> For the complete documentation index, see [llms.txt](https://docs.asterdex.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.asterdex.com/trading/perpetuals/pre-launch-contracts.md).

# 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:**

Mark Price = Average trade price over the last 10 seconds, calculated every second. If there are fewer than 21 trades in that 10-second window, the average will be based on the last 20 trades.

A limit of ±1% will apply to the mark price, meaning price fluctuations are capped within the ±1% range every second. This limit is enforced during pre-market trading and the transition from standard perpetual contracts during pre-market.

#### **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>" %}