         | 0.25%              | 227,000     |
| TRBUSDT         | 0.25%              | 580         |
| WLDUSDT         | 0.25%              | 41,000      |
| CYBERUSDT       | 0.25%              | 21,000      |
| XLMUSDT         | 0.25%              | 68,000      |
| YGGUSDT         | 0.25%              | 273,000     |
| FETUSDT         | 0.25%              | 52,000      |
| PENDLEUSDT      | 0.25%              | 5,000       |
| SEIUSDT         | 0.25%              | 165,000     |
| STXUSDT         | 0.25%              | 41,000      |
| 1000FLOKIUSDT   | 0.25%              | 333,000     |
| ORDIUSDT        | 0.25%              | 2,000       |
| TIAUSDT         | 0.25%              | 25,000      |
| ONDOUSDT        | 0.25%              | 26,000      |
| PYTHUSDT        | 0.25%              | 250,000     |
| PIXELUSDT       | 0.25%              | 1,465,000   |
| ARKMUSDT        | 0.25%              | 84,000      |
| STRKUSDT        | 0.25%              | 250,000     |
| 1000BONKUSDT    | 0.25%              | 1,681,000   |
| LISTAUSDT       | 0.25%              | 128,000     |
| MERLUSDT        | 0.25%              | 344,000     |
| IOUSDT          | 0.25%              | 71,000      |
| ZKUSDT          | 0.25%              | 665,000     |
| EIGENUSDT       | 0.25%              | 53,000      |
| TRUMPUSDT       | 0.25%              | 4,000       |
| FARTCOINUSDT    | 0.25%              | 53,000      |
| ENAUSDT         | 0.25%              | 93,000      |
| MOODENGUSDT     | 0.25%              | 201,000     |
| WIFUSDT         | 0.25%              | 53,000      |
| NEIROUSDT       | 0.25%              | 112,410,000 |
| BUSDT           | 0.25%              | 28,000      |
| USD1USDT        | 0.25%              | 10,000      |
| SAHARAUSDT      | 0.25%              | 298,000     |
| PUMPUSDT        | 0.25%              | 5,851,000   |
| AAPLUSDT        | 0.25%              | 30          |
| TSLAUSDT        | 0.25%              | 20          |
| NVDAUSDT        | 0.25%              | 40          |
| AMZNUSDT        | 0.25%              | 30          |
| METAUSDT        | 0.25%              | 10          |
| MSFTUSDT        | 0.25%              | 20          |
| PENGUUSDT       | 0.25%              | 1,157,000   |
| SPKUSDT         | 0.25%              | 348,000     |
| TREEUSDT        | 0.25%              | 163,000     |
| ESPORTSUSDT     | 0.25%              | 13,000      |
| ZORAUSDT        | 0.25%              | 928,000     |
| TAGUSDT         | 0.25%              | 9,489,000   |
| CUSDT           | 0.25%              | 125,000     |
| INUSDT          | 0.25%              | 172,000     |
| TOWNSUSDT       | 0.25%              | 2,950,000   |
| PROVEUSDT       | 0.25%              | 44,000      |
| XNYUSDT         | 0.25%              | 1,250,000   |
| AIOUSDT         | 0.25%              | 101,000     |
| SAPIENUSDT      | 0.25%              | 95,000      |
| WLFIUSDT        | 0.25%              | 166,000     |
| XPLUSDT         | 0.25%              | 121,000     |
| BASUSDT         | 0.25%              | 479,000     |
| BTRUSDT         | 0.25%              | 375,000     |
| MITOUSDT        | 0.25%              | 263,000     |
| HEMIUSDT        | 0.25%              | 1,297,000   |
| LINEAUSDT       | 0.25%              | 2,991,000   |
| QUSDT           | 0.25%              | 471,000     |
| PTBUSDT         | 0.25%              | 11,954,000  |
| ARIAUSDT        | 0.25%              | 216,000     |
| TAKEUSDT        | 0.25%              | 443,000     |
| AVNTUSDT        | 0.25%              | 73,000      |
| OPENUSDT        | 0.25%              | 45,000      |
| FLOCKUSDT       | 0.25%              | 145,000     |
| SKYUSDT         | 0.25%              | 144,000     |
| QQQUSDT         | 0.25%              | 10          |
| HOLOUSDT        | 0.25%              | 127,000     |
| UBUSDT          | 0.25%              | 77,000      |
| XPINUSDT        | 0.25%              | 8,382,000   |
| ZKCUSDT         | 0.25%              | 147,000     |
| ASTERUSDT       | 0.25%              | 15,000      |
| HYPEUSDT        | 0.25%              | 200         |
| AIAUSDT         | 0.25%              | 148,000     |
| TOSHIUSDT       | 0.25%              | 59,453,000  |
| STBLUSDT        | 0.25%              | 322,000     |
| 0GUSDT          | 0.25%              | 20,000      |
| BARDUSDT        | 0.25%              | 44,000      |
| TRADOORUSDT     | 0.25%              | 16,000      |
| BLESSUSDT       | 0.25%              | 1,910,000   |
| SQDUSDT         | 0.25%              | 262,000     |
| FFUSDT          | 0.25%              | 106,000     |
| EDENUSDT        | 0.25%              | 150,000     |
| ZECUSDT         | 0.25%              | 10          |
| 2ZUSDT          | 0.25%              | 111,000     |
| EVAAUSDT        | 0.25%              | 21,000      |
| LYNUSDT         | 0.25%              | 238,000     |
| COAIUSDT        | 0.25%              | 32,000      |
| KGENUSDT        | 0.25%              | 49,000      |
| 4USDT           | 0.25%              | 935,000     |
| GIGGLEUSDT      | 0.25%              | 290         |
| BANKUSDT        | 0.25%              | 284,000     |
| FORMUSDT        | 0.25%              | 43,000      |
| MONUSDT         | 0.25%              | 376,000     |
| YBUSDT          | 0.25%              | 96,000      |
| METUSDT         | 0.25%              | 69,000      |
| 1000CHEEMSUSDT  | 0.25%              | 17,406,000  |
| EULUSDT         | 0.25%              | 8,000       |
| ENSOUSDT        | 0.25%              | 12,000      |
| CLOUSDT         | 0.25%              | 179,000     |
| RECALLUSDT      | 0.25%              | 176,000     |
| ZBTUSDT         | 0.25%              | 62,000      |
| LABUSDT         | 0.25%              | 2,000       |
| RIVERUSDT       | 0.25%              | 1,000       |
| BLUAIUSDT       | 0.25%              | 1,024,000   |
| TURTLEUSDT      | 0.25%              | 219,000     |
| APRUSDT         | 0.25%              | 65,000      |
| ONUSDT          | 0.25%              | 84,000      |
| ATUSDT          | 0.25%              | 81,000      |
| KITEUSDT        | 0.25%              | 42,000      |
| CCUSDT          | 0.25%              | 68,000      |
| ZENUSDT         | 0.25%              | 1,000       |
| DASHUSDT        | 0.25%              | 230         |
| JELLYJELLYUSDT  | 0.25%              | 167,000     |
| B2USDT          | 0.25%              | 15,000      |
| MMTUSDT         | 0.25%              | 79,000      |
| TRUSTUSDT       | 0.25%              | 150,000     |
| UAIUSDT         | 0.25%              | 42,000      |
| FOLKSUSDT       | 0.25%              | 7,000       |
| STABLEUSDT      | 0.25%              | 278,000     |
| ICPUSDT         | 0.25%              | 4,000       |
| ARUSDT          | 0.25%              | 4,000       |
| XAUUSDT         | 0.25%              | 2           |
| FLUXUSDT        | 0.25%              | 145,000     |
| TRUTHUSDT       | 0.25%              | 791,000     |
| JCTUSDT         | 0.25%              | 3,245,000   |
| ALLOUSDT        | 0.25%              | 118,000     |
| CLANKERUSDT     | 0.25%              | 390         |
| BEATUSDT        | 0.25%              | 15,000      |
| DEXEUSDT        | 0.25%              | 720         |
| PIEVERSEUSDT    | 0.25%              | 12,000      |
| SENTUSDT        | 0.25%              | 624,000     |
| TNSRUSDT        | 0.25%              | 262,000     |
| GRASSUSDT       | 0.25%              | 33,000      |
| DYMUSDT         | 0.25%              | 397,000     |
| BANANAS31USDT   | 0.25%              | 999,000     |
| PARTIUSDT       | 0.25%              | 180,000     |
| IRYSUSDT        | 0.25%              | 295,000     |
| BIOUSDT         | 0.25%              | 274,000     |
| AVLUSDT         | 0.25%              | 333,000     |
| PIPPINUSDT      | 0.25%              | 434,000     |
| GUAUSDT         | 0.25%              | 6,000       |
| SKYAIUSDT       | 0.25%              | 32,000      |
| POWERUSDT       | 0.25%              | 125,000     |
| 1000LUNCUSDT    | 0.25%              | 128,000     |
| WETUSDT         | 0.25%              | 126,000     |
| NIGHTUSDT       | 0.25%              | 321,000     |
| USUSDT          | 0.25%              | 1,883,000   |
| CYSUSDT         | 0.25%              | 22,000      |
| RAVEUSDT        | 0.25%              | 15,000      |
| LIGHTUSDT       | 0.25%              | 74,000      |
| ZKPUSDT         | 0.25%              | 131,000     |
| IRUSDT          | 0.25%              | 543,000     |
| HUSDT           | 0.25%              | 38,000      |
| ANIMEUSDT       | 0.25%              | 2,326,000   |
| LITUSDT         | 0.25%              | 9,000       |
| XAGUSDT         | 0.25%              | 130         |
| COLLECTUSDT     | 0.25%              | 205,000     |
| MAGMAUSDT       | 0.25%              | 36,000      |
| MYXUSDT         | 0.25%              | 54,000      |
| BREVUSDT        | 0.25%              | 90,000      |
| VIRTUALUSDT     | 0.25%              | 14,000      |
| RENDERUSDT      | 0.25%              | 5,000       |
| BROCCOLI714USDT | 0.25%              | 699,000     |
| SOONUSDT        | 0.25%              | 61,000      |
| VVVUSDT         | 0.25%              | 620         |
| GUNUSDT         | 0.25%              | 772,000     |
| 币安人生USDT        | 0.25%              | 20,000      |
| ZAMAUSDT        | 0.25%              | 370,000     |
| TAOUSDT         | 0.25%              | 30          |
| HBARUSDT        | 0.25%              | 113,000     |
| PNUTUSDT        | 0.25%              | 176,000     |
| BOMEUSDT        | 0.25%              | 16,175,000  |
| POLUSDT         | 0.25%              | 110,000     |
| SPXUSDT         | 0.25%              | 27,000      |
| ETHFIUSDT       | 0.25%              | 26,000      |
| TURBOUSDT       | 0.25%              | 8,892,000   |
| POLYXUSDT       | 0.25%              | 187,000     |
| JUPUSDT         | 0.25%              | 51,000      |
| 我踏马来了USDT       | 0.25%              | 1,171,000   |
| FOGOUSDT        | 0.25%              | 555,000     |
| BERAUSDT        | 0.25%              | 25,000      |
| FHEUSDT         | 0.25%              | 349,000     |
| DOLOUSDT        | 0.25%              | 313,000     |
| FRAXUSDT        | 0.25%              | 24,000      |
| FUNUSDT         | 0.25%              | 172,000     |
| DUSKUSDT        | 0.25%              | 64,000      |
| MEUSDT          | 0.25%              | 106,000     |
| ELSAUSDT        | 0.25%              | 155,000     |
| ROSEUSDT        | 0.25%              | 1,047,000   |
| HANAUSDT        | 0.25%              | 332,000     |
| VELOUSDT        | 0.25%              | 2,730,000   |
| GWEIUSDT        | 0.25%              | 75,000      |
| ACUUSDT         | 0.25%              | 119,000     |
| SKRUSDT         | 0.25%              | 668,000     |
| FIGHTUSDT       | 0.25%              | 2,036,000   |
| STGUSDT         | 0.25%              | 59,000      |
| ZROUSDT         | 0.25%              | 7,000       |
| SPACEUSDT       | 0.25%              | 1,046,000   |
| PENGUINUSDT     | 0.25%              | 2,207,000   |
| SOMIUSDT        | 0.25%              | 63,000      |
| SHELLUSDT       | 0.25%              | 303,000     |
| NOMUSDT         | 0.25%              | 4,470,000   |
| RESOLVUSDT      | 0.25%              | 338,000     |
| AXLUSDT         | 0.25%              | 165,000     |
| BIRBUSDT        | 0.25%              | 73,000      |
| XCUUSDT         | 0.25%              | 1,000       |
| XPTUSDT         | 0.25%              | 5           |
| XPDUSDT         | 0.25%              | 7           |
| BMTUSDT         | 0.25%              | 651,000     |
| MEGAUSDT        | 0.25%              | 122,000     |
| BULLAUSDT       | 0.25%              | 1,692,000   |
| MUUSDT          | 0.25%              | 13          |
| SNDKUSDT        | 0.25%              | 7           |
| INXUSDT         | 0.25%              | 1,034,000   |
| AUCTIONUSDT     | 0.25%              | 2,000       |
| KASUSDT         | 0.25%              | 285,000     |
| INTCUSDT        | 0.25%              | 90          |
| HOODUSDT        | 0.25%              | 120         |
| ARCUSDT         | 0.25%              | 157,000     |
| LAUSDT          | 0.25%              | 90,000      |
| SIRENUSDT       | 0.25%              | 18,000      |
| TRIAUSDT        | 0.25%              | 217,000     |
| GPSUSDT         | 0.25%              | 1,352,000   |
| VANAUSDT        | 0.25%              | 6,000       |
| ALCHUSDT        | 0.25%              | 122,000     |
| ESPUSDT         | 0.25%              | 151,000     |
| AZTECUSDT       | 0.25%              | 496,000     |
| MOVEUSDT        | 0.25%              | 612,000     |
| SUSDT           | 0.25%              | 227,000     |
| COWUSDT         | 0.25%              | 61,000      |
| USELESSUSDT     | 0.25%              | 163,000     |
| INITUSDT        | 0.25%              | 119,000     |
| JTOUSDT         | 0.25%              | 23,000      |
| ORCAUSDT        | 0.25%              | 7,000       |
| RPLUSDT         | 0.25%              | 5,000       |
| NAORISUSDT      | 0.25%              | 295,000     |
| UMAUSDT         | 0.25%              | 21,000      |
| OPNUSDT         | 0.25%              | 58,000      |
| AWEUSDT         | 0.25%              | 196,000     |
| PROMPTUSDT      | 0.25%              | 205,000     |
| GRIFFAINUSDT    | 0.25%              | 887,000     |
| CRCLUSDT        | 0.25%              | 90          |
| ROBOUSDT        | 0.25%              | 481,000     |
| CLUSDT          | 0.25%              | 90          |
| PAXGUSDT        | 0.25%              | 2           |
| KATUSDT         | 0.25%              | 1,216,000   |
| NATGASUSDT      | 0.25%              | 3,000       |
| EWYUSDT         | 0.25%              | 50          |
| PHAUSDT         | 0.25%              | 301,000     |
| MANTRAUSDT      | 0.25%              | 1,086,000   |
| SIGNUSDT        | 0.25%              | 781,000     |
| FLOWUSDT        | 0.25%              | 279,000     |
| 龙虾USDT          | 0.25%              | 1,417,000   |
| XAIUSDT         | 0.25%              | 968,000     |
| PLAYUSDT        | 0.25%              | 83,000      |
| ZEREBROUSDT     | 0.25%              | 406,000     |
| SOLVUSDT        | 0.25%              | 2,437,000   |
| MELANIAUSDT     | 0.25%              | 106,000     |
| DOODUSDT        | 0.25%              | 3,648,000   |
| XANUSDT         | 0.25%              | 1,137,000   |
| STOUSDT         | 0.25%              | 144,000     |
| CFGUSDT         | 0.25%              | 35,000      |
| GUSDT           | 0.25%              | 2,865,000   |
| HYPERUSDT       | 0.25%              | 90,000      |
| BTCUSD1         | 0.25%              | 2           |
| ETHUSD1         | 0.25%              | 60          |
| SOLUSD1         | 0.25%              | 100         |
| MSTRUSDT        | 0.25%              | 50          |
| ENJUSDT         | 0.25%              | 210,000     |
| PUMPBTCUSDT     | 0.25%              | 765,000     |
| EDGEUSDT        | 0.25%              | 7,000       |
| BRUSDT          | 0.25%              | 80,000      |
| ONTUSDT         | 0.25%              | 150,000     |
| GOOGLUSDT       | 0.25%              | 20          |
| BSBUSDT         | 0.25%              | 10,000      |
| PRLUSDT         | 0.25%              | 48,000      |
| MUSDT           | 0.25%              | 2,000       |
| BASEDUSDT       | 0.25%              | 141,000     |
| AIOTUSDT        | 0.25%              | 142,000     |
| REDUSDT         | 0.25%              | 78,000      |
| SWARMSUSDT      | 0.25%              | 805,000     |
| BAYUSDT         | 0.25%              | 458,000     |
| TSMUSDT         | 0.25%              | 25          |
| SPYUSDT         | 0.25%              | 10          |
| BTCDOMUSDT      | 0.25%              | 2           |
| BABAUSDT        | 0.25%              | 70          |
| AKEUSDT         | 0.25%              | 29,994,000  |
| GENIUSUSDT      | 0.25%              | 21,000      |
| KOMAUSDT        | 0.25%              | 1,520,000   |
| AVAAIUSDT       | 0.25%              | 1,441,000   |
| CHIPUSDT        | 0.25%              | 213,000     |
| TSTUSDT         | 0.25%              | 592,000     |
| 1000SATSUSDT    | 0.25%              | 751,879,000 |
| MOVRUSDT        | 0.25%              | 4,000       |
| METISUSDT       | 0.25%              | 2,000       |
| AEROUSDT        | 0.25%              | 23,000      |
| CHILLGUYUSDT    | 0.25%              | 698,000     |
| ASTEROIDUSDT    | 0.25%              | 33,306,000  |
| PORTALUSDT      | 0.25%              | 1,172,000   |
| RONINUSDT       | 0.25%              | 90,000      |
| PROMUSDT        | 0.25%              | 9,000       |
| BLURUSDT        | 0.25%              | 456,000     |
| OPGUSDT         | 0.25%              | 40,000      |
| 1000WOJAKUSDT   | 0.25%              | 127,048,000 |
| TACUSDT         | 0.25%              | 533,000     |
| VELVETUSDT      | 0.25%              | 94,000      |
| BBUSDT          | 0.25%              | 363,000     |
| HUMAUSDT        | 0.25%              | 445,000     |
| AEVOUSDT        | 0.25%              | 384,000     |
| BANUSDT         | 0.25%              | 136,000     |
| XCNUSDT         | 0.25%              | 2,075,000   |
| LUMIAUSDT       | 0.25%              | 103,000     |
| SYRUPUSDT       | 0.25%              | 47,000      |
| TAUSDT          | 0.25%              | 144,000     |
| PROSUSDT        | 0.25%              | 15,000      |
| BLENDUSDT       | 0.25%              | 104,000     |
| PUNDIAIUSDT     | 0.25%              | 18,000      |
| AIGENSYNUSDT    | 0.25%              | 285,000     |
| MORPHOUSDT      | 0.25%              | 5,000       |
| KAITOUSDT       | 0.25%              | 22,000      |
| API3USDT        | 0.25%              | 30,000      |
| BABYUSDT        | 0.25%              | 641,000     |
| THETAUSDT       | 0.25%              | 50,000      |
| CARDSUSDT       | 0.25%              | 90,000      |
| DOGSUSDT        | 0.25%              | 180,668,000 |
| DRAMUSDT        | 0.25%              | 200         |
| STEEMUSDT       | 0.25%              | 184,000     |
| POPMARTUSDT     | 0.25%              | 510         |
| XIAOMIUSDT      | 0.25%              | 2,000       |
| MINIMAXUSDT     | 0.25%              | 100         |
| TENCENTUSDT     | 0.25%              | 170         |
| NOTUSDT         | 0.25%              | 19,900,000  |
| BILLUSDT        | 0.25%              | 74,000      |
| AGTUSDT         | 0.25%              | 1,032,000   |
| SOXLUSDT        | 0.25%              | 60          |
| B3USDT          | 0.25%              | 10,606,000  |
| BTWUSDT         | 0.25%              | 666,000     |
| TROLLUSDT       | 0.25%              | 87,000      |
| PLUMEUSDT       | 0.25%              | 834,000     |
| STORJUSDT       | 0.25%              | 86,000      |
| LAYERUSDT       | 0.25%              | 109,000     |
| SAGAUSDT        | 0.25%              | 472,000     |
| GTCUSDT         | 0.25%              | 105,000     |
| CBRSUSDT        | 0.25%              | 30          |
| STARUSDT        | 0.25%              | 58,000      |
| SPCXUSDT        | 0.25%              | 40          |
| FIDAUSDT        | 0.25%              | 483,000     |
| ZESTUSDT        | 0.25%              | 75,000      |
| AVGOUSDT        | 0.25%              | 20          |
| COINUSDT        | 0.25%              | 50          |
| PLTRUSDT        | 0.25%              | 70          |
| PAYPUSDT        | 0.25%              | 500         |
| AMDUSDT         | 0.25%              | 20          |
| 1000NEXUSDT     | 0.25%              | 2,000,000   |
| USARUSDT        | 0.25%              | 400         |
| LITEUSDT        | 0.25%              | 10          |
| UBERUSDT        | 0.25%              | 130         |
| BZUSDT          | 0.25%              | 90          |
| MRVUSDT         | 0.25%              | 50          |
| HOMEUSDT        | 0.25%              | 450,000     |
| FUTUUSDT        | 0.25%              | 100         |
| RKLBUSDT        | 0.25%              | 70          |
| ORCLUSDT        | 0.25%              | 50          |
| CSCOUSDT        | 0.25%              | 80          |
| CRWVUSDT        | 0.25%              | 100         |
| DISUSDT         | 0.25%              | 100         |
| OPENAIUSDT      | 0.25%              | 6           |
| JPMUSDT         | 0.25%              | 30          |
| WMTUSDT         | 0.25%              | 80          |
| VUSDT           | 0.25%              | 30          |
| BRKBUSDT        | 0.25%              | 20          |
| FLNCUSDT        | 0.25%              | 500         |
| NILUSDT         | 0.25%              | 138,800     |
| HMSTRUSDT       | 0.25%              | 62,500,000  |
| UPUSDT          | 0.25%              | 41,600      |
| RAILUSDT        | 0.25%              | 2,800       |
| BTCU            | 0.25%              | 2           |
| ETHU            | 0.25%              | 60          |
| ARMUSDT         | 0.25%              | 30          |
| BEUSDT          | 0.25%              | 30          |
| COHRUSDT        | 0.25%              | 20          |
| NBISUSDT        | 0.25%              | 40          |
| CTRUSDT         | 0.25%              | 500,000     |
| QNTXUSDT        | 0.25%              | 100         |
| SAMSUNGUSDT     | 0.25%              | 40          |
| SKHYNIXUSDT     | 0.25%              | 6           |
| SLXUSDT         | 0.25%              | 27,000      |
| ASTSUSDT        | 0.25%              | 90          |
| EWTUSDT         | 0.25%              | 90          |
| BBXUSDT         | 0.25%              | 1,000       |
| NOKUSDT         | 0.25%              | 600         |
| HIMUSDT         | 0.25%              | 400         |
| SUSHIUSDT       | 0.25%              | 43,000      |
| DELLUSDT        | 0.25%              | 20          |
| IBMUSDT         | 0.25%              | 30          |
| NOWUSDT         | 0.25%              | 80          |
| HYUNDAIUSDT     | 0.25%              | 20          |
| ANTHROPICUSDT   | 0.25%              | 5           |
| WDCUSDT         | 0.25%              | 20          |
| LLYUSDT         | 0.25%              | 9           |
| IRENUSDT        | 0.25%              | 200         |
| ONDSUSDT        | 0.25%              | 1,000       |
| NVOUSDT         | 0.25%              | 250         |
| QCOMUSDT        | 0.25%              | 50          |
| AAOIUSDT        | 0.25%              | 50          |
| HDUSDT          | 0.25%              | 30          |
| CRDOUSDT        | 0.25%              | 40          |
| AXTIUSDT        | 0.25%              | 110         |
| CRWDUSDT        | 0.25%              | 10          |
| AMATUSDT        | 0.25%              | 10          |
| BXUSDT          | 0.25%              | 80          |
| EBAYUSDT        | 0.25%              | 100         |
| UNRMUSDT        | 0.25%              | 200         |
| CRMUSDT         | 0.25%              | 60          |
| GMEUSDT         | 0.25%              | 500         |
| RIVNUSDT        | 0.25%              | 660         |
| NFLXUSDT        | 0.25%              | 120         |
| COSTUSDT        | 0.25%              | 10          |
| IWMUSDT         | 0.25%              | 30          |
| DKNGUSDT        | 0.25%              | 40          |
| ZMUSDT          | 0.25%              | 110         |
| RIFUSDT         | 0.25%              | 100,000     |
| OUSDT           | 0.25%              | 13,330      |
| EWJUSDT         | 0.25%              | 100         |
| ASMLUSDT        | 0.25%              | 5           |
| REUSDT          | 0.25%              | 12,500      |
| GLWUSDT         | 0.25%              | 50          |
| ZHIPUUSDT       | 0.25%              | 30          |
| SYNUSDT         | 0.25%              | 40,000      |
| ARXUSDT         | 0.25%              | 28,000      |
| ADBEUSDT        | 0.25%              | 50          |
| HPEUSDT         | 0.25%              | 200         |
| IDUSDT          | 0.25%              | 250,000     |
| BMNRUSDT        | 0.25%              | 700         |
| UVXYUSDT        | 0.25%              | 400         |
| EWZUSDT         | 0.25%              | 200         |
| XLEUSDT         | 0.25%              | 200         |
| STXXUSDT        | 0.25%              | 10          |
| KORUUSDT        | 0.25%              | 10          |
| CAPUSDT         | 0.25%              | 400,000     |
| ANSEMUSDT       | 0.25%              | 80,000      |
| TQQQUSDT        | 0.25%              | 100         |
| MANTAUSDT       | 0.25%              | 150,000     |
| STRCUSDT        | 0.25%              | 100         |
| TAIKOUSDT       | 0.25%              | 125,000     |
| SLPUSDT         | 0.25%              | 20,000,000  |
| TLMUSDT         | 0.25%              | 3,300,000   |
| GRAMUSDT        | 0.25%              | 5,700       |
| MANAUSDT        | 0.25%              | 140,000     |
| IDOLUSDT        | 0.25%              | 660,000     |
| YFIUSDT         | 0.25%              | 3           |
| CASHCATUSDT     | 0.25%              | 100,000     |
| HEIUSDT         | 0.25%              | 100,000     |
| THEUSDT         | 0.25%              | 160,000     |
| SKHYUSDT        | 0.25%              | 60          |
| KSTRUSDT        | 0.25%              | 40          |
| SXTUSDT         | 0.25%              | 1,000,000   |
| 1000XECUSDT     | 0.25%              | 1,250,000   |
| ACEUSDT         | 0.25%              | 100,000     |
| ERAUSDT         | 0.25%              | 100,000     |
| NESUSDT         | 0.25%              | 40,000      |
| AEONUSDT        | 0.25%              | 100,000     |
| REZUSDT         | 0.25%              | 400,000     |
| GRVTUSDT        | 0.25%              | 40,000      |
| 1000RATSUSDT    | 0.25%              | 210,000     |
| AGPUUSDT        | 0.25%              | 1,000       |
| BICOUSDT        | 0.25%              | 250,000     |
| MARSCOINUSDT    | 0.25%              | 160,000     |
| TUTUSDT         | 0.25%              | 55,000      |
| UNITREEUSDT     | 0.25%              | 100         |
| AINUSDT         | 0.25%              | 140,000     |
| LYTEUSDT        | 0.25%              | 300         |
| IOTXUSDT        | 0.25%              | 4,000,000   |
| MUBARAKUSDT     | 0.25%              | 500,000     |
| SNXXUSDT        | 0.25%              | 1,000       |
| MEITUANUSDT     | 0.25%              | 800         |
| KUAISHOUUSDT    | 0.25%              | 2,000       |
| DOSUSDT         | 0.25%              | 30,000      |
| MUUUSDT         | 0.25%              | 300         |
| RAREUSDT        | 0.25%              | 800,000     |
| 牛来USDT          | 0.25%              | 280,000     |

### &#x20;Application Process

[Apply via this form](https://docs.google.com/forms/d/16xAWEgDk-1Strq45Umqmq7uQUQvjADdJglem7X7M4Xo/viewform?edit_requested=true) – the Aster team will contact you within three working days.

**Requirements:**

* Minimum 100M USD monthly futures cumulative trading volume (on Aster or other trading platforms).
* If eligible, Aster will whitelist your IPs and configure fees for your MM account, starting from Tier 1.

#### **Disclaimer**

*Aster reserves the right to modify, suspend, or terminate the Market Maker Reward Program at any time, including but not limited to changes in eligibility criteria, reward allocation methodology, token distribution schedules, and qualifying requirements. All participants are responsible for reviewing the most up-to-date program terms published by Aster. Participation in the program does not constitute a binding agreement, and Aster retains full discretion in the interpretation and enforcement of program rules.*


# Pre-Launch Contracts

Pre-launch contracts or pre-markets allow users to trade token pairs before they are officially listed on major exchanges. They are structured as expiry futures contracts, but may also take the form of perpetual futures. Once the token launches and begins trading, the pre-market symbol on Aster Perps converts to a regular perp futures contract.

Aster has the right to initiate the delivery process automatically when a token launches on an external exchange or when the token's tokenomics are released. Pre-market mode will switch to a perpetual contract automatically.

**Aster retains final authority over the delivery price and the right to delist the contract.**

### **Mark Price (Pre-Launch USDT-Margined Futures Contracts)**

Aster uses the Mark Price to avoid unnecessary liquidations and to prevent market manipulation. The Price Index for pre-launch markets is calculated differently from regular perpetual futures.

**The Mark Price formula:**

(1) Mark Price = Median × (Price 1 , Price 2 , Contract Price)

(2) Price 1 = ( Bid 1 + Ask 1) / 2 × (1 + Funding Rate × (Time to Next Funding Rate (h)/8 ))

(3) Price 2 = ( Bid 1 + Ask 1) / 2&#x20;

*Bid 1 & Ask 1 are sourced from the pre-market order book.*

*The median is the middle value of Price 1, Price 2, and the Contract Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is taken as the Mark Price.*

*Price 2 logic may be updated based on market conditions.*

Once the pre-market symbol transitions to a regular perpetual futures contract, the index price calculation also switches to the standard perpetual futures methodology.

#### **Related docs:**

{% embed url="<https://docs.asterdex.com/product/asterex-pro/mark-price>" %}

{% embed url="<https://docs.asterdex.com/product/asterex-pro/liquidations>" %}

{% embed url="<https://docs.asterdex.com/product/asterex-pro/adl>" %}


# Pre-IPO Perpetuals

### Introduction

Pre-IPO Perpetuals are synthetic perpetual futures markets designed to track market expectations around a company's anticipated public listing.

They allow traders to gain directional exposure to the expected market value of a private company before its shares begin trading on a public exchange. Pre-IPO Perpetuals create a continuous derivatives market for pre-listing price discovery, enabling participants to express bullish or bearish views through a 24/7 tradable instrument.

Unlike traditional IPO participation, Pre-IPO Perpetuals are open market derivative contracts. They are designed for trading exposure, not ownership.

A position in a Pre-IPO Perpetual market does not represent equity ownership in the referenced company and does not provide any rights associated with holding shares.<br>

### Pre-IPO Perpetuals

Pre-IPO Perpetuals are synthetic perpetual markets designed to reflect market-implied expectations of a private company's potential future public valuation prior to any official stock exchange listing.

Examples include:

* SPCX (SpaceX Pre-IPO Perpetual)
* OPENAI (OpenAI Pre-IPO Perpetual)
* ANTHROPIC (Anthropic Pre-IPO Perpetual)

SpaceX designs, manufactures, and launches rockets and spacecraft, while also operating Starlink, a global satellite internet network. OpenAI is an artificial intelligence research and deployment company focused on advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications. Anthropic is an artificial intelligence safety and research company focused on developing reliable, interpretable, and aligned AI systems, including the Claude family of AI models used across consumer and enterprise applications.

These markets track synthetic expectations around the anticipated future public value of company shares. They do not represent actual company equity, ownership, voting rights, shareholder rights, or participation in any future IPO allocation.

For example:

* If SPCX trades at $150, the market is implying an expected future public share value of approximately $150 per share for SpaceX.
* If OPENAI trades at $120, the market is implying an expected future public share value of approximately $120 per share for OpenAI.
* If ANTHROPIC trades at $100, the market is implying an expected future public share value of approximately $100 per share for ANTHROPIC.

Prices may fluctuate based on:

* funding rounds
* listing expectations
* strategic partnerships
* macroeconomic conditions
* AI or aerospace industry developments
* regulatory changes
* public market sentiment

These products are designed as continuously traded derivatives-based valuation signals rather than fixed estimates or official company valuations.

### Market Specification Index

#### SpaceX:

| Market                              | SpaceX (SPCX)                                                                                                                                                                                                                                                                                         |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Status                              | Live                                                                                                                                                                                                                                                                                                  |
| Description                         | SPCX is a pre-IPO market reflecting the market-implied expected price per share of Space Exploration Technologies Corp. common stock. SpaceX designs, manufactures, and launches rockets and spacecraft, and operates Starlink, a satellite internet network providing global broadband connectivity. |
| Reference Fully Diluted Share Count | 11.87 billion                                                                                                                                                                                                                                                                                         |
| Outside Launch Date                 | June 30, 2026                                                                                                                                                                                                                                                                                         |
| Max Leverage                        | 10x                                                                                                                                                                                                                                                                                                   |
| Market Order Price Cap/Floor Ratio  | 5%                                                                                                                                                                                                                                                                                                    |
| Anticipated Listing Event           | IPO                                                                                                                                                                                                                                                                                                   |

#### OpenAI:

| Market                              | OpenAI (OPENAI)                                                                                                                                                                                                                                                                                                               |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Status                              | Live                                                                                                                                                                                                                                                                                                                          |
| Description                         | OPENAI is a pre-IPO market reflecting the market-implied expected price per share of OpenAI. OpenAI is an artificial intelligence research and deployment company focused on developing advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications worldwide. |
| Reference Fully Diluted Share Count | 1 billion                                                                                                                                                                                                                                                                                                                     |
| Outside Launch Date                 | Q4 2026                                                                                                                                                                                                                                                                                                                       |
| Max Leverage                        | 20x                                                                                                                                                                                                                                                                                                                           |
| Market Order Price Cap/Floor Ratio  | 5%                                                                                                                                                                                                                                                                                                                            |
| Anticipated Listing Event           | IPO                                                                                                                                                                                                                                                                                                                           |

#### ANTHROPIC:

| Market                              | Anthropic PBC (ANTHROPIC)                                                                                                                                                                                                                                                                                                                       |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Status                              | Live                                                                                                                                                                                                                                                                                                                                            |
| Description                         | ANTH is a pre-IPO market reflecting the market-implied expected price per share of Anthropic. Anthropic is an artificial intelligence safety and research company focused on developing reliable, interpretable, and aligned AI systems, including the Claude family of large language models used across consumer and enterprise applications. |
| Reference Fully Diluted Share Count | 1 billion                                                                                                                                                                                                                                                                                                                                       |
| Outside Launch Date                 | Q4 2026                                                                                                                                                                                                                                                                                                                                         |
| Max Leverage                        | 10x                                                                                                                                                                                                                                                                                                                                             |
| Market Order Price Cap/Floor Ratio  | 5%                                                                                                                                                                                                                                                                                                                                              |
| Anticipated Listing Event           | IPO                                                                                                                                                                                                                                                                                                                                             |

<br>

### Risk Disclaimer

Pre-IPO perpetual contracts carry a distinct and elevated risk profile compared to standard perpetual futures. Please read the following carefully before trading.

#### No Equity Ownership

Per-IPO Perpetuals are synthetic derivative instruments. Trading SPCX, OPENAI or any Pre-IPO Perpetual contract does not constitute equity ownership in the referenced company, does not grant shareholder rights, and does not guarantee participation in any future IPO or secondary market listing.

#### Listing Uncertainty&#x20;

The referenced company may delay, modify, or indefinitely postpone its public listing. In the event that no listing occurs, the contract may be settled or terminated at Aster's discretion based on available valuation references.

#### Share Count & Structural Adjustments&#x20;

If the reference fully diluted share count changes — due to new funding rounds, secondary transactions, stock splits, or other corporate actions.

#### Aster reserves the right, at its sole discretion, to:

* Adjust contract specifications, including pricing and settlement mechanisms
* Modify or replace the reference share count used for valuation
* Extend or terminate the pre-IPO perpetual contract
* Delist the market at any time

<br>


# Stock Perpetuals

## Aster Stock Perpetual Contracts

Aster Perpetuals now supports stock perpetuals — enabling perpetual futures trading for U.S. and HK-listed stocks, fully settled in USDT. Trade with up to 50x leverage, long or short, with flexible leverage selection at the time of order placement.

To improve trading experience — particularly during off-hours when stock market liquidity is lower — Aster has introduced an **EWMA-Smoothed Mode** for stock perpetuals.

### Mark Price

On Aster Perps, the Mark Price serves as the reference for calculating unrealized PnL and triggering liquidations. Its primary purpose is to prevent unnecessary forced liquidations during periods of abnormal volatility and to ensure fair, stable pricing — distinct from the last traded price, which can be subject to sudden swings or manipulation.

### Index Price

Index prices are sourced from multiple providers including the Pyth Oracle, ensuring a comprehensive and reliable data set for mark price calculations and settlement.

### Standard Mode

The Mark Price is the median of three values:

* Price 1: Price index × (1 + Funding rate × (Time to next funding / Funding interval))
* Price 2: Price index + 5-min moving average of ((Bid 1 + Ask 1) ÷ 2 − Price index)
* Contract Price: The current contract price

The 5-minute moving average is sampled every minute over a 5-minute window:

Moving average = Average of ((Bid 1 + Ask 1) ÷ 2 − Price index)

The median of the three values is selected as the Mark Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is the Mark Price.

### EWMA-Smoothed Mode

During low-liquidity periods (overnight, weekends, and public holidays), Aster applies an Exponentially Weighted Moving Average (EWMA) to the last traded price, replacing the raw Contract Price with a smoothed version to reduce the impact of thin-market price spikes.

The Mark Price is the median of three values:

* Price 1: Price index × (1 + Funding rate × (Time to next funding / Funding interval))
* Price 2: Price index + 5-min moving average of ((Bid 1 + Ask 1) ÷ 2 − Price index)
* EWMA Price: (1 − β) · LastTrade(t) + β ·EWMA price(t − 1), where β = exp(−1/1600)

If no trade is filled at a given second, the previous contract filled price EWMA(t−1) is carried forward.

The median of the three values is selected as the Mark Price. For example, if Price 1 < EWMA Price< Price 2, then **EWMA Price** is the Mark Price.

### **Risk Reminder**

Aster reserves the right to adjust trading parameters — including funding rates, minimum price increments, maximum leverage, risk limits, and maintenance margin requirements — at any time and at its sole discretion. Please refer to the [link](https://www.asterdex.com/en/futures/trading-rules/leverage-and-margin) for full trading rules and limitations.


# US Stocks

### &#x20;Trading Sessions & Order Price Caps

| Session                                | New York City local time | Limit Order Price Cap                                | Market Order Price Cap                                                                    |
| -------------------------------------- | ------------------------ | ---------------------------------------------------- | ----------------------------------------------------------------------------------------- |
| <p>Pre-market （off hrs）</p><p><br></p> | 4:00 AM\~9:30 AM EST     | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled               |
| <p>Market open<br><br></p>             | 9:30 AM\~4:00 PM EST     | the same as crypto perpetual trading pairs           | the same as crypto perpetual trading pairs                                                |
| <p>Post-Market（off hrs）<br><br></p>    | 4:00 PM\~8:00 PM EST     | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled               |
| <p>Overnight<br><br></p>               | 8:00 PM-04:00 AM EST     | > 5% more aggressive than MarkPrice will be rejected | <p>Can fill up to 5% more aggressive than MarkPrice, the rest will </p><p>be canceled</p> |

### EWMA-Smoothed Mode is active during:

| Session                         | New York City local time                |
| ------------------------------- | --------------------------------------- |
| <p>Overnight</p><p><br></p>     | 08:00 PM →04:00 AM EST(next day)        |
| <p>Weekend<br><br></p>          | 08:00 PM EST Friday→04:00 AM EST Monday |
| <p>Public holiday<br><br></p>   | 00:00→23:59 EST                         |
| <p>Half-day Trading<br><br></p> | 13:00 EST after market close            |

\ <br>


# HK Stocks

### Trading Sessions & Order Price Caps

| **Session**                                    | **HK local time**               | **Limit Order Price Cap**                            | **Market Order Price Cap**                                                  |
| ---------------------------------------------- | ------------------------------- | ---------------------------------------------------- | --------------------------------------------------------------------------- |
| <p>Market Open (Morning Session)<br><br></p>   | 09:30 AM →12:00 PM HKT          | the same as crypto perpetual trading pairs           | the same as crypto perpetual trading pairs                                  |
| Lunch Break (off hours)                        | 12:00 PM → 1:00 PM HKT          | > 5% more aggressive than MarkPrice will be rejected | > 5% more aggressive than MarkPrice will be rejected                        |
| <p>Market Open (Afternoon Session)<br><br></p> | 1:00 PM\~4:00 PM HKT            | the same as crypto perpetual trading pairs           | the same as crypto perpetual trading pairs                                  |
| <p>Market Close（off hrs）<br><br></p>           | 4:00 PM\~9:30 AM HKT (next day) | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled |

### EWMA-Smoothed Mode is active during:

| **Session**                     | **HK local time**                   |
| ------------------------------- | ----------------------------------- |
| Market Close (off hrs)          | 04:00 PM→09:30 AM HKT               |
| Lunch Break                     | 12:00 PM→13:00 PM  HKT              |
| <p>Weekend<br><br></p>          | 04:00 PM→09:30 AM HKT (Next monday) |
| <p>Public holiday<br><br></p>   | 00:00→23:59 HKT                     |
| <p>Half-day Trading<br><br></p> | 12:00 HKT after market close        |

<br>


# KRX Stocks

### KRX Stocks — Trading Sessions & Order Price Caps

| Session                                 | Korean local time          | Limit Order Price Cap                                | Market Order Price Cap                                                      |
| --------------------------------------- | -------------------------- | ---------------------------------------------------- | --------------------------------------------------------------------------- |
| <p>Pre-Market (off hrs)</p><p><br></p>  | 08:00→09:00 KST            | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled |
| <p>Market Open<br><br></p>              | 09:00→15:20 KST            | the same as crypto perpetual trading pairs           | the same as crypto perpetual trading pairs                                  |
| <p>Post-Market (off hrs)</p><p><br></p> | 15:20→18:00 KST            | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled |
| <p>Market Close (off hrs)<br><br></p>   | 18:00→09:00 KST (next day) | > 5% more aggressive than MarkPrice will be rejected | Can fill up to 5% more aggressive than MarkPrice, the rest will be canceled |

### EWMA-Smoothed Mode is active during:

| Session                       | KRX local time                    |
| ----------------------------- | --------------------------------- |
| Market Close (off hrs)        | 18:00→09:00 KST (next day)        |
| <p>Weekend<br><br></p>        | Friday 18:00 KST→Monday 09:00 KST |
| <p>Public holiday<br><br></p> | 00:00→23:59 KST                   |


# Dividend introduction for Equity Perpetual Futures

This article details Aster’s operational procedures and calculation models for handling dividend events related to underlying stocks in round-the-clock traded equity perpetual futures. When the underlying asset enters its ex-dividend date, its price typically adjusts downward naturally. To align the perpetual futures price with this market movement and eliminate the resulting price gap, our system will trigger a one-off special funding settlement. Under this mechanism, users holding short positions will pay corresponding fees to those holding long positions, ensuring fair and balanced settlement.

### 1. Event Schedule & Process

The entire dividend adjustment process runs from the trading day preceding the ex-dividend date (defined as ex\_date - 1) up to the morning of the ex-dividend date (ex\_date). Since perpetual futures trade non-stop, ex\_date - 1 here specifically refers to the calendar day immediately preceding the ex-dividend date.

Note: All times mentioned below follow Eastern Time (ET).<br>

| Date         | Time (ET)    | System Operation                                                                                    |
| ------------ | ------------ | --------------------------------------------------------------------------------------------------- |
| ex\_date - 1 | 15:30        | Adjust the funding interval to 1 hour; the new rule takes effect at 16:00.                          |
| ex\_date - 1 | 18:00        | The symbol will be changed to "reduce-only" mode, where opening new positions is restricted.        |
| ex\_date - 1 | 18:00        | Tighten the allowed deviation range between Mark Price and Index Price to 1%.                       |
| ex\_date - 1 | 20:00        | Execute the special dividend funding settlement right after completing the general funding process. |
| ex\_date - 1 | Post-funding | Restore the symbol to normal trading mode, and reset the deviation limit to its standard level.     |
| ex\_date     | 00:00        | Restore the funding interval back to its standard duration; the change becomes effective at 00:01.  |

### 2. Special Funding Rate: Calculation Logic

The special funding execution acts as a negative funding rate, meaning the funding fee is transferred from Short positions to Long positions.  The exact calculation formula varies depending on the type of dividend distributed by the underlying company.

#### Cash Dividend

For standard cash dividend distributions, the rate is calculated based on the dividend amount and the Mark Price adjusted for the dividend value:

Funding Rate = - \[Dividend Amount / (Mark Price − Dividend Amount)]

#### Stock Dividend

For pure stock dividends (where shareholders only receive additional shares), the rate is determined directly by the dividend ratio — the proportion of new shares issued for each existing share held:

Funding Rate = − Dividend Ratio

#### Combined Cash & Stock Dividend

In rare cases where a company issues both cash and stock dividends at the same time, the formula integrates both parameters:

Funding Rate = − \[Dividend Amount / (Mark Price − Dividend Amount)] \* (1 + Dividend Ratio)

Exemption from Funding Cap

During this special dividend settlement, the system will not apply the usual funding rate upper/lower limits. This ensures that long position holders receive the full dividend adjustment value as calculated, without being restricted by preset rate caps, so the settlement accurately reflects the economic impact of the dividend event.

<br>


# AFEE & BonusUSD

### **AFEE**

Aster has a fee discount token called AFEE, which allows users to offset their trading fees on Pro Mode. AFEE is applied automatically and requires no manual activation.

* **1 AFEE = 1 USDT**
* **Total supply:** 100,000 AFEE tokens
* AFEE cannot be used as margin to open positions — you must deposit USDT or another supported collateral asset to trade.
* AFEE can only be used to offset trading fees; it cannot be used to deduct funding rates, liquidation fees, or other costs.
* Users do not need to enable Multi-Asset Mode to use AFEE.

**Note:** When users pay trading fees with AFEE, market makers and referrers will receive AFEE tokens as rebates.

### **BonusUSD**

Aster has a futures bonus token called BonusUSD for users who trade on Aster Pro Mode. BonusUSD is a USD-pegged token that traders can use as collateral to trade crypto futures on Aster Pro Mode.

**Note:** BonusUSD is a futures bonus token and cannot be withdrawn. Multi-Asset Mode must be enabled to use BonusUSD as collateral.

#### **How to Use BonusUSD**

**Step 1:** Go to the Campaign page and connect your wallet. Click \[Claim Reward] to check your eligibility and claim rewards. Your BonusUSD tokens will be automatically credited to your balance after you claim them manually.

**Step 2:** Go to your [Portfolio](https://asterdex.com/portfolio) and check your BonusUSD balance.

<figure><img src="/files/ExrywP8W5Tv5Vwe66t6f" alt=""><figcaption></figcaption></figure>

**Step 3:** (Skip if Multi-Asset Mode is already enabled) Enable Multi-Asset Mode to use BonusUSD as collateral. On Aster Pro mode, scroll down to Margin Ratio and select \[Multi-Assets Mode].

<figure><img src="/files/6N6I56IJ3InNlEIBItJO" alt=""><figcaption></figcaption></figure>

**Step 4:** Choose your preferred perpetual contract from the dropdown list and set your leverage.

<figure><img src="/files/hy5EYwCGjpiLEgskVO0i" alt=""><figcaption></figcaption></figure>

**Step 5**: Set your preferred order type. Aster Pro Mode supports Limit, Market, Stop Limit, Trailing Stop, and Hidden orders.

<figure><img src="/files/vW1IDxSf6JpogtWTT6kM" alt=""><figcaption></figcaption></figure>

**Step 6**: Monitor your positions and close them based on your exit strategy. All positions are listed in the \[Positions] tab.

<figure><img src="/files/hUpVY6Bqvp2iSXQGVYrL" alt=""><figcaption></figcaption></figure>

**Note:**&#x20;

* BonusUSD can only be used on Aster and cannot be withdrawn.
* Profits generated from trades using BonusUSD as collateral can be withdrawn.
* BonusUSD is only available on Aster Pro Mode on BNB Chain.


# Delistings

To maintain a healthy trading environment, Aster may delist certain perpetual futures contracts based on factors such as low liquidity or low trading volume. The delisting process is designed to be transparent and timely.

### **Reasons for Delisting**

A futures contract may be delisted due to one or more of the following:

* Low liquidity or trading volume
* Project operations cease
* Major changes to the underlying blockchain (e.g., a hard fork)
* Other factors that negatively affect the trading experience

### **Delisting Process**

**Announcement**

A delisting notice will be issued on [Twitter](https://twitter.com/asterdex), [Telegram](https://t.me/asterdex), and [Discord](https://discord.gg/asterdex) at least 24 hours in advance. The announcement will include the cessation of trading date and any relevant instructions.

**Reduce-Only Window**

Starting 10 minutes before the cessation of trading, only reduce-only orders can be placed for the affected contract. No new positions can be opened during this time.

**Final Mark Price Calculation**

During the last hour before trading stops, the Mark Price of the delisted contract is calculated as the average of the price index sampled every second — a total of 3,600 data points.

**Trading Halt and Settlement**

At the time of delisting:

* All remaining open positions are automatically closed at the final Mark Price.
* Trading fees are charged for the automatic settlement.
* All unrealized PnL is settled and converted into realized PnL.

### **After Delisting**

* The delisted contract will no longer be available for trading.
* Historical data may remain available for reference.

### **Recommendations**

To avoid automatic settlement and additional fees, traders are strongly advised to manually close all positions before the cessation of trading.


# Shield Mode

**What is Shield Mode?**

Shield Mode offers a distinct trading experience compared to Order Book Futures, providing a quicker, easier, and more streamlined process. Users can trade faster and find it simpler to initiate their trades. Throughout the promotional period, there will be no opening or closing fees for trading transactions to reward our loyal Aster users.


# Fees & Specs

### **Trading Fee**

To celebrate the launch of Perp Shield Mode, we're conducting a limited-time zero-fee event. Both opening and closing positions will incur no fees.

### **Profit Share**

Aster has implemented a profit-sharing model to reduce the impact of fees on users. When the position is profitable, a fee range from 15% to 20% will be charged on the profits. When the position incurs a loss, no fees will be incurred.

### **Flat Fee**

A fixed fee rate applies to opening and closing positions. The current fee rate is 0.03%.

### **Dynamic Slippage**

The platform determines the slippage based on the liquidity of the pair's underlying assets and open interest, as observed from market performance.

<br>

\ <br>


# RWA Market

### **Trading Operation Hours**

Shield Mode features XAG & XAU trading pairs. Unlike the cryptocurrency market, the XAU and XAG exchange markets are not open for trading 24/7. Traders may refer to the following timings:

| **Day**   | **Open/Close for Trading**                                                               |
| --------- | ---------------------------------------------------------------------------------------- |
| Monday    | Open                                                                                     |
| Tuesday   | Open                                                                                     |
| Wednesday | Open                                                                                     |
| Thursday  | Open                                                                                     |
| Friday    | <p>Closed from 22:00 UTC onwards (DST)</p><p>Closed from 23:00 UTC onwards (Non-DST)</p> |
| Saturday  | Close                                                                                    |
| Sunday    | <p>Closed from 22:00 UTC onwards (DST)</p><p>Closed from 23:00 UTC onwards (Non-DST)</p> |

To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens.

Additionally, the XAU and XAG exchange markets will also be closed during US public holidays.

***Risk Reminder:** Perpetual trading carries substantial risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from Aster. Aster will not be liable for any loss that might arise from your use of the Aster platform.*<br>


# Stock Market

### **Trading Operation Hours**

Shield Mode also supports stock perps, enabling perpetual futures trading for U.S. stocks fully settled in USDT. Trade with up to 50x leverage, long or short, and choose your leverage level when placing an order.

### **Trading Session**

| **Session**              | **Time Period** |
| ------------------------ | --------------- |
| Pre market (off hours)   | 4am–9:30am      |
| Market open              | 9:30am–4pm      |
| Post Market (off hours)  | 4pm–8pm         |
| Market Close (off hours) | 8pm–4am         |

To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens.

During off-hours, pricing updates will be paused and trading functions will be unavailable. Additionally, the stock perp markets will also be closed during the US public holidays.

\
**Regarding trading parameter adjustments:** To mitigate market risks and enhance user experience, Aster may adjust trading parameters such as funding rates, minimum price increments, maximum leverage, risk limits, and maintenance margin requirements in accordance with real-time market conditions.

<br>


# Forex Market

Shield Mode is set to enhance your trading experience by introducing forex trading pairs. This expansion aims to cater to the diverse needs of our users, providing broader opportunities beyond cryptocurrencies.

The initial launch will feature the EUR/USDT and GBP/USDT trading pairs, with support for up to 500x leverage.

### **Forex Market Trading Hours**

| **Day**   | **Open/Close for Trading**                                                               |
| --------- | ---------------------------------------------------------------------------------------- |
| Monday    | Open                                                                                     |
| Tuesday   | Open                                                                                     |
| Wednesday | Open                                                                                     |
| Thursday  | Open                                                                                     |
| Friday    | <p>Closed from 23:00 UTC onwards (DST)</p><p>Closed from 22:00 UTC onwards (Non-DST)</p> |
| Saturday  | Close                                                                                    |
| Sunday    | <p>Closed from 23:00 UTC onwards (DST)</p><p>Closed from 22:00 UTC onwards (Non-DST)</p> |

To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens.

Additionally, the forex market will observe closures on U.S. public holidays, aligning with international trading customs.

With the introduction of forex trading pairs, Shield Mode continues to evolve, providing a comprehensive trading ecosystem. We encourage traders to make informed decisions and utilize this opportunity to explore new markets while being mindful of associated risks.

***Risk Reminder:** Perpetual trading carries substantial risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from Aster. Aster will not be liable for any loss that might arise from your use of the Aster platform.*

<br>


# Dynamic Slippage

### **Overview**

The Dynamic Slippage mechanism is designed to accurately reflect the market impact of user trades. Every order impacts market liquidity, particularly when the trade volume is large. To ensure fair pricing and risk management, slippage is calculated dynamically based on the order size, the current Open Interest (OI) imbalance, and real-time market depth.

### **Calculation Logic**

The system determines the slippage percentage by comparing the calculated Market Impact against a configured Minimum Slippage threshold. The greater of the two values is applied.

**A. Long Scenario (Open Long / Close Short)**

This formula applies when a user opens a Long position or closes a Short position.

$$
SlippageLong= Max{(NewPostion-Symbol Short OI+Symbol Long OI)/DepthAbove, MinLongSlippage)}
$$

**B. Short Scenario (Open Short / Close Long)**

This formula applies when a user opens a Short position or closes a Long position.

$$
SlippageShort=Max{(NewPostion-Symbol Long OI+Symbol Short OI)/DepthBelow, MinShortSlippage)}
$$

### **Parameter Definitions**

#### **Market Depth (Liquidity)**

Market depth data is aggregated from major exchanges via the CMC interface to determine the available liquidity for absorbing orders.

* Data Sources: Binance, Coinbase, OKX, Kraken and other major exchanges (USDT or USD pairs).
* Update Frequency: Every 5 seconds.

#### **Depth Formulas**

The depth values used in the denominator are calculated as follows:

**Depth Above (Ask Liquidity):**

$$
Depthabove​=k×100×∑(depthpositive\_two​)​
$$

* *`depth_positive_two`: Aggregated +2% depth data from sources.*

**Depth Below (Bid Liquidity):**

$$
Depthbelow​=k×2100×∑(depthnegative\_two​)​
$$

* *`depth_negative_two`: Aggregated -2% depth data from sources.*

**Adjustment Coefficient (k):** A scalar used to adjust liquidity sensitivity.

* **Default:** k = 1.5
* **Configuration:** Configurable per Symbol.

**Minimum Slippage:**&#x20;

A fixed parameter configured at the Symbol level. This acts as a floor to ensure slippage never drops below a baseline value, even in high liquidity conditions.

### **Precision and Rounding Logic**

The final slippage percentage is processed with a precision of **1/10,000 (0.01%)**. The rounding method depends on which value is selected by the `MAX` function:

**Scenario A (Calculated Impact > Min Slippage):**

If the dynamic market impact calculation is higher than the minimum slippage, the system applies an **Unconditional Carry (Ceiling)** logic.

* Action: Round **UP** to the nearest 1/10,000.

**Scenario B (Calculated Impact ≤ Min Slippage):**

If the minimum slippage is used, standard rounding applies.

* Action: **Round Half Up (Nearest)** to 1/10,000.

#### **Example Logic:**

```abap
// precision = 0.0001 # 1/10000

if calculated_impact > min_slippage:
    # Unconditional carry (Ceiling)
    final_slippage = math.ceil(calculated_impact / precision) * precision
else:
    # Standard rounding (Round Half Up) for Min Slippage
    final_slippage = round(min_slippage / precision) * precision

```


# Liquidations

### **Liquidation Protocol**

When the last price is less than or equal to the liquidation price of a certain position, a forced liquidation will occur. It is recommended that users pay close attention to the last price and the trend of forced liquidation price to avoid being forcibly liquidated.

Forced Liquidation Price = (Position Size × Open Price - Accumulated Funding Rate - Initial Margin × Liquidation Loss Rate) / Position Size × Position Direction

Position Size = Initial Margin × Leverage Multiple / Entry Price

If the position direction is LONG, the calculation of position direction will be 1, whereas if the position direction is SHORT, the calculation of position direction will be -1.

The liquidation rate is influenced by the selected symbol and leverage for positions. Please check the liquidation rate on our website for your selected symbol and leverage.

**Risk Reminder:**

* *Liquidation price may change when there are any changes in the Funding Rate.*
* *We will adjust the liquidation rate based on market volatility and OI updates. Please pay attention to the updates and monitor the risk.*

### **Example Liquidation Rates**

For example, the liquidation rate for the BTCUSDT & ETHUSDT pair will be shown as:

* 75% liquidation rate for leverage between 1x and 200x.
* 70% liquidation rate for leverage between 201x and 500x.
* 65% liquidation rate for leverage between 501x and 1001x.

The liquidation rate for the EURUSDT pair is 60% for leverage between 20x and 200x.

<figure><img src="/files/mRD6y9EldV4HoGxf08AG" alt=""><figcaption></figcaption></figure>

The liquidation rate for **EURUSDT** pair is 60% for the leverage between 20x to 200x.&#x20;

<figure><img src="/files/xYtWR4b74VNi3sZ7TPeY" alt=""><figcaption></figcaption></figure>

<br>

<br>


# Mark Price

Mark Price is closely correlated with the funding rate, and vice versa. We use this Mark Price to prevent unnecessary liquidations for our traders and to deter market manipulation.

Since Unrealized PnL is the primary driver of liquidations, it's crucial to guarantee its accurate calculation to prevent unnecessary liquidations. Hence, Mark Price is used for calculating unrealized PnL. The mark price is a composite price derived from a basket of prices sourced from various major CEX exchanges, weighted according to their respective trading volumes. Additionally, to prevent market spikes, there is a moving average price strategy in place to protect users.

**Note:** Shield Mode does not have an order book, and thus Mark Price is equal to Last Price.


# Position Mode

**Position Management**

Users can manage positions by choosing the \[Positions] button on the trading dashboard. Users can check details such as trading pairs, direction, entry price, liquidation price, Leverage and other relevant information.

&#x20;

**Position Mode**

Perp Shield offers Isolated leveraged mode for every trading pair and position. Positions are always individual ones.

* Each trading pair is an isolated position, allowing users to open multiple isolated positions
* Each position is held and run individually. Currently, **there is no option to add margin to an existing position.**
* Every isolated trading position has its own unique risk rate and liquidation price, and each position is settled individually.
* Liquidation risk is isolated for each trading pair, which means liquidation of a position will not affect any other positions.
* Do not support the hedge mode.&#x20;


# Funding Fee Rate

The Funding Rate on Shield Mode differs from that of Aster Perps. Aster will collect a Funding fee rate to balance the Long and Short ratios, which helps reduce market risk. The calculation formula for this funding fee rate is provided below:

Funding Rate= {clamp{Floor, {ABS\[(Long OI - Short OI) \* Funding Fee Per Hour/M % ] /  Max (LongOI, ShortOI)} ,Cap} }

#### **Parameters:**

* **Long open interest:** The total number of LONG positions on the platform.
* **Short open interest:** The total number of SHORT positions on the platform.
* **Funding Fee Per Hour:** The Funding Rate will be charged on an hourly basis. It may be adjusted based on market performance.
* **Floor & Cap:** The funding rate has a cap and floor. The Funding Fee Rate Floor and cap threshold may be adjusted from time to time based on market performance.

**Note: Funding payment is generated hourly.** For example, if a user opens a position at 05:12 and holds it until 05:59, no funding payment will be made. However, if a user holds the position until 06:00, then a funding payment will be made.


# Profit Share & Flat Fee

### **More Fee Options**

Aster has implemented a profit-sharing model to reduce the impact of fees on users. When the position is profitable, a fee range from 15% to 20% will be charged on the profits. When the position incurs a loss, no fees will be incurred.

For example, a 15% fee will be charged on the profits when you place orders on BTCUSDT or ETHUSDT pairs.

<figure><img src="/files/6OhclXtJ2V6yCraGJGAp" alt=""><figcaption></figcaption></figure>

In the meantime, users can select the flat fee ratio when opening the position. 0.03% will be charged based on the notional value of the position.&#x20;

<figure><img src="/files/QPTLjPlxvC1OjTJeQvsx" alt=""><figcaption></figcaption></figure>

<br>


# User Tutorial

## **How it Works**

Shield Mode differs from Aster Perpr, offering an easier, faster, and more streamlined trading experience. Users can trade more quickly and find it simpler to operate and start trading. Some guidelines:

**Long:** Indicating an uptrend. If users expect the price to increase, they can select LONG as the direction. Users will then gain profit when the price rises.

**Short:** Indicating a downtrend. If users expect the price to decrease, they can select SHORT as the direction. Users will then gain profit when the price drops.

**Leverage:** The minimum leverage supported in Perp Shield is 20x, while the highest leverage is 1001x. The higher the chosen leverage, the greater the risk.

**Funding Rate:** The Funding Rate is calculated hourly. It may be adjusted based on market performance.

**Note**:

* The higher the leverage of the positions, the greater the risk. Users will be charged a funding fee if they hold a position for more than 1 hour. The funding rate and funding fee, which users pay to (or receive from) traders on the opposite side of the trade, depend on market conditions.
* To maintain market stability, if a user's profit from a single position trading pair exceeds the threshold, the system will automatically close the position for the user. After settling without any issues, the system will release the profit funds to the user.

#### **Automatic close threshold:**

* BTC symbol≥ 50,000 USDT
* ETH symbol≥ 50,000 USDT
* RWA symbol≥ 3000 USDT
* Stocks symbol≥ 3000 USDT

### **Calculation of Profit and Loss (PNL), Return on Equity (ROE), and Liquidation Price**

**PNL** = Size of position × (Mark Price - Entry Price) × Direction

**Size of position** = Initial Margin × Leverage / Entry Price

If the position direction is LONG, the calculation of position direction will be 1, whereas if the position direction is SHORT, the calculation of position direction will be -1.

**ROE%** = PNL / Initial Margin

#### **Example**

**Unrealized PNL** =  (5\*200/26,266) \*(26,250 - 26,266) = - 0.6091 USDT

**ROE%** = - 0.6091/5 = -12.18%

**Forced Liquidation Price** = (Position Size \* Open Price - Accumulated Funding Rate - Initial Margin \* Liquidation. Lost Rate) / Position Size \* Position Direction


# King of Shield：$15,000 in Rewards Awaits!

Hide the strategy. Show the PnL.

<figure><img src="/files/JUiP5VniBcPFFEmv5fph" alt=""><figcaption></figcaption></figure>

Alpha dies in public.&#x20;

In public markets, high-leverage trades get watched, copied, or traded against.&#x20;

[Shield Mode](https://www.asterdex.com/zh-TW/trade/shield/futures/BTCUSDT) is built for traders who value precision, protection, and control.

Trade in Shield Mode. Compete on real PnL.\
Your strategy stays hidden. Your performance speaks.

Trade major crypto assets like BTC, ETH, SOL, XRP, and more, or go degen on tokenized metals — XPT (Platinum), XAG (Silver), XAU (Gold).

Trade behind the shield. Prove your alpha.\
Know more about [Shield Mode](https://docs.asterdex.com/product/perp-shield).&#x20;

***

#### **$15,000 Prize Pool Overview**

<table data-header-hidden><thead><tr><th width="153.16796875"></th><th width="256.37890625"></th><th></th></tr></thead><tbody><tr><td><strong>King of Shield</strong></td><td><strong>Individual PnL Requirement</strong></td><td><strong>Individual Prize Pool</strong></td></tr><tr><td></td><td><img src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" alt="">≥ $50,000</td><td>$10,000</td></tr><tr><td></td><td>$50,000 > PnL ≥ $30,000</td><td>$5,000</td></tr><tr><td><strong>Shield  League</strong></td><td><strong>Group PnL Requirement</strong></td><td><strong>Group Prize Pool</strong></td></tr><tr><td></td><td><img src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" alt="">≥ $50,000</td><td>$5,000</td></tr><tr><td></td><td>$49,999 > PnL ≥ $1</td><td>$1,000</td></tr></tbody></table>

* **King of Shield Prize：**
  * Up to $10,000 for the Top PnL performer during the competition while trading exclusively in Shield Mode.&#x20;
  * If the top performer's total PnL is below $30,000 (i.e., even the highest PnL achieved in the competition is less than $30,000), then is ineligible for King of Shield but remains eligible for the Shield League prize (see below).
* **Shield League Pool:**&#x20;
  * If the total PnL of all participants meets the required threshold, eligibility to share the corresponding reward pool is granted.
  * The required threshold (Group PnL Requirement) is calculated based on profit only: only positive realized PnL is counted, and any losses (negative PnL) are not included.
  * The reward pool will be shared equally among all participants who made at least one trade with positive PnL during the competition period.
  * No minimum PnL amount required — even tiny positive PnL trades qualify.
  * Top PnL performers who receive a King of Shield prize are excluded from the Shield League reward pool.
* **Notes**
  * Only realized PnL generated from opening and closing positions will be counted. Positions will be considered eligible only if both the opening and closing timestamps occur within the campaign period. If either the opening or closing time falls outside the campaign period, the realized PnL from that position will not be counted.
  * Only realized PnL is included in the calculation. Funding fees, profit fees, and any other non-trading fees are excluded and will not be counted as part of realized PnL.
  * Rewards are paid in USDF, Aster’s yield-bearing stablecoin.

#### **Key Dates**

* Trading competition: 8:00 UTC, 30 Jan - 23:59 UTC, 8 Feb
* Reward distribution: Rewards will be distributed in USDF to users’ Aster Perpetual accounts within 14 business days after the campaign ends.

#### **Competition Rules**

* Only trading activities executed exclusively in Aster Shield Mode will be considered eligible.
* Tiebreaker: If two participants have identical PnL, higher valid trading volume ranks higher.
* Participation implies agreement with Aster’s Terms & Conditions.

#### **Reward Distribution**

* The public leaderboard will be updated periodically and provides provisional rankings only.
* After the event ends, Aster will conduct a full audit of all participant accounts to verify trading behavior, rule compliance, and data accuracy. The official final rankings will be announced separately once the review is complete.
* The ‘Final PnL’ will be determined based on the snapshot taken at the end of the competition. Any profits generated from trades executed after the competition ends will not be counted.
* Reward distribution: Rewards will be distributed in USDF to users’ Aster Perpetual accounts within 14 business days after the campaign ends.

***

#### Terms & Conditions

* Aster will not be responsible or liable for any losses (including, without limitation, any direct or indirect damages for loss of profits) resulting or arising directly or indirectly from your participation in this campaign.
* Any fraudulent, manipulative, or abusive trading activity (including but not limited to wash trading) will result in disqualification and forfeiture of rewards and trading profits.
* Aster may amend, modify, or terminate campaign rules at any time without prior notice, if required to protect market integrity or user interests.
* Aster retains the final right of interpretation for this event and its outcomes.

\
\ <br>


# Prediction

**Overview**

Predictions is Aster's prediction market product, allowing users to trade on the outcome of future events. Each event resolves within a defined time window and contains multiple independent markets, where every market represents a separate session with its own order book, settlement time, and trading activity.

Users trade prediction shares priced between 0.0001 and 0.9999 USDT. These prices represent the market-implied probability of an outcome occurring.

Example:

* Up/Yes price = 0.54
* Implied probability = 54%

At settlement:

* Settlement fee of 0.05% applies to winning shares only. No fee is charged on losing shares.
* Price markets settle using the underlying spot index price
* Event markets settle based on the official result of the event

***

**How It Works**

**Settlement Rules — Price Markets**

Each market has a target price determined by the index price snapshot taken at market open.

At settlement:

* If the settlement index price ≥ target price, Up wins
* If the settlement index price < target price, Down wins

Settlement Price refers to the TWAP (Time-Weighted Average Price) derived from the underlying asset's spot index price over a designated period prior to the close of each round's time window, which is compared against the Start Price to determine the settlement outcome.

**Settlement Rules — Event Markets**

Event markets settle directly to Yes or No based on the official outcome of the event.

***

**Share Prices & Probability**

Prediction shares trade between 0.0001 and 0.9999 USDT.

The share price represents the market-implied probability for that outcome.

Example:

* Share price = 0.5397
* Implied probability ≈ 54%

***

**Market Lifecycle**

Each prediction market — both price and event — goes through several stages:

| Status            | Description                                                     |
| ----------------- | --------------------------------------------------------------- |
| Upcoming          | Market window hasn't started yet. Advance trading is available. |
| Live              | Trading is active                                               |
| Settling / Closed | New orders are blocked while settlement is processing           |
| Ended             | Market fully settled                                            |

Orders can only be placed when the market status is Upcoming or Live.

***

**Order Types**

Predictions currently supports:

* Market Orders
* Limit Orders

Market orders are executed as IOC (Immediate-Or-Cancel) limit orders with slippage protection.

This means:

* Orders may partially fill if liquidity is insufficient
* Any unfilled portion is automatically canceled
* Market orders will never remain resting on the order book

***

**Shared Liquidity Model**

Markets with two outcomes (such as Yes and No markets) share liquidity through an order book mirroring system.

The No order book is derived from the Yes book using:

No Price = 1 − Yes Price

This means users are effectively viewing two sides of the same liquidity pool.

Switching between Yes and No changes the displayed view, but liquidity remains shared internally.

***

**Charts**

Price markets support three chart views.

| Chart Type        | Description                                                    |
| ----------------- | -------------------------------------------------------------- |
| Probability Chart | Implied probability movement based on share trades             |
| Price Chart       | Underlying index price as a line, with the target price marked |
| Candle Chart      | Underlying index price in candlestick format                   |

Charts stop updating once the market reaches the Ended state.

> **Note:** Event markets support the Probability Chart only.

***

**Fees**

Fees may apply during:

* Opening trades
* Closing trades
* Settlement (Settlement fee is 0.05%, only on winning shares)

0% fee for both taker and maker at launch. Settlement fee is 0.05%, only on winning shares.

***

**Prediction Holdings & History**

**Prediction Holdings**

Users can view their prediction holdings under:

Predictions → Open

Prediction holdings remain visible until positions are closed or the market settles.

***

**Realized PnL & Fees**

Users can view realized PnL and fee history under:

Predictions → Settled

The page includes:

* Realized PnL (from closing or settlement)
* Trading fees
* Settlement fees

All amounts are displayed in USDT.

***

**Frequently Asked Questions**

**1. What is Aster Predictions?**

Predictions is Aster's prediction market product. You trade shares representing possible outcomes of future events. Each share is priced between $0.0001 and $0.9999, reflecting the market's view of the probability. When the event resolves, winning shares pay $1 and losing shares pay $0.

Each event contains multiple independent markets, each with its own time window and settlement.

**2. How is Up/Yes or Down/No decided?**

For price markets, settlement compares the opening target price with the settlement-time index price.

* If settlement price ≥ target price → Up wins
* If settlement price < target price → Down wins

For event markets, settlement follows the official result of the event.

**3. What price is used for settlement?**

For price markets, settlement uses the underlying spot index price. For event markets, settlement is based on the official event outcome.

Winning shares pay $1. Losing shares pay $0.

**4. What does the prediction share price mean?**

The share price represents the market-implied probability of an outcome occurring.

Example:

* Price = 0.54
* Implied probability ≈ 54%

**5. When can I place orders?**

Orders can only be placed while the market status is:

* Upcoming
* Live

Orders are blocked once the market enters Settling or Ended status.

**6. Why can't I sell?**

Selling requires an existing position. Users cannot sell prediction shares they do not hold.

**7. Why was my market order only partially filled?**

Market orders use IOC execution with slippage protection.

If sufficient liquidity is unavailable within the allowed price range, only part of the order may execute while the remaining quantity is canceled.

**8. Why does the order book change when switching between Up and Down?**

Yes and No share liquidity through order book mirroring. The displayed prices are transformed using:

No Price = 1 − Yes Price

This creates two views of the same liquidity pool.

**9. What do the chart views mean?**

* Probability Chart: implied probability movement
* Price Chart *(price markets only)*: underlying index price and target price
* Candle Chart *(price markets only)*: candlestick data of the underlying index

**10. Where can I view my prediction positions?**

Prediction holdings are shown under Predictions → Open. They appear separately from perpetual futures positions.

**11. Where can I view realized PnL and fees?**

Go to: Predictions → Settled

This page displays realized PnL, trading fees, and settlement fees in USDT.

**12. Why did I receive less USDT than expected after selling?**

Trading fees are deducted from the gross proceeds. The final credited amount equals trade value minus trading fees.

**13. Do losing positions pay settlement fees?**

No. Settlement fees are deducted only from winning share payouts.

**14. Why did the market disappear?**

Possible reasons include:

* The market has already ended
* The market was delisted by the platform
* The selected time-window session expired

Users can still review settled markets through history pages.

**15. Why does the displayed market time differ from my local time?**

Market windows may display using ET or UTC depending on the interface. API timestamps use UTC.

**16. Why does the chart look frozen?**

Charts only update for Live markets. Once a market has ended, the chart is static. To see live data, switch to the current market window.

**17. How do I report a settlement dispute?**

Please provide:

* Event or market name
* Settlement time
* Relevant order IDs or trade IDs
* Expected vs actual settlement result

Open a ticket in our official Discord channel, and our support team can then escalate the case for settlement verification.


# Prediction User agreement

## Important Notice

Please read this Agreement in its entirety before using the Aster Prediction Market services. By connecting your wallet or accessing or using this platform in any manner, you are deemed to have read, understood, and agreed to be bound by all terms of this Agreement. If you do not agree with any part of this Agreement, please cease use immediately.

***

### 1. General Provisions

1.1 The Aster Prediction Market trading services (hereinafter referred to as the "Services") are governed by this User Agreement. The Services are provided by the operating entity of the Aster platform (hereinafter referred to as "Aster," "we," "our," or the "Platform") in accordance with the Platform's Terms of Service.

1.2 This Aster Prediction Market User Agreement (hereinafter referred to as "this Agreement" or "these Terms") applies to the arrangement between you (hereinafter referred to as "User" or "you") and us regarding your use of the Services and related services, and is legally binding on both parties. By using the Services and any other related services we provide, you acknowledge and confirm that you have carefully read and fully understood all terms and conditions herein (including any amendments we may make from time to time), particularly provisions that exclude or limit the Platform's liability, and provisions that exclude or limit User rights. If you do not accept these Terms, or refuse to acknowledge and agree to the Platform's right to unilaterally amend these Terms at any time, you are not entitled to use the Services provided hereunder and shall immediately cease using and accessing the Platform. This Agreement, together with other rules and announcements published by the Platform, constitutes the complete binding framework governing your use of the Services. In the event of any conflict, this Agreement shall prevail.

***

### 2. Eligibility

2.1 To use this Platform, you must satisfy all of the following conditions:

* You are at least 18 years of age and possess full civil capacity;
* You hold a digital wallet compatible with this Platform and are capable of independently managing such wallet;
* Your participation in prediction trading complies with the applicable laws and regulations of your jurisdiction.

2.2 This Platform uses your wallet address as the sole account identifier. You are responsible for ensuring that your participation complies with the laws of your jurisdiction, and you shall independently bear all legal liabilities arising therefrom.

2.3 You expressly acknowledge that prediction markets carry substantial risk, and you confirm that you are able to bear the risk of losing all funds committed.

2.4 Notwithstanding the foregoing, users accessing this Platform from the following countries or regions are prohibited from accessing or using the Prediction Trading function:

Countries: Australia (AU), Belgium (BE), Belarus (BY), Burundi (BI), Central African Republic (CF), Congo DRC (CD), Cuba (CU), Germany (DE), Ethiopia (ET), France (FR), United Kingdom (GB), Iran (IR), Iraq (IQ), Italy (IT), Japan (JP), North Korea (KP), Lebanon (LB), Libya (LY), Myanmar (MM), Nicaragua (NI), Poland (PL), Russia (RU), Singapore (SG), Somalia (SO), South Sudan (SS), Sudan (SD), Syria (SY), Thailand (TH), Taiwan (TW), U.S. Minor Outlying Islands (UM), United States (US), Venezuela (VE), Yemen (YE), Zimbabwe (ZW).

Regions: Ontario, Canada (CA-ON); Crimea, Ukraine (UA-43); Donetsk, Ukraine (UA-14); Luhansk, Ukraine (UA-09).

The Platform determines a user's jurisdiction based on IP address geolocation and any other information reasonably available to it. If you access the Platform through a VPN, proxy, or any other means that obscures your actual location, and your actual jurisdiction falls within the above list, you remain bound by this restriction. The Platform reserves the right to update this list at any time without prior notice.

***

### 3. Key Definitions

3.1 Prediction Market Contract refers to a binary prediction contract settled based on whether the price of a specific underlying asset rises or falls within a given round's time window. Each round has a fixed start time and end time and is automatically settled upon expiry.

3.2 UP Token / DOWN Token refers to tradable digital tokens representing a User's prediction of the price direction for a given round. Users may trade these tokens at any time prior to settlement and are not required to hold them until settlement.

3.3 Start Price refers to the spot index price of the underlying asset captured by the Platform at the official start of the round's time window, serving as the baseline reference price for settlement. The Start Price is determined at the commencement of the round; Users who place orders in advance cannot know this price at the time of order submission.

3.4 Settlement Price refers to the TWAP calculated based on the spot index price of the underlying asset during a specified period before the end of each round's time window, used for comparison with the Start Price to determine the settlement outcome.

***

### 4. Product Rules

4.1 Trading Direction

Users may trade in either the UP or DOWN direction based on their prediction of the underlying asset's price movement for a given round. The Platform does not support selling tokens in excess of the quantity held; Users may only execute a sell order if they hold the corresponding tokens.

4.2 Pricing Mechanism

The combined price of an UP Token and a DOWN Token always equals 1 USDT. Token prices reflect the market's consensus probability for each directional outcome, with the price range inherently locked between 0 and 1.

4.3 Basic Rules

No leverage, no forced liquidation. Users may sell at any time before settlement. The maximum loss for a User is limited to the principal invested in purchasing tokens.

***

### 5. Settlement Rules

5.1 Settlement Trigger

Settlement is triggered automatically upon the expiry of each round's time window and requires no manual action by Users.

5.2 Settlement Outcome

* If the Settlement Price is greater than or equal to the Start Price, the UP side wins;
* If the Settlement Price is lower than the Start Price, the DOWN side wins.

5.3 Settlement Value

* Winning side: each token is settled at 1 USDT;
* Losing side: each token is settled at 0 USDT (i.e., the token value is reduced to zero).

5.4 Settlement Fee

The settlement fee is charged only to the winning side and is calculated as: Token Quantity × Settlement Price × Settlement Fee Rate. No settlement fee is charged to the losing side.

5.5 Settlement Records

Upon completion of settlement, results are automatically recorded in the User's "Prediction History" without the need for manual confirmation.

5.6 Settlement Review

In the event of external data source failures, abnormal pricing, or system errors, we reserve the right to initiate a settlement review and retain the authority to make the final determination. Such review conclusions are binding on Users.

***

### 6. Fees

6.1 Trading Fees

Prediction market trading fees are independently configured. Maker and Taker fees apply at different rates; fees are charged on both buy and sell transactions, denominated in USDT. Specific fee rates are as published on the Platform and will be announced in advance of any adjustments.

6.2 Settlement Fee

See Section 5.4. The settlement fee rate is a fixed value and does not differentiate between Maker and Taker.

6.3 Trading Volume Aggregation

Prediction market trading volume is counted toward the User's overall platform trading activity and is applicable to event statistics and VIP tier upgrade calculations.

***

### 7. Disclaimers and Risk Disclosure

7.1 Services Provided "As Is"

The Platform's services are provided on an "as is" basis, without any express or implied warranties, including but not limited to warranties of merchantability, fitness for a particular purpose, uninterrupted availability, or freedom from errors. We make no representations or guarantees regarding the continuity, completeness, or accuracy of the Services.

7.2 Not Investment Advice

All information, data, and content provided by the Platform do not constitute investment advice, financial advice, legal advice, or tax advice. We are not an advisor to Users of any kind. Historical settlement outcomes do not represent future performance and do not constitute any promise of returns. Users should independently consult professional advisors before making any financial decisions.

7.3 Limitation of Liability

To the maximum extent permitted by applicable law, we shall not be liable for any damages arising from the following circumstances:

* Losses to User assets resulting from underlying asset price fluctuations or unfavorable prediction outcomes;
* Service unavailability due to system maintenance or upgrades;
* Losses resulting from User operational errors, including but not limited to erroneous orders, misunderstanding of product rules, or incorrect parameter inputs;
* Losses resulting from the User's private key disclosure, loss of mnemonic phrase, wallet theft, or inadequate wallet security management;
* Transaction failures caused by the User's network environment issues, wallet software anomalies, or third-party service interruptions;
* Inability to execute trades or significant slippage losses due to insufficient market liquidity;
* Service restrictions or termination resulting from changes in applicable laws, regulatory measures, or government directives;
* Circumstances arising from the Start Price being determined only at the commencement of the round, such that Users placing advance orders cannot know the baseline price in advance;
* Circumstances in which Users are unable to cancel orders or place new orders during the pre-settlement trading restriction period;
* Platform system failures or business interruptions caused by force majeure events or other unforeseen circumstances, including but not limited to typhoons, earthquakes, tsunamis, floods, epidemics, power outages, wars, civil unrest, government actions, or terrorist attacks;
* Service interruptions or delays caused by hacking, computer virus intrusions, technical adjustments or failures by telecommunications authorities, or temporary shutdowns due to government regulation;
* Losses caused by technical issues that cannot be predicted or resolved by the current state of industry technology;
* Losses caused to you or any third party by any other unforeseeable, unavoidable, and insurmountable force majeure events or unforeseen circumstances.

You acknowledge and agree that the above circumstances may result in abnormal trade executions, market data interruptions, and other anomalies, and we reserve the right to refuse or decline to execute your instructions at our sole discretion based on actual conditions. You understand and agree that we shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses, or loss of expected profits) arising from the above circumstances.

7.4 Risk Disclosure

Before using the Prediction Market, Users must fully understand the following risks:

* Total Loss of Principal: If the predicted direction is incorrect, Users will lose all principal invested. Please participate only with funds you can afford to lose entirely;
* Liquidity Risk: When market liquidity is insufficient, Users may be unable to close positions at a reasonable price before settlement;
* Trading Restriction Risk: To prevent malicious market manipulation, trading is suspended for 500 milliseconds prior to settlement, during which Users cannot respond to market changes;
* Baseline Price Uncertainty Risk: When placing advance orders, the Start Price has not yet been determined, and Users must accept this uncertainty;
* Price Manipulation Risk: Under extreme market conditions, the spot index price of the underlying asset may be subject to manipulation, which could affect settlement outcomes;
* Technical Failure Risk: System failures or network anomalies may cause delays in trade execution or settlement irregularities;
* Regulatory Risk: Changes in laws and regulations may result in the restriction or termination of the Services;
* Wallet Security Risk: Users are solely responsible for safeguarding their private keys and mnemonic phrases. We are unable to recover lost access or assets on behalf of Users.

7.5 User Acknowledgment

By connecting your wallet to access or use this Platform, you irrevocably acknowledge and agree that:

* You have fully read and understood the entire content of this Agreement, including all disclaimers and risk disclosures in this section, and you voluntarily accept them;
* You fully understand the high-risk nature of prediction markets, and your participation in trading is based on your own independent judgment and free will, unrelated to any representations or recommendations by the Platform;
* You understand and accept that the Platform's services are provided on an "as is" basis, and we make no compensation commitments regarding any losses;
* You will not seek damages, refunds, or any form of compensation from us for any circumstances listed in Section 7.3 of this Agreement;
* Whether or not you have read this Agreement word for word, this Agreement constitutes a complete and legally binding agreement applicable to you.

***

### 8. User Responsibilities and Prohibited Conduct

8.1 Users have full control over the wallet address connected to this Platform, are the sole lawful holders of the private keys for such wallet, and bear full responsibility for wallet security.

8.2 Funds used by Users for trading must be from lawful sources with clear ownership.

8.3 Users shall independently bear all tax consequences and compliance obligations arising from their use of the Platform.

8.4 Users shall not engage in the following conduct:

* Market manipulation, including but not limited to spoofing, wash trading, front-running, and any form of coordinated price manipulation;
* Using technical means to attack, disrupt, or interfere with the normal operation of the Platform's systems;
* Using the Platform for money laundering, terrorist financing, or other illegal activities;
* Unauthorized scraping, collection, or commercial use of Platform data;
* Circumventing the Platform's risk control mechanisms by any means;
* Violation of any other provision of this Agreement.

8.5 If a User violates the above provisions, we reserve the right to restrict or terminate such User's access to the Platform and to seek recovery from the User for any resulting losses.

***

### 9. Platform Rights

9.1 Suspension and Restriction: In the event of changes in laws or regulations, technical failures, data anomalies, or force majeure, we reserve the right to suspend or restrict the Services at any time without bearing liability for any resulting losses.

9.2 Settlement Determination: We reserve the right to initiate a review of any abnormal round and to make the final determination of the settlement outcome. Such decisions are binding on Users.

9.3 Reversal of Abnormal Transactions: We reserve the right to reverse any transaction resulting from system errors or non-compliant conduct and to restore the relevant funds to their pre-transaction state.

9.4 Rule Adjustments: We reserve the right to adjust fee rates, position limits, product parameters, and other rules. Material adjustments will be announced in advance.

9.5 Position Limits: We reserve the right to impose a cap on the maximum net position a User may hold per round and to aggregate positions across associated wallet addresses for calculation purposes.

***

### 10. Intellectual Property

10.1 Platform Ownership: We or our licensors own all rights, title, and interest in and to this Platform and all of its features, content, technology, and software (including related interfaces, designs, data, trademarks, logos, and the like), including all intellectual property rights therein.

10.2 Limited License: Subject to your compliance with this Agreement, we grant you a personal, limited, revocable, non-exclusive, non-transferable license solely to access and use the features of this Platform. You may not use the Platform's content in any other manner, nor may you copy, modify, distribute, sell, or exploit any portion of the Platform without our prior written authorization.

10.3 Prohibition of Reverse Engineering: You shall not reverse engineer, decompile, disassemble, or otherwise attempt to derive the source code of the Platform's software.

10.4 User Feedback: All rights in any feedback, suggestions, or comments you submit to the Platform shall belong to us, and we shall be entitled to use them without compensation. You shall have no claim to remuneration or any interest therein.

***

### 11. Third-Party Services

11.1 This Platform may contain links to or integrations with third-party websites, applications, or services ("Third-Party Services"). Such links are provided solely for User convenience and do not constitute our endorsement or recommendation of such Third-Party Services.

11.2 We make no warranties and assume no liability regarding the content, accuracy, availability, security, or privacy practices of any Third-Party Services. Users who access or use Third-Party Services must comply with the relevant third party's terms of service, and all risks and costs arising therefrom are borne solely by the User.

11.3 We shall not bear any direct or indirect liability for any loss or damage arising from the use of or reliance on any Third-Party Services.

***

### 12. User Indemnification

12.1 You agree to indemnify and hold harmless us and our affiliates, officers, directors, employees, and agents from and against any and all claims, demands, losses, damages, and expenses (including reasonable attorney's fees) arising from: (i) your breach of any provision of this Agreement or violation of applicable law; (ii) any dispute between you and any third party; or (iii) your infringement of any third party's intellectual property or other rights.

12.2 If you have an indemnification obligation under this section, we shall have the right to independently control the relevant legal proceedings and settlement negotiations, and you shall cooperate fully.

***

### 13. Privacy and Data

13.1 The Platform does not collect Users' personally identifiable information and uses wallet addresses as the sole identifier.

13.2 The Platform may collect wallet addresses, transaction behavior data, and device/network environment information for purposes of security monitoring, risk control, and product optimization, and not for sale or targeted advertising.

13.3 Where required by law, the Platform may disclose relevant data pursuant to orders from competent authorities.

***

### 14. Miscellaneous

14.1 Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the Prediction Market services and supersedes all prior oral or written agreements.

14.2 Severability: If any provision of this Agreement is found to be invalid, such invalidity shall not affect the validity of the remaining provisions, which shall continue in full force and effect.

14.3 No Waiver: Our failure to exercise any right under this Agreement shall not constitute a present or future waiver of such right.

14.4 Assignment: You may not assign any rights or obligations under this Agreement. We reserve the right to freely assign all or any part of our rights and obligations under this Agreement without prior notice to you.

14.5 Survival: Section 7 (Disclaimers and Risk Disclosure), Section 10 (Intellectual Property), and Section 12 (User Indemnification) shall survive the termination of this Agreement.

14.6 If you have any questions regarding this Agreement, please contact us through the Platform's official customer service channels.

<br>


# Service Region

Due to regulatory requirements and compliance with international sanctions, users from certain regions are restricted from accessing prediction market trading. Orders submitted from restricted regions will be rejected.

**Restricted Countries**

The following countries are restricted from placing orders on Aster. Countries marked as frontend UI restricted are blocked only on the Aster frontend; the API itself is not restricted:

| **Country Code** | **Country Name**            |
| ---------------- | --------------------------- |
| AU               | Australia                   |
| BE               | Belgium                     |
| BY               | Belarus                     |
| BI               | Burundi                     |
| CF               | Central African Republic    |
| CD               | Congo DRC                   |
| CU               | Cuba                        |
| DE               | Germany                     |
| ET               | Ethiopia                    |
| FR               | France                      |
| GB               | United Kingdom              |
| IR               | Iran                        |
| IQ               | Iraq                        |
| IT               | Italy                       |
| JP               | Japan                       |
| KP               | North Korea                 |
| LB               | Lebanon                     |
| LY               | Libya                       |
| MM               | Myanmar                     |
| NI               | Nicaragua                   |
| PL               | Poland                      |
| RU               | Russia                      |
| SG               | Singapore                   |
| SO               | Somalia                     |
| SS               | South Sudan                 |
| SD               | Sudan                       |
| SY               | Syria                       |
| TH               | Thailand                    |
| TW               | Taiwan                      |
| UM               | U.S. Minor Outlying Islands |
| US               | United States               |
| VE               | Venezuela                   |
| YE               | Yemen                       |
| ZW               | Zimbabwe                    |

**Restricted Regions**

| **Country** | **Region** | **Region Code** |
| ----------- | ---------- | --------------- |
| Canada      | Ontario    | CA-ON           |
| Ukraine     | Crimea     | UA-43           |
| Ukraine     | Donetsk    | UA-14           |
| Ukraine     | Luhansk    | UA-09           |

The restricted countries and regions listed above are for reference only. Aster reserves the right to modify the geographic restrictions at any time. Please refer to the latest announcements on the Aster platform for the most up-to-date information.


# Spot

Spot trading is a direct transaction between a buyer and a seller at the current market rate, known as the spot price.

For example, in the BTC/USDT pair, you can buy or sell 1 BTC at the spot price and pay or receive the equivalent amount in USDT.

### **What’s the difference between spot trading and perpetuals trading?**

In spot trading, traders buy and sell the actual tokens of the underlying assets. For example, buying BTC in the spot market means you hold BTC in your account and benefit if its value increases.

In perpetuals trading, traders do not own the underlying asset. Instead, they trade perpetual contracts based on price movements. Perpetuals allow traders to go long when bullish or go short when bearish, without holding the actual token.

\ <br>


# Deposit & Withdrawal Guide

### **Depositing Funds**

#### **Option A: Deposit from a CEX**

1. Log in to your CEX account (e.g. Binance, OKX).
2. Go to Withdraw, select your token, and choose the correct network (e.g. USDT on BEP-20).
3. Copy your Aster Spot deposit address. You'll find this in the Aster app or web under Account → Deposit.
4. Paste the address into the CEX withdrawal page.
5. Enter the amount and confirm.

Your funds should arrive in your Aster Spot account within a few minutes.

#### **Option B: Deposit from an on-chain wallet (MetaMask, Trust Wallet, etc.)**

1. Open your wallet and connect to the BSC network.
2. Go to Send, select your token and network (e.g. USDT on BEP-20).
3. Copy your Aster Spot deposit address. You'll find this in the Aster app or web under Account → Deposit.
4. Paste the address, enter the amount, and confirm the transaction.

Once the transaction confirms on-chain, your funds will appear in your Aster Spot account.

*Always verify that both the network and the destination address are correct before confirming any transfer.*

### **Withdrawing Funds**

#### From Aster Spot to a CEX or wallet

1. In the Aster app, go to Assets → Withdraw. On web, navigate to Perpetuals or Spot and click Withdraw under Account (bottom-right).
2. Select your token.
3. Enter the destination address (your CEX deposit address or on-chain wallet address).
4. Enter the withdrawal amount and confirm.

Funds are sent on BSC and typically arrive within minutes, depending on network conditions.

*Always verify that both the network and the destination address are correct before confirming any transfer.*


# Trading $CDL on Aster

## <sup>Spot trading is now live</sup>

Aster began as a decentralized perpetuals exchange. Today, with the launch of spot trading, we take the first major step in transforming Aster into a one-stop onchain trading platform, offering both leveraged trading and long-term portfolio building.

### <sup>First launch: $CDL spot trading pairs</sup>

We’re starting with $CDL (Creditlink) as the first spot token listed on Aster. With this launch, you can claim your airdrop and begin trading $CDL right away. This is just the start, and more high-quality token listings will follow soon.

\
**Start trading $CDL on Aster**

Once trading for CDL opens, you will be able to trade these two spot pairs:

* CDL / USD1
* CDL / FORM

To ensure smooth trading and minimal slippage upon launch, Aster Spot liquidity will be deployed with:

* $200,000 worth of $USD1
* $200,000 worth of $FORM
* 40,000,000 $CDL

This guarantees the best prices and instant execution right from launch.

<br>


# Tutorial/Guide

If you joined the Four.meme CDL presale, here’s what to expect:

* Airdrop time: 12:00 UTC/20:00 HK on Septermber 2nd
* Distribution: Eligible users will automatically receive $CDL in their Aster Spot wallet once the window opens

**Steps**

1. Connect your wallet to Aster Spot.

<figure><img src="/files/avEslhFKxTLe9nfl9Qlg" alt=""><figcaption></figcaption></figure>

2. Sign the verification transaction.

<figure><img src="/files/1YnqiikDSrRtIiVVGML3" alt=""><figcaption></figcaption></figure>

3. Check your spot account to view your $CDL balance.

<figure><img src="/files/DCpZFskX5iqcd6YQeeDT" alt=""><figcaption></figcaption></figure>

4. To sell your CDL tokens, select the trading pair, enter the quantity, and choose an order type to place your trade.

<figure><img src="/files/fvNvUs1mzjTMuORZwhu9" alt=""><figcaption></figcaption></figure>

5. To withdraw CDL tokens to your wallet, first transfer them from your spot account to your perpetual account.

<figure><img src="/files/824WG5Ptxka7SeTUPjGX" alt=""><figcaption></figcaption></figure>

6. After that, start the withdrawal process in your Aster perpetual account as shown below.

<figure><img src="/files/u8SSfoZdS7bEEhFGS4hW" alt=""><figcaption></figcaption></figure>

**Special Reminder:** If you have multiple accounts, please follow the instructions: <https://github.com/asterdex/api-docs/blob/master/consolidation.js>

***Note**: Your CDL airdrop allocation is not directly proportional to the amount of presale tokens you submitted on Four.meme. Any remaining allocation will be refunded by Four.meme to your wallet. Please check* [*the Four.meme website*](https://four.meme/) *for full details.*

\
\ <br>


# Spot Fee Structure

In appreciation of our users' support, Aster is introducing a VIP program on Aster spot and Aster perpetual. Fees are based on your rolling 14 day volume and are assessed at the end of each day in UTC.

<figure><img src="/files/K6rwhl7vNtDevMwuVcZw" alt=""><figcaption></figcaption></figure>

**Maker fee**: 0.005%

Example: Buying 0.1 BTC at 100,000 with a maker order → 100,000 × 0.1 × 0.005% = 0.5 USDT

**Taker fee**: 0.04%

Example: Buying 0.1 BTC at 100,000 with a taker order → 100,000 × 0.1 × 0.04% = 4 USDT

The fee structure for current trading pairs, please visit our [Spot Trading ](https://www.asterdex.com/en/spot/CDLUSD1)page.&#x20;

**What are maker and taker?**

**Maker:** When you place an order with a set price and quantity that goes into the order book and waits to be filled, you are a maker. Maker orders add liquidity to the market.

**Taker:** When you place an order that matches and executes immediately against an existing order in the book, you are a taker. Taker orders remove liquidity from the market.

**How to use $ASTER to pay spot trading fees and get a 5% discount?**

You can save 5% on spot trading fees when you pay with $ASTER. Simply deposit $ASTER into your spot wallet, and toggle on 'Pay fee in ASTER'. As long as you have $ASTER in your spot wallet and settings toggled on, your $ASTER will be deducted to pay fees first with 5% discount.

<figure><img src="/files/7PHT9quMApONKEUZLE8D" alt=""><figcaption></figcaption></figure>

<br>


# Order Types

### **Market Order**

Executes immediately at the best available price in the order book. The final fill price depends on available liquidity and is not guaranteed — in volatile or thin markets, the executed price may differ from the displayed price. Market orders are always taker trades.

### **Limit Order**

Places an order at a specific price you define. A buy limit order sets the maximum price you'll pay; a sell limit order sets the minimum price you'll accept. The order sits in the order book until the market reaches your price, or remains unfilled if it doesn't.

### **Stop Limit Order**

Combines a trigger price with a limit order. When the market reaches your stop price, a limit order activates at your specified limit price.

#### **Key Terms**

| Term            | Description                                                                                               |
| --------------- | --------------------------------------------------------------------------------------------------------- |
| **Stop Price**  | The price that triggers the limit order to become active.                                                 |
| **Limit Price** | The price at which the order executes — or better. For buys, this is the maximum; for sells, the minimum. |
| **Quantity**    | The number of tokens to buy or sell.                                                                      |

**Note:** Market orders guarantee execution but not price. Limit orders guarantee price but not execution — if the market never reaches your level, the order stays open or expires unfilled.


# Spot Market Maker program

**Overview**

The Aster Spot Market Maker Program is established to ensure deep and stable liquidity across all spot trading pairs on Aster DEX. It aims to attract professional market participants who can maintain tight spreads and consistent two-sided markets. The program focuses on fee-based incentives — market makers can qualify for rebate tiers based on performance metrics.\
\
**Objectives**

* Provide tight bid-ask spreads and deep liquidity across key pairs.
* Promote continuous quoting from qualified market makers.
* Maintain efficient price discovery and minimize volatility gaps.
* Build a transparent and stable liquidity environment suitable for institutional traders.

**Eligible Requirements & Rebates**

| Tier | Rolling 14D Maker Volume % | Taker (bps) | Maker Rebate (bps) |
| ---- | -------------------------- | ----------- | ------------------ |
| MM1  | 0.25%                      | 3           | - 0.25             |
| MM2  | 0.5%                       | 2.7         | - 0.50             |
| MM3  | 1%                         | 2.3         | - 1.00             |

1. Rolling 14 days maker volume >= $100M
2. Place orders for both bid/ask & spread < 1.5% (two-sided)
3. Order has to stay for more than 1 second

\
For market maker rebates, the trading interface will display your applicable Taker fee rate (determined by your volume tier or marker volume percentage) and a Maker fee of "0". Please note that our system calculates and disburses Maker rebates every hour based on the published fee schedule. These rebates can be tracked in the transaction history under Aster Spot.

#### Application Process

[Apply via this form](https://docs.google.com/forms/d/16xAWEgDk-1Strq45Umqmq7uQUQvjADdJglem7X7M4Xo/viewform?edit_requested=true) – the Aster team will contact you within three working days.

#### **Disclaimer**

*Aster reserves the right to modify, suspend, or terminate the Spot Market Maker Program at any time, including but not limited to changes in eligibility criteria, reward allocation methodology, token distribution schedules, and qualifying requirements. All participants are responsible for reviewing the most up-to-date program terms published by Aster. Participation in the program does not constitute a binding agreement, and Aster retains full discretion in the interpretation and enforcement of program rules.*

<br>




---

[Next Page](/llms-full.txt/1)