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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 and USD1. 
* **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.
* **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 and USD1.
* **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.
* **Auto-exchange:** Under Multi-Assets Mode, the following three situations will trigger automatic exchange:
1. 1\. When the asset account balance is less than the established automatic exchange threshold ( **-10,000 USD**).
2. 2\. When you encounter forced liquidation, if the USDT balance in the futures account is insufficient to make up for losses, the system will trigger the automatic exchange immediately.
3. 3\. If you do not currently hold a position or have no order, the system will continue to calculate the loan-to-value ratio ( **LTV**). When the loan-to-value ratio (LTV) is greater than or equal to 0.995, the system will trigger automatic exchange.
4. *For example:* When the balance is **-10,000 USDT**, an automatic exchange will be triggered. `10,000 USDT / 97.5% = BTC equivalent to 10,256 USDT` will be automatically converted into USDT into the wallet balance.
5. There is the auto-exchange haircut, for more details, please refer to [trading rule](https://www.asterdex.com/en/futures/trading-rules/multi-assets-info).
When automatic exchange is triggered, if there are multiple assets in the futures account, the system will automatically exchange these assets into negative balance assets according to their respective proportions. To prevent automatic exchange, users can actively exchange negative balance assets before the account balance reaches the automatic exchange threshold. <br>
**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="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FvpjHVBqEQq789QtzopND%2FOrder%20panel.png?alt=media&token=897d8063-6be4-4a9e-ae01-af60ac9efa41" 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. 
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 contrac프로젝트로 돌아가기
