Aster DEX Explained: 1001x Perps, Hidden Orders, Stock Perps, Tokenomics

What is Aster?

Aster is a multi-chain, decentralized perpetual exchange that combines pro-grade perps with spot, hidden orders, and MEV-aware routing. It offers 24/7 crypto and stock perpetuals with 1001x leverage, delivered in Simple and Pro modes, and settles positions non-custodially via smart contracts.

Backed by YZi Labs, the family office spun out from Binance’s venture arm, Aster inherits credibility and BNB-ecosystem reach; YZi previously invested in Astherus (Aster’s predecessor) in November 2024. Bybit became the first centralized exchange to list ASTER in September 2025, adding liquidity and visibility.

The launch drew outsized attention: According to CoinGecko data, ASTER surged more than 1,500% after its Token Generation Event (TGE). Momentum was amplified by a “well done” message on X (formerly Twitter) from Binance founder Changpeng “CZ” Zhao, which many read as an endorsement aligned with his recent push for privacy-preserving “dark-pool” style perps, precisely the niche Aster’s Hidden Orders target. TVL spiked near $2B before normalizing, until it breached the $2 billion mark in September 2025, DeFiLlama data shows. On Sept. 28, 2025, CZ said he was advising Aster on product and tech and that a few ex-Binance people were on the Aster team.

Celebrity interest added fuel: According to Arkham data, MrBeast purchased roughly $114,000 of ASTER around the listing window, coinciding with a sharp price move.

Soon after launch, Aster toppled Hyperliquid from its perch as the largest perps dex protocol, according to DeFiLlama, with the newcomer's 24-hour $42.88 billion perps trading volume dwarfing Hyperliquid's $4.61 billion. But there was an even wider effect. BNB Chain edged out Solana in daily fees, according to CryptoRank.

Looking ahead, Aster plans to roll out its own Layer 1 (L1) chain.

Figures auto-update via CoinGecko; always verify on your chosen exchange before trading.

Why It Exists?

Problem: What breaks on today’s perps rails

• Fragmented UX across chains: Wallets, bridges, and margin rules differ by venue, increasing errors and slippage.
• Order-flow leakage → MEV: Public mempools reveal size/price before inclusion, inviting sandwiches and back-runs.
• Privacy and fairness gaps: Resting or visible orders face adverse selection; large tickets get hunted.
• Risk tooling is thin for retail: Liquidation math and guardrails are buried; leverage feels like a blind slider.
• Idle margin drag: Posted collateral often earns nothing, even when parked for volatility.

Solution: How Aster frames its edge

• Dual modes: Simple = guided tickets, sensible leverage caps, required stop-loss, clear “max loss if wrong.” Pro = advanced conditions, bracket orders, grid/trailing tools and hidden order placement.
• Hidden orders + MEV protection: Commit/relay patterns to reduce pre-trade signaling and sandwich risk.
• Yield-bearing collateral: Supported assets can accrue yield while posted, offsetting funding over time.
• Perps-first, multi-asset scope: Crypto + stock perps in one interface, 24/7 pricing and funding.
• Non-custodial settlement: Keys stay with users; collateral, PnL, and liquidations are on-chain and transparent.

How Aster Works

Here’s the mental model before we dive into the toggles and tools: Aster routes your order through a privacy-aware path, checks margin and risk in its perpetuals engine, then settles everything non-custodially on-chain. You can choose Simple for guided, safer defaults or Pro for the full workstation across supported chains and markets.

1. Dual Trading Modes (Aster Pro vs Simple)

• Simple: A streamlined ticket for fast execution with safer defaults. You pick side, size, leverage, and pre-set risk controls (e.g., required stop-loss and “max loss if wrong” preview). Execution is designed to be MEV-resistant in this mode.
• Pro: A full trading workstation: advanced order types (brackets/conditionals), hidden/iceberg orders, grid/trailing tools, and granular margin controls, available on BNB Chain, Ethereum, Solana, and Arbitrum. Pro unlocks 24/7 stock perpetuals in addition to crypto perps.

Aster Pro

Aster Pro is the decentralized perpetuals engine at the core of the platform, built for traders who want control, depth, and advanced tooling.

The key features of Pro are:

• Order book execution with deep liquidity and advanced tools
• Support for Single-asset and Multi-asset margin modes
• Real-time funding, clear fee display, portfolio-level risk views

Aster Pro has the following margin modes:

Single-asset mode

• Collateral: USDT only
• Margin allocation: Separate per position
• Risk management: Isolated, one position does not impact another
• PnL: Calculated per position

Multi-asset mode

• Collateral: Multiple cryptocurrencies, including restaked assets
• Margin allocation: Shared across all open positions for higher capital efficiency
• Risk management: Portfolio-based, risk assessed across the account
• PnL: Gains and losses netted across positions

Note: Operates in cross-margin only

In addition, if a needed asset balance drops below the threshold, the system converts other wallet assets into the required one through the matching engine with no extra commission. Each supported asset has a collateral value ratio that defines how much of its value counts toward usable margin. Higher volatility assets receive larger discounts.

1001x (Aster Simple)

1001x is the streamlined, fully on-chain perpetuals experience that prioritizes speed and simplicity. It requires no deposits, supports select pairs on BNB Chain and Arbitrum, and offers leverage up to 1001x on BTC-USD.

Here are the key features of 1001x:

• Fully on-chain perpetual trading with transparent settlement
• High leverage up to 1001x on supported pairs
• Robust oracles sourced from Pyth Network, Chainlink, and Binance Oracle for resilient pricing
• Hedging-friendly design for strategies like delta neutral positioning

How liquidity works:

1001x uses the ALP liquidity pool. Minting ALP contributes assets to the pool and participates in market making, which supports deep liquidity and efficient execution.

There's also a feature called “dumb mode,” a price prediction mode for forecasting minute-by-minute moves, available on BNB Chain and Arbitrum, which is useful for testing views and refining short-term tactics.

2. MEV Protection & Hidden Orders

Aster tries to reduce pre-trade information leakage (the main ingredient of sandwich attacks) by supporting hidden orders and MEV-aware routing. The goal is to conceal price/size until execution, narrowing slippage variance relative to sending plain orders through public mempools. 

Why use it: Stealth execution, minimal footprint, faster than iceberg in fast markets.

Step-by-Step Guide: How To Place a Hidden Order on Aster Pro

• Step 1: Connect wallet, pick the perp market, set leverage and order size.
• Step 2: Choose a limit price (hidden orders are limit-only).
• Step 3: Check Hidden Order, add TP/SL or Reduce-Only/TIF if needed.
• Step 4: Click Place Order and confirm; it appears in Open Orders with a not-visible icon and won’t show on the public book.

When filled, the price/size is revealed and the position shows under Positions for management.

3. Perpetual Contract Mechanics

Aster’s core product is perpetual futures on crypto (and, in Pro, on select equities). Here are the key mechanics:

• Leverage: Up to 1001× on some crypto markets (use with extreme caution). 
• Funding: Periodic payments align perp price to an index; when the perp trades above spot, longs typically pay shorts (and vice versa).
• Index oracles: Reference baskets/feeds to price the contract and compute funding. 
• Margin & maintenance: You’ll see initial margin requirements and a live liquidation price before you submit.

4. Stock Perpetuals (24/7)

Pro mode lists stock perpetuals on major U.S. names such as Apple, Tesla, Amazon, Nvidia, Microsoft, Meta and Alphabet (Google), offering 24/7 exposure without traditional market hours. Leverage is up to ~50× on stock perps (lower than crypto perps).

How pricing works: Equity perps reference an index/oracle rather than the underlying stock venue directly, with sessionless funding designed to keep the perp tethered to reference value around the clock.

5. Aster Earn

Want yield? Aster Earn gives you access to optimized DeFi and CeDeFi strategies with real-time, auto-distributed rewards. There are no manual claims and you can withdraw at any time.

Key features

• High-yield strategies: Structured opportunities sourced across DeFi and CeDeFi
• Secure custody: Safeguarded with trusted partners such as Ceffu
• asUSDF staking: Stake USDF to receive asUSDF, a yield-bearing stablecoin
• Simple UX: One-click staking and clear portfolio views
• Airdrop rewards: Earn Au Points toward future AST distributions

6. Yield-Bearing Collateral

Aster supports yield-bearing collateral, asBNB (liquid-staking BNB) and USDF (yield-enabled stablecoin), so the posted margin can keep accruing while your position is open. The intent is to offset costs (e.g., funding) for active traders who maintain sizable margin balances

USDF targets resilience in down markets. It diversifies yield with decentralized stablecoin strategies and risk controls, including the option to route into DAI lending during adverse conditions. The aim is steadier returns when markets stagnate or trend lower.

How USDF Works

Capital Flow

• Mint USDF with USDT at 1:1.
• USDT moves to Aster’s Ceffu custody wallet for secure handling.
• Funds are deployed on Binance into managed, low-risk strategies.
• Profits are tallied weekly and streamed to the asUSDF contract for stakers.

Delta-Neutral Engine

USDF uses delta-neutral positioning to minimize market exposure while harvesting structural returns. Typical construction pairs spot longs with short perps on the same asset, so PnL is driven by basis, funding, and execution rather than direction. The objective is a stable yield across market regimes.

Maintaining the 1:1 Peg

• Rigid redemption and arbitrage: USDF redeems 1:1 for USDT. If secondary markets diverge, arbitrageurs redeem or swap to pull the price back to parity.
• Delta-neutral support: Balanced long/short positions dampen volatility in backing flows and support peg stability while continuing to generate fees.

Key takeaways

1:1 redemption, arbitrage incentives, and neutral positioning work together to hold the peg and smooth returns.

Fees and Timings

• Minting: No fee when minted on Aster. A small swap fee may apply if Smart Mint routes to PancakeSwap.
• Redemption on Aster: 0.1% fee. Typical processing is 1–2 days. Large redemptions can take up to 7 days. Rewards and Au accrual pause during the waiting window.
• Instant swap: You can swap USDF↔USDT on PancakeSwap at the quoted pool rate, subject to DEX fees.

Markets, Chains & Supported Assets

Aster is built to be chain-agnostic and market-dense: you can connect the wallet you already use on major networks, then trade crypto and selected equity perpetuals from one interface. Funding, fees, and tick sizes are market-specific, so always check the in-app specs before you place an order. 

Multi-Chain Support

Supported networks (current): BNB Chain, Ethereum, Solana, Arbitrum. Aster presents a unified experience across these chains (no manual bridging for most flows), while preserving your usual wallet stack.

Connection steps:

1. Open Aster (web/app) and select Connect Wallet.
2. Choose your wallet for the target chain (e.g., MetaMask/BNB/Ethereum, Phantom/Solana).
3. Approve the connection prompt; confirm the active network matches the market you plan to trade.
4. If you’re using Pro, select the market (e.g., BTC-PERP, AAPL-PERP); if using Simple/1001x, pick the contract and set size/leverage.

Markets Overview

Aster is perps-first, with crypto markets available in both Simple/1001x and Pro, and stock perpetuals (e.g., AAPL, TSLA, AMZN, MSFT, META, NVDA, GOOG) accessible in Pro for 24/7 exposure. Spot trading is also referenced in the docs as a separate mode.

What this means in practice

• You can keep trading when traditional equity markets are closed, using stock perps in Pro.
• Funding costs and tick sizes differ by symbol. Always read the market card before sizing up.
• If you want privacy controls (e.g., hidden), use Pro; if you want one-click perps with MEV-aware routing, use Simple/1001x.

Order Types on Aster Pro

Aster Pro’s order book gives you control over execution, risk, and fees.

• Market Order: Executes immediately at the best available price. Use when speed matters more than exact price.
• Limit Order: Sets your price and only fills at that price or better. Ideal for patient entries, scaling, and maker rebates.
• Stop Market Order: Triggers a market order when your stop price is hit. Guarantees execution, not price. Common for fast exits in volatility.
• Stop Limit Order: Triggers a limit order when your stop price is reached. Price-controlled but may not fill in fast moves.
• Trailing Stop Order: A dynamic stop that follows the price in your favor by a callback rate and triggers if the price reverses by that amount.
• Post-Only Order: Places a limit order that will not take liquidity. If it matches immediately, it cancels. Used to avoid taker fees.
• Hidden Order: A fully concealed limit order that does not display on the public book but participates in matching. This is meant to help reduce signaling and market impact while accessing visible-book liquidity.

Order Modifiers

TP/SL (Take Profit / Stop Loss

Attach exits when opening a position. TP secures gains at a target; SL limits loss if price moves against you. Choose to reference Mark or Last price.

Reduce-Only

Ensures the order can only decrease or close your position, preventing unintended size increases.

Time in Force (TIF)

• GTC (Good 'Til Cancelled): Stays active until filled or canceled
• IOC (Immediate or Cancel): Fills what it can immediately, and cancels the rest
• FOK (Fill or Kill): Must fill in full immediately or cancel

Aster Fees

Aster’s cost stack has three parts:

1. Trading fees (maker/taker)
2. Funding for perpetuals (the carry longs/shorts pay or receive to track the index)
3. Programmatic adjustments like hidden-order treatment

ASTER Token

ASTER is the core asset of the Aster ecosystem. It decentralizes governance, funds growth, rewards participation, and supports long-term sustainability.

• Ticker: $ASTER
• Maximum supply: 8 billion
• Token format: BEP-20 on Binance Smart Chain

ASTER Tokenomics

ASTER Airdrop

• Instant unlock: 704,000,000 ASTER (8.8% of total supply) for eligible users
• Claim window: Opens Sept. 17, 2025, and closes Oct. 17, 2025
• Claim method: Credited directly to your Aster Spot account after a successful claim (no gas or wallet approvals required for the claim itself)
• Unclaimed tokens: Return to Airdrop & Community Rewards for future distribution
• Ongoing release: Remaining Airdrop allocation vests over ~80 months (subject to governance)

Eligibility includes:

• Rh or Au points from Aster Spectra Stage 0 and 1
• Aster Gems allocations via community and partner initiatives
• Post-Stage-1 Aster Pro trading with loyalty rewards. Participants must meet minimum points thresholds.

How to Claim ASTER Airdrop - Step by Step

Step 1: Open the official page

Go to https://www.asterdex.com/en/airdrop (or Aster → “$ASTER Airdrop” in the top nav) and click Claim Airdrop.

Step 2: Check eligibility

Click Connect Wallet → Check Eligibility to view your allocated amount. Your entitlement will display after the check completes.

Step 3: Claim window (Sep 17, 2025 09:00 UTC → Oct 17, 2025 23:59 UTC)

When claims go live on Sep 17, 09:00 UTC, click Claim and confirm.

No approval/authorization transactions are required to claim. If any site asks for token approvals, treat it as suspicious.

Step 4: Verify receipt

After a successful claim, your tokens are credited to your Aster Spot account. Check your balance to confirm.

Step 5: Unclaimed tokens

Any tokens not claimed by Oct 17, 2025, are returned to community & ecosystem allocations for future initiatives.

Aster vs Hyperliquid

Read on The Coin Bureau:

• Hyperliquid Review
• Hyperliquid Trading Guide

Architecture & UX

• Aster splits the product into two lanes: Simple/1001x (AMM/ALP with one-click execution and block-level funding) and Pro (CLOB with hidden orders). This gives novices a guarded on-ramp while preserving pro tools. Yield-bearing margin (asBNB/USDF) is a notable capital-efficiency differentiator for swing traders who maintain larger balances. 
• Hyperliquid runs everything on its own L1, prioritizing throughput and low latency. The CLOB lives at the base layer; great for deterministic fills and depth, especially during peak volatility. If you want a single venue with hardened infra, HL’s design is compelling. 

Takeaway: Prefer Aster if you care about privacy controls (hidden orders) and yield on collateral or you need stock perps alongside crypto. Prefer Hyperliquid if you want the simplicity and speed of a sovereign L1 and you trade mostly crypto.

Markets & Leverage

• Aster supports crypto perps across modes and stock perps (AAPL/TSLA/NVDA, etc.) in Pro with 24/7 pricing. Max leverage headline is 1001× on the Simple line; Pro markets use lower caps by listing. 
• Hyperliquid lists a broad crypto perp set plus Hyperps (oracle-light perps). Leverage bands vary; docs cite 3–40× ranges by asset, and post-incident caps were tightened for majors (e.g., ETH 25×, BTC 40×). 

Risk note: At Aster’s 1001×, 0.10% adverse move can approach liquidation depending on maintenance margin; HL’s lower caps reduce that tail but do not remove it.

Fees & Funding

• Aster Pro posts 0.01% maker / 0.035% taker, with VIP tiers and ~5% ASTER fee discount, and funding every block on Simple/1001x (meaning funding bleeds directly into unrealized PnL and liq price). 
• Hyperliquid runs a rolling 14-day VIP schedule. Public analyses put taker around 2–5 bps with maker rebates possible, and fees have been cut in 2025 announcements. Exact bps depend on tier and campaign. 
   

Implication: On paper, both are extremely competitive. If you’re a passive liquidity placer, Aster’s transparent 1/3.5 bps is simple; if you’re a heavy taker with sustained volume, Hyperliquid’s VIP schedule may edge out depending on your tier.

Capital efficiency

• Aster: asBNB and USDF let posted margin earn yield—useful for longer holds or delta-neutral strategies paying funding. 
• Hyperliquid: Conventional collateral; no platform-native yield accrual on margin.

Bottom line: If carry matters to your PnL, Aster’s yield-bearing margin is a structural advantage.

Which should you pick?

Choose Aster if you want:

• Hidden execution and MEV-aware routing.
• Stock perps next to crypto, 24/7.
• Yield-bearing collateral to blunt funding costs.
• Simple 1/3.5 bps Pro fees and block-level funding awareness on Simple.

Choose Hyperliquid if you want:

• A single, high-throughput L1 with consistent CLOB behavior.
• Deep crypto perps menus (plus Hyperps) and maturing spot rails.
• A robust VIP fee system that can be extremely cheap at volume.

Watch our comparison of Hyperliquid vs Aster below:

How to Sign up on Aster

You can sign up on Aster in two ways: Either import your wallet and sign up using your email address. We'll go through both, starting with wallet import.

How to Login to Aster With Your Wallet

Step 1: Open Aster

Go to asterdex.com/en and click Launch app (or Trade Now), or open Aster from your wallet’s DApp browser.

Step 2: Choose Your Network

Use the chain dropdown to select your network, then click Connect wallet.

Step 3: Pick a Wallet

Choose MetaMask or Binance Wallet, or select WalletConnect to link other supported wallets.

Step 4: Approve the Session

Your wallet will prompt a sign-in message. Click Send request and Sign.

And that's it. The app will show your address and network when the connection succeeds.

Note: On BNB Chain, keep at least 0.001 BNB for gas.

How to Login to Aster with Your Email

This one's a bit longer than connecting your wallet. 

Step 1: Open Aster

Go to asterdex.com/en and click Launch app or Trade Now.

Step 2: Start Email Login

Click Connect (top right), enter your email, and submit.

Step 3: Verify Your Email

Check your inbox for the 6-digit code, then enter it to continue.

Step 4: Set Your Password

Create a strong password for your Aster account.

Step 5: Authorize

Sign the popup message to finish login. A new onchain wallet address is created for your email.

Step 6: Deposit Funds

Click your wallet address (top right) → Deposit.

Supported for email login right now: USDT on Arbitrum One only.

Deposit from your DeFi wallet or a CEX to your new address.
 

Once your email-linked wallet receives USDT on Arbitrum, you can use it as collateral on Aster Pro.

Important: Only deposit USDT via Arbitrum One to this wallet. Depositing other assets or on other networks can result in loss of funds; Aster is not liable for refunds.

Risks You Must Understand

Nothing is without risk, and here are a few you should keep in mind. 

Ultra-High Leverage Risk (1001x)

At extreme leverage, your error budget is microscopic. A ~0.10% adverse move at 1001× can trigger liquidation depending on maintenance margin and fees. Volatility bursts also spike funding, turning a winning direction into negative carry if you’re on the paying side.

What to watch

• Always preview liquidation price and maintenance margin before submit.
• Keep stop-loss and size conservative; prefer partial exits over all-in bets.
• Monitor funding flips (positive ↔ negative) around news/opens.

Playbook

• Cap leverage for new markets; scale up only after seeing actual slippage/funding behavior.
• Use bracket orders (entry + SL + TP) and consider auto-reduce near maintenance.
• Hedge event risk (earnings, macro prints) or flatten until after the release.

Smart Contract & Oracle Risks

Perps rely on upgradeable contracts, routers, and oracles. Bugs, permission misconfigurations, or oracle desyncs can cause mispricing, frozen markets, or bad liquidations.

What to watch

• Audit status, bug-bounty scope, upgradeability/proxy patterns.
• Oracle composition (feeds, fallbacks, liveness guarantees).
• Circuit-breaker/kill-switch policies and incident histories.

Playbook

• Keep exposure sizing proportional to audit depth and time in market.
• Avoid running maximum leverage into thin-liquidity hours (oracles most fragile).
• Use alerts (price divergence, funding spikes, oracle lag) before auto-trading.

Token Concentration & Liquidity Risk

If governance or treasury tokens are concentrated, voting can be captured; unlocks can pressure price/liquidity, and borrowing against the token can amplify reflexive moves.

What to watch

• Holder distribution (top wallets/share), vesting schedules, upcoming unlocks.
• On-chain liquidity depth and slippage at your typical order size.
• Lend/borrow markets that rehypothecate the same collateral.

Playbook

• Stagger entries/exits; avoid routing big tickets through one pool.
• Track unlock calendars; reduce risk into large release windows.
• For governance votes, assume concentrated actors can pass changes—price in that tail risk.

Who Aster Is (and Isn’t) For

Before you dive into modes and markets, sanity-check your fit.  Perpetuals reward discipline.

Best for

• Active perp traders: Need execution control, advanced orders (brackets/conditionals), and transparent liquidation math.
• Privacy-conscious order flow: Prefer hidden/iceberg placement and MEV-aware routing to cut information leakage.
• Multi-chain users / cross-asset hedgers: Operate on BNB, Ethereum, Solana, or Arbitrum and want 24/7 stock perps alongside crypto.

Not ideal for

• Long-only cold storage holders: Your priority is offline custody and minimal on-chain activity.
• Set-and-forget beginners: If you’re not ready to manage funding, maintenance margin, and liquidation risk, start with spot and a hardware wallet first.