Aster

No DEX in crypto history has grown as fast as Aster. In less than a year since its March 2025 launch, this perpetual futures exchange went from zero to processing over $15 billion in daily volume, capturing the largest market share among perp DEXes and attracting Binance founder Changpeng Zhao as both advisor and investor. In 2026, Aster sits as the most-used perpetual DEX by volume, but that headline number comes with important nuances that every trader should understand. We tested the platform extensively across multiple chains and both trading modes, and walked away with a complex verdict - genuinely impressed by the product, but cautious about some of the noise surrounding its growth metrics.

What is Aster?

Aster is a multi-chain perpetual futures DEX formed through the merger of two DeFi projects: APX Finance and Astherus. APX Finance brought battle-tested perpetual trading infrastructure, while Astherus contributed yield generation and liquid staking expertise. The merger was announced in late 2024, and the combined entity rebranded as Aster, launching officially in March 2025.

The backing behind Aster is its most talked-about feature. YZi Labs, formerly known as Binance Labs and the family office of Binance's founders, provided seed investment in Astherus in November 2024. Changpeng Zhao (CZ), the founder of Binance, serves as an advisor and personally purchased 2 million ASTER tokens in November 2025, triggering a 20% price jump. This deep Binance ecosystem connection has been both Aster's greatest accelerant and its most scrutinized vulnerability.

The platform operates as a hybrid DEX, combining on-chain settlement with off-chain order matching for speed. Aster deploys across five blockchains: BNB Chain, Ethereum, Arbitrum, Solana, and Base. This multi-chain strategy sets it apart from single-chain competitors like Hyperliquid and dYdX, making the platform accessible to users on whichever network they already hold assets.

The ASTER token launched via Token Generation Event (TGE) on September 17, 2025, at $0.08 per token and surged over 2,700% to an all-time high of $2.42 within its first week. By November 2025, the fully diluted valuation exceeded $7 billion. The token has a total supply of 1 billion, with 250 million in circulation.

Aster's growth in 2025 was extraordinary by any measure. The platform's cumulative trading volume exceeded $320 billion in its first 30 days. By September 2025, Aster claimed nearly 70% of the perp DEX market share, processing over $420 billion in monthly volume. Following the Binance listing in October 2025, perpetual trading volume saw an 8x increase throughout the month.

However, this growth has not been without controversy. In October 2025, DefiLlama delisted Aster's volume data after detecting a near-perfect 1:1 correlation between Aster's trading volumes and Binance's volumes across multiple pairs, including XRP/USDT and ETH/USDT. DefiLlama co-founder 0xngmi cited data integrity concerns, noting that legitimate platforms exhibit natural volume fluctuations that would not perfectly mirror another exchange. The data was removed until verification could be completed. The Aster team attributed the correlation to legitimate liquidity migration from Binance, and the community remains divided on this issue. We will address the implications of this throughout our review.

Features and Functionality

Trading Interface

Aster offers two distinct trading interfaces, which is one of the smartest design decisions we have seen in the perp DEX space.

Simple Mode is designed for beginners and casual traders. It presents a streamlined interface with one-click trading, where you select your direction (long or short), choose your leverage level (up to 1001x), and enter your position size. The execution happens immediately with built-in MEV protection. The interface is intentionally stripped down - there is no complex chart analysis, no order book visualization, and no advanced order types. It resembles a prediction market or binary options interface more than a traditional trading platform.

Pro Mode provides the full professional trading experience. You get a complete order book interface, advanced charting with technical indicators, multiple order types including limit, stop-loss, take-profit, and hidden orders. The Pro Mode charting is functional with standard indicators and timeframes, though it does not quite match the depth of TradingView-integrated platforms like Hyperliquid.

The hidden order feature in Pro Mode deserves special mention. Hidden orders do not appear in the public order book, reducing front-running risk and signaling exposure. For larger traders, this is a valuable tool that pairs well with Aster's MEV-resistant execution to improve fill quality.

Switching between Simple and Pro Mode is smooth - you can toggle between them from the same dashboard. Both modes access the same underlying liquidity pools, so the execution quality is consistent regardless of which interface you use.

Supported Markets

Aster supports over 200 perpetual futures markets across its five supported chains. The selection covers major cryptocurrencies (BTC, ETH, SOL, BNB), popular altcoins, and an expanding set of smaller tokens. The platform has also introduced 24/7 stock perpetuals, allowing users to trade tokenized equity derivatives outside of traditional market hours.

The headline-grabbing leverage offering is up to 1001x in Simple Mode. We need to be direct about this: 1001x leverage is an extremely aggressive offering that will result in liquidation for the vast majority of users who attempt it. A position with 1001x leverage on BTC would be liquidated by a price movement of roughly 0.1%. In practical terms, this means you would be liquidated within seconds during any normal period of market activity. We strongly discourage anyone from using leverage beyond 20-50x unless they have a very clear understanding of the risk profile.

In Pro Mode, maximum leverage is more reasonable and varies by asset. BTC and ETH perpetuals support up to 150x, while smaller altcoins have lower caps. Cross-chain liquidity sharing means that regardless of which blockchain you connect from, you access the same depth of markets.

Liquidity and Order Book Depth

Aster reports a TVL of $1.5 billion and daily volume of $15 billion, making it one of the most liquid perp DEXes by reported metrics. However, the DefiLlama delisting adds a layer of uncertainty to these numbers that we cannot ignore.

In our actual trading tests, we found the liquidity to be genuinely good - particularly on BTC and ETH pairs, where our orders in the $10,000-$50,000 range executed with tight spreads and minimal slippage. For major pairs, the trading experience was competitive with Hyperliquid and significantly better than most smaller DEXes.

The liquidity model benefits from the multi-chain deployment strategy. Because Aster runs on five networks, it can attract users and liquidity from the BNB Chain, Ethereum, Arbitrum, Solana, and Base ecosystems simultaneously. Price feeds are sourced from Pyth Network, Chainlink, and Binance Oracle, providing multiple layers of price accuracy and manipulation resistance.

That said, we noticed that liquidity on smaller altcoin pairs was less consistent. Some mid-cap perpetuals had wider spreads and thinner order books than what you would find on Hyperliquid for the same assets. If you primarily trade BTC, ETH, and top-20 tokens, the liquidity is excellent. For long-tail altcoin perps, Hyperliquid generally offers better depth.

Advanced Features

Beyond basic perpetual trading, Aster has several features that add significant value to the ecosystem.

USDF Stablecoin: This is arguably Aster's most innovative feature. USDF is a yield-bearing stablecoin that users mint 1:1 by depositing USDT. Aster deploys the underlying USDT into delta-neutral arbitrage strategies on centralized venues (primarily Binance), and the yield flows back to USDF holders. This means your trading collateral earns returns while being used for margin positions. Custody is handled through Ceffu, which provides institutional-grade cold storage and multi-party computation security. The appeal is obvious: instead of having idle collateral sitting in your trading account, USDF generates passive income.

Rocket Launch Campaigns: Aster's token launch platform allows early-stage projects to bootstrap liquidity. Users qualify by maintaining at least $1,000 in selected perpetual or spot pairs and holding a minimum of 100 ASTER tokens. Incentive pools include both ASTER tokens and the participating project's native token. These campaigns drove massive user acquisition following the October 2025 Binance listing.

Staking: ASTER token holders can stake to earn rewards and participate in governance decisions. Staking also unlocks trading fee discounts, creating a direct financial incentive for token holding.

USDF Minting: Users can mint USDF using ASTER tokens as well, tying the native token more deeply into the platform's collateral ecosystem.

Cross-Chain Operation: The ability to trade on five different blockchains from a single platform is a genuine convenience feature. Whether you hold BNB, ETH, SOL, or assets on Base, you can start trading without complex bridging steps.

Fees and Pricing

Fee Structure

Aster's fee structure is competitive at the base level. The platform charges a 0.02% swap fee, split between a 0.01% LP fee and a 0.01% protocol fee. In practical terms, you are paying 2 basis points per trade, which is among the lowest in the perp DEX space.

Gas fees vary by chain. On BNB Chain and Arbitrum, gas costs are minimal - typically $0.05-$0.10 per transaction. On Ethereum mainnet, gas costs are higher but still reasonable for the trade sizes most perpetual traders work with. On Solana and Base, gas costs are negligible.

ASTER token holders receive fee discounts, with the exact discount tiered by the amount of ASTER held or staked. This creates a flywheel effect where active traders are incentivized to acquire and hold the token, which in turn supports the token price.

How Aster Fees Compare

Aster has the lowest base taker fee in this comparison at 0.02%, beating Hyperliquid (0.025%), EdgeX (0.03%), and dYdX (0.05%) on the headline rate. The trade-off is that Aster charges gas fees (which Hyperliquid and dYdX do not), but these are small enough on L2 chains that the overall cost remains competitive for most trade sizes.

Where Aster truly differentiates on cost is with the USDF yield. If your USDF collateral earns even a modest annual yield, that passive income offsets a meaningful portion of your trading fees over time - something no competitor currently offers.

Real-World Cost Examples

Example 1: Opening a $10,000 BTC long position on Arbitrum Taker fee: $10,000 x 0.02% = $2.00. Gas fee: ~$0.05. Total cost: $2.05. On Hyperliquid, the same trade costs $2.50 (but zero gas). On dYdX: $5.00.

Example 2: A day trader executing 20 round-trip trades of $5,000 each on BNB Chain Total volume: $200,000. Aster cost: $200,000 x 0.02% = $40 in fees + ~$2.00 in gas for 40 transactions. Total: $42.00. On Hyperliquid: $50.00. On dYdX: $100.00.

Example 3: A high-volume trader doing $2 million monthly with USDF collateral Monthly trading fees: $2,000,000 x 0.02% = $400. If the USDF collateral ($100,000 average balance) earns an 8% annual yield, that generates ~$667 per month in passive income, actually exceeding the trading costs. This USDF yield advantage is unique to Aster and can make it effectively the cheapest platform to trade on for users who maintain significant collateral balances.

Security and Safety

Smart Contract Audits

Aster has undergone three audits from well-known security firms:

1. PeckShield audited the core protocol in March 2025, covering the fundamental trading mechanics, position management, and liquidation logic.

1. CertiK audited the smart contracts in June 2025, with a broader scope covering the multi-chain deployment architecture.

1. Hacken conducted the most recent audit in September 2025, specifically focusing on the multi-chain deployment to ensure consistency and security across all five supported networks.

Three audits from three different firms across the core protocol, smart contracts, and multi-chain infrastructure provides reasonable coverage. The open-source codebase (available on GitHub at github.com/AsterDEX) is a significant transparency advantage over closed-source competitors like Hyperliquid and EdgeX, as it allows independent researchers and the broader community to inspect the code themselves.

Security Track Record

As of February 2026, Aster has not experienced any significant security exploits or hacks. Given the platform's relatively young age (less than one year since launch), this clean record is encouraging but not yet definitive proof of long-term security reliability.

The more relevant concern is not smart contract risk but the USDF custodial arrangement. Because USDF is backed by USDT deployed into delta-neutral strategies on centralized venues like Binance, the security of USDF ultimately depends on the security of those centralized venues and the custody provider Ceffu. While Ceffu is a reputable institutional custodian, this introduces counterparty risk that does not exist on purely non-custodial platforms.

The DefiLlama volume delisting also raises questions about operational transparency. While not a direct security issue, the inability of third-party analytics to independently verify trading volumes suggests the platform could improve its data transparency.

User Protection Features

Aster employs several protective mechanisms:

48-hour timelock delay on smart contract upgrades, giving users advance notice and time to exit if they disagree with proposed changes.

Multisig governance for critical protocol operations, preventing unilateral changes by any single party.

$2,000,000 bug bounty program - one of the larger bounties in DeFi, matching Hyperliquid's and signaling serious commitment to security.

MEV protection is built into the Simple Mode trading experience, protecting users from front-running and sandwich attacks.

Multi-oracle price feeds from Pyth Network, Chainlink, and Binance Oracle provide redundant price data, reducing the risk of oracle manipulation that has plagued other protocols.

The platform is non-custodial for trading positions - users retain control of their funds throughout the trading process. However, as noted above, USDF deposits involve a custodial arrangement through Ceffu, which is a different trust model than purely non-custodial collateral.

Getting Started with Aster

Connecting Your Wallet

Visit asterdex.com and click the "Connect Wallet" button. Aster supports a wide range of wallets across its five chains:

1. BNB Chain and Ethereum/Arbitrum/Base: MetaMask, WalletConnect, Coinbase Wallet-wallet), Trust Wallet, and others
2. Solana: Phantom, Solflare, Backpack

Select your preferred network, connect your wallet, and you are ready to go. No KYC is required. The multi-chain support means you do not need to bridge assets to a separate chain before trading - connect from whichever network where you already hold tokens.

Making Your First Deposit

Aster accepts deposits in multiple tokens depending on the chain you connect from. The primary collateral options are USDT and USDC. If you want to take advantage of the yield-bearing feature, you can mint USDF by depositing USDT, which will then earn passive returns while serving as your trading collateral.

Deposits on BNB Chain and Arbitrum are fast and cheap. Solana deposits are nearly instant. Ethereum mainnet deposits work but carry higher gas costs. Base deposits are also quick and low-cost.

For first-time users, we recommend starting on BNB Chain or Arbitrum for the best balance of speed, cost, and asset availability.

Placing Your First Trade

Once deposited, choose between Simple Mode and Pro Mode:

Simple Mode path: Select the asset you want to trade (BTC, ETH, etc.), choose Long or Short, set your leverage (we recommend starting at 5-10x, absolutely not 1001x), enter your position size, and tap Trade. The order executes immediately.

Pro Mode path: Select your trading pair, open the chart for analysis, choose your order type (market for immediate execution, limit for a specific price), set your leverage and position size, configure stop-loss and take-profit levels, and submit.

We strongly recommend starting in Simple Mode with small position sizes to get a feel for the platform speed and funding rate mechanics before moving to Pro Mode with larger trades.

User Experience

Desktop Platform

The Aster desktop web interface is clean and well-organized. The Simple Mode dashboard is immediately understandable even for users new to perpetual trading. The Pro Mode interface provides a professional trading layout with charts, order book, and position management that veteran traders will feel at home with.

Performance was reliable during our testing. Pages loaded quickly, orders executed without delay, and we did not experience any crashes or interface glitches. The dark theme is the default (as it should be for a trading platform), and the color coding for long/short positions and profit/loss is clear.

The Rocket Launch section is prominently featured, which gives the platform a slight "gamified" feel compared to the more austere interfaces of Hyperliquid or dYdX. Whether this is a positive or negative depends on your preferences - for users who enjoy participating in token launches alongside their trading, it adds engagement. For traders who just want to trade, it can feel like marketing noise.

One minor frustration: there have been occasional reports of the spot web interface going down temporarily, requiring users to switch to the mobile app. While the team responds quickly to these issues, web reliability could be improved.

Mobile Experience

Aster has dedicated mobile apps for both iOS and Android. The iOS app, "Aster: On-Chain Perps and Spot," is available on the App Store, and the Android version is on Google Play. The latest version (v1.6.0 as of our testing) includes perp BBO orders, position size switching, and adjustable chart heights.

The mobile app is fully functional for both Simple and Pro Mode trading. In our testing on iOS, the app was responsive and stable. Charts loaded quickly, and order execution felt instant. Push notifications for fills and liquidation warnings worked reliably.

The mobile experience is good but not quite as polished as EdgeX's mobile-first platform. Aster's mobile app feels like a competent adaptation of the web interface rather than a ground-up mobile design. It gets the job done, but there is room for improvement in touch interactions and screen space utilization.

Customer Support

Support is provided through Discord, Twitter, and the documentation at docs.asterdex.com. The Discord community is large and active, with team members present for technical questions. Response times were typically within a few hours for non-urgent queries.

Documentation covers the basics well, including detailed explanations of USDF, the Rocket Launch program, and the different trading modes. The docs could be more comprehensive on advanced trading topics and risk management, but the core functionality is well-documented.

For a platform of Aster's size and growth rate, the support infrastructure is adequate but not exceptional. A dedicated ticket system or live chat would be valuable additions as the user base continues to grow.

Aster vs Competitors

Aster vs Hyperliquid: The rivalry at the top of the perp DEX market. Aster offers lower base fees (0.02% vs 0.025%), more chains (5 vs 1), higher leverage options, yield-bearing collateral through USDF, and open-source code. Hyperliquid counters with zero gas fees, deeper verified liquidity ($2.5B TVL), a longer track record, and the growing HyperEVM ecosystem. The DefiLlama volume delisting is a consideration - Hyperliquid's $8B+ daily volume has never been questioned, while Aster's reported $15B has faced scrutiny. For traders who value multi-chain accessibility and earning yield on collateral, Aster is compelling. For those who prioritize verified liquidity depth and a proven track record, Hyperliquid is the safer choice.

Aster vs dYdX: Aster wins convincingly on fees (0.02% vs 0.05%), leverage options, multi-chain deployment, and volume. dYdX has a much longer track record (operating since 2017), open-source code, and stronger decentralization credentials with a large Cosmos-based validator set. dYdX also has more trading pairs (200+). For cost-conscious active traders, Aster is the better deal. For traders who prioritize platform maturity and proven decentralization, dYdX remains relevant.

Aster vs Jupiter: Jupiter is the dominant DEX on Solana, offering perpetuals alongside its massive spot trading operation. Jupiter has better Solana ecosystem integration and a simpler fee model, but Aster offers significantly more trading pairs, lower fees, and cross-chain availability beyond just Solana. Jupiter is better for Solana-native users who want a single platform for spot and perps. Aster is better for dedicated perpetual futures traders who want the lowest fees and broadest market access.

Who Should Use Aster?

Aster is best suited for:

1. Multi-chain DeFi users who hold assets across different networks and want to trade perpetuals without complex bridging
2. Cost-conscious traders who want the lowest possible base fees (0.02%) combined with yield-earning collateral
3. Beginners to perpetual trading who benefit from Simple Mode's one-click interface with built-in MEV protection
4. BNB Chain ecosystem users who want a perp DEX with deep Binance ecosystem integration
5. Yield-seeking traders who want their trading collateral to generate passive returns through USDF
6. Token launch enthusiasts who enjoy participating in Rocket Launch campaigns

Aster may not be ideal for:

1. Risk-averse traders concerned about the DefiLlama volume delisting and the questions it raises about data transparency
2. Users who prefer fully non-custodial systems, since USDF involves a custodial arrangement through Ceffu
3. Traders seeking maximum decentralization, given the heavy reliance on Binance ecosystem connections
4. Conservative leverage users who may be tempted by the 1001x option despite the extreme liquidation risk it carries
5. Traders who prioritize verified, independently auditable trading volumes

Frequently Asked Questions

What is USDF and how does it generate yield?

USDF is Aster's yield-bearing stablecoin, minted 1:1 by depositing USDT. Aster deploys the underlying USDT into delta-neutral arbitrage strategies on centralized venues like Binance, and the yield flows back to USDF holders. Custody is managed through Ceffu, an institutional-grade custodian. Your USDF serves as trading collateral while simultaneously earning passive returns, which is unique among perpetual DEXes.

Is 1001x leverage safe to use?

No. We strongly advise against using anything close to 1001x leverage. At 1001x on BTC, a price movement of just 0.1% would liquidate your position - that can happen within seconds during normal market activity. The 1001x option is technically available in Simple Mode, but responsible traders should limit themselves to 20-50x maximum. Think of the extreme leverage as a marketing feature, not a practical trading strategy.

What happened with the DefiLlama delisting?

In October 2025, DefiLlama removed Aster's volume data after detecting a near-perfect correlation between Aster's trading volumes and Binance's volumes across multiple trading pairs. DefiLlama cited data integrity concerns, as legitimate platforms typically show natural volume fluctuations rather than perfect correlations. Aster attributed the similarity to legitimate liquidity migration from Binance. The community remains divided on this issue, and it is a factor worth considering when evaluating the platform's reported metrics.

How did Aster grow so fast?

Multiple factors drove Aster's rapid growth: the YZi Labs backing and CZ's involvement brought massive visibility, the Binance listing in October 2025 opened the platform to Binance's user base, the Rocket Launch campaigns incentivized trading activity, the multi-chain approach eliminated access barriers, and the ASTER token surge (2,700% in its first week) generated significant attention. Whether all of the resulting volume represents organic trading activity is the question raised by the DefiLlama delisting.

What chains does Aster support?

Aster operates on five blockchains: BNB Chain, Ethereum, Arbitrum, Solana, and Base. Liquidity is shared across chains, meaning you can connect from any supported network and access the same markets and depth. BNB Chain and Arbitrum offer the best balance of speed and cost for most users.

Is Aster safe and audited?

Aster has been audited by PeckShield (March 2025), CertiK (June 2025), and Hacken (September 2025). The platform uses a 48-hour timelock, multisig governance, and a $2 million bug bounty. The codebase is open-source on GitHub. Trading positions are non-custodial. However, USDF deposits involve a custodial arrangement through Ceffu, which introduces counterparty risk not present in purely non-custodial platforms.

What is the difference between Simple Mode and Pro Mode?

Simple Mode is for beginners, offering one-click trading with up to 1001x leverage and built-in MEV protection. Pro Mode is for experienced traders, providing a full order book interface, advanced order types (including hidden orders), charting tools, and professional execution features. Both modes access the same underlying liquidity.

How does the ASTER token work?

ASTER has a total supply of 1 billion tokens with 250 million in circulation. The token is used for governance voting, trading fee discounts, staking rewards, and USDF minting. The TGE occurred on September 17, 2025. The token launched at $0.08 and reached an all-time high of $2.42 within one week. CZ's purchase of 2 million tokens in November 2025 was a notable endorsement.

Final Verdict

Aster is a genuinely feature-rich perpetual DEX that has executed an aggressive growth strategy with remarkable speed. The multi-chain deployment across five networks, yield-bearing USDF collateral, dual trading modes, and low 0.02% base fees create a compelling package for traders. The Binance ecosystem backing through YZi Labs and CZ provides resources and visibility that few competitors can match.

However, the platform carries unique risks that need honest acknowledgment. The DefiLlama volume delisting raised legitimate questions about data integrity that have not been fully resolved. The USDF custodial arrangement introduces counterparty risk. The 1001x leverage option, while technically available, represents a marketing decision that could cause serious losses for inexperienced users. And the heavy reliance on Binance ecosystem connections means Aster's fortunes are tied to Binance's reputation and regulatory standing.

We rate Aster 9.3 out of 10 - a powerful platform with genuine innovation (particularly USDF and the multi-chain approach), but one that requires users to weigh the impressive headline numbers against the transparency questions that surround them. For cost-conscious multi-chain traders, Aster offers excellent value. For those who prioritize independently verified metrics and maximum decentralization, Hyperliquid or dYdX may provide more peace of mind. If the team can address the volume transparency concerns and prove the organic nature of their growth, Aster has every ingredient to be the definitive perp DEX of 2026.