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s 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: * OPENAI (OpenAI Pre-IPO Perpetual) * ANTHROPIC (Anthropic Pre-IPO Perpetual) 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 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 **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 | **POLYMARKET:** | Market | POLYMARKET (POLYMARKET) | | ----------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Status | Live | | Description | POLYMARKETUSDT Pre-IPO Perpetual Contract tracks the implied price of Polymarket, a prediction market platform, based on tokenized pre-IPO exposure associated with Polymarket. Polymarket is a prediction market platform that allows users to trade on the outcome of real-world events, including politics, sports, finance, technology, and other major events. Users can buy and sell outcome shares, with market prices reflecting the market-implied probability of each outcome. | | Reference Fully Diluted Share Count | 1 billion | | Max Leverage | 5x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **MOONSHOT:** | Market | Beijing Moonshot AI Technology Co., Ltd. (MOONSHOT) | | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | MOONSHOTUSDT Pre-IPO Perpetual Contract tracks the price of Beijing Moonshot AI Technology Co., Ltd. Moonshot AI is an artificial intelligence company focused on developing advanced AI models and applications, including large language models and AI-powered products. The company was founded in Beijing and is known for developing the Kimi AI assistant. | | Reference Fully Diluted Share Count | 1 billion | | Max Leverage | 20x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | **OURA:** | Market | Oura Inc. (OURA) | | ----------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Status | Live | | Description | OURAUSDT Pre-IPO Perpetual Contract tracks the price of Oura Inc. Oura is a health technology company that develops smart rings and digital health products designed to help users monitor sleep, activity, recovery, and other health-related metrics. Its flagship Oura Ring combines wearable sensors with software to provide personalized health and wellness insights. | | Reference Fully Diluted Share Count | 320,945,459 | | Max Leverage | 20x | | Market Order Price Cap/Floor Ratio | 5% | | Anticipated Listing Event | IPO | #### 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** 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** 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 # 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 ### Trading Sessions & Order Price Caps | Session | New York City local time | Limit Order Price Cap | Market Order Price Cap | | -------------------------------------- | ------------------------ | ---------------------------------------------------- | ----------------------------------------------------------------------------------------- | | Pre-market （off hrs） | 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 | | Market open | 9:30 AM\~4:00 PM EST | the same as crypto perpetual trading pairs | the same as crypto perpetual trading pairs | | Post-Market（off hrs） | 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 | | Overnight | 8:00 PM-04:00 AM EST | > 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 | New York City local time | | ------------------------------- | --------------------------------------- | | Overnight | 08:00 PM →04:00 AM EST(next day) | | Weekend | 08:00 PM EST Friday→04:00 AM EST Monday | | Public holiday | 00:00→23:59 EST | | Half-day Trading | 13:00 EST after market close | \ # HK Stocks ### Trading Sessions & Order Price Caps | **Session** | **HK local time** | **Limit Order Price Cap** | **Market Order Price Cap** | | ---------------------------------------------- | ------------------------------- | ---------------------------------------------------- | --------------------------------------------------------------------------- | | Market Open (Morning Session) | 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 | | Market Open (Afternoon Session) | 1:00 PM\~4:00 PM HKT | the same as crypto perpetual trading pairs | the same as crypto perpetual trading pairs | | Market Close（off hrs） | 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 | | Weekend | 04:00 PM→09:30 AM HKT (Next monday) | | Public holiday | 00:00→23:59 HKT | | Half-day Trading | 12:00 HKT after market close | # KRX Stocks ### KRX Stocks — Trading Sessions & Order Price Caps | Session | Korean local time | Limit Order Price Cap | Market Order Price Cap | | --------------------------------------- | -------------------------- | ---------------------------------------------------- | --------------------------------------------------------------------------- | | Pre-Market (off hrs) | 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 | | Market Open | 09:00→15:20 KST | the same as crypto perpetual trading pairs | the same as crypto perpetual trading pairs | | Post-Market (off hrs) | 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 | | Market Close (off hrs) | 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) | | Weekend | Friday 18:00 KST→Monday 09:00 KST | | Public holiday | 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. **KR Equity Perps** — All times in Korea Standard Time (KST) | Date | Time (KST) | System Operation | | -------- | ---------- | ------------------------------------------------------------------------------------------------------------------------------ | | ex\_date | 03:30 | The funding interval is modified to 1 hour (takes effect at 04:00). | | ex\_date | 07:30 | The contract is placed into reduce\_only mode. | | ex\_date | 07:30 | The Mark Price vs. Index deviation threshold is tightened to 1%. | | ex\_date | 08:00 | Special Dividend Funding is executed immediately following standard funding. | | ex\_date | 08:01 | reduce\_only mode is disabled and deviation limits are restored and the funding interval is restored to its standard duration. | **HK Equity Perps** — All times in Hong Kong Standard Time (HKT) | Date | Time (HKT) | System Operation | | -------- | ---------- | ------------------------------------------------------------------------------------------------------------------------------ | | ex\_date | 04:30 | The funding interval is modified to 1 hour (takes effect at 05:00). | | ex\_date | 08:30 | The contract is placed into reduce\_only mode. | | ex\_date | 08:30 | The Mark Price vs. Index deviation threshold is tightened to 1%. | | ex\_date | 09:00 | Special Dividend Funding is executed immediately following standard funding. | | ex\_date | 09:01 | reduce\_only mode is disabled and deviation limits are restored and the funding interval is restored to its standard duration. | **US Equity Perps** — All times in Eastern Time (ET) | Date | Time (ET) | System Action | | ------------ | --------- | ------------------------------------------------------------------------------------------------------------------------------ | | ex\_date - 1 | 15:30 | The funding interval is modified to 1 hour (takes effect at 16:00). | | ex\_date - 1 | 19:30 | The contract is placed into reduce\_only mode. | | ex\_date - 1 | 19:30 | The Mark Price vs. Index deviation threshold is tightened to 1%. | | ex\_date - 1 | 20:00 | Special Dividend Funding is executed immediately following standard funding. | | ex\_date - 1 | 20:01 | reduce\_only mode is disabled and deviation limits are restored and the funding interval is restored to its standard duration. | ### 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 restricte