Aster USDF 백서 전문

d by preset rate caps, so the settlement accurately reflects the economic impact of the dividend event. # AFEE & BonusUSD ### **AFEE** Aster has a fee discount token called AFEE, which allows users to offset their trading fees on Pro Mode. AFEE is applied automatically and requires no manual activation. * **1 AFEE = 1 USDT** * **Total supply:** 100,000 AFEE tokens * AFEE cannot be used as margin to open positions — you must deposit USDT or another supported collateral asset to trade. * AFEE can only be used to offset trading fees; it cannot be used to deduct funding rates, liquidation fees, or other costs. * Users do not need to enable Multi-Asset Mode to use AFEE. **Note:** When users pay trading fees with AFEE, market makers and referrers will receive AFEE tokens as rebates. ### **BonusUSD** Aster has a futures bonus token called BonusUSD for users who trade on Aster Pro Mode. BonusUSD is a USD-pegged token that traders can use as collateral to trade crypto futures on Aster Pro Mode. **Note:** BonusUSD is a futures bonus token and cannot be withdrawn. Multi-Asset Mode must be enabled to use BonusUSD as collateral. #### **How to Use BonusUSD** **Step 1:** Go to the Campaign page and connect your wallet. Click \[Claim Reward] to check your eligibility and claim rewards. Your BonusUSD tokens will be automatically credited to your balance after you claim them manually. **Step 2:** Go to your [Portfolio](https://asterdex.com/portfolio) and check your BonusUSD balance. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2Fi175RG0UBR1bCafwt1hQ%2F%E6%88%AA%E5%B1%8F2025-04-09%2011.49.19.png?alt=media&token=61b87967-22b8-4b0d-aeb5-f1d7691a2f28" alt=""><figcaption></figcaption></figure> **Step 3:** (Skip if Multi-Asset Mode is already enabled) Enable Multi-Asset Mode to use BonusUSD as collateral. On Aster Pro mode, scroll down to Margin Ratio and select \[Multi-Assets Mode]. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FxCCJ0SmVSwe2OYaLMSFb%2F%E6%88%AA%E5%B1%8F2025-07-18%2010.22.49.png?alt=media&token=16d22b97-489a-49b5-9f1e-513ad71191f9" alt=""><figcaption></figcaption></figure> **Step 4:** Choose your preferred perpetual contract from the dropdown list and set your leverage. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FMu4vIin769ovry8fGFY6%2F%E6%88%AA%E5%B1%8F2025-07-18%2010.24.27.png?alt=media&token=e5bdd928-1700-4527-9e09-36b399bea982" alt=""><figcaption></figcaption></figure> **Step 5**: Set your preferred order type. Aster Pro Mode supports Limit, Market, Stop Limit, Trailing Stop, and Hidden orders. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FeCJUtKOgrhlB6FcPiROu%2F%E6%88%AA%E5%B1%8F2025-07-18%2010.25.59.png?alt=media&token=a85f4d1f-b46a-4efd-a968-41967f5f599d" alt=""><figcaption></figcaption></figure> **Step 6**: Monitor your positions and close them based on your exit strategy. All positions are listed in the \[Positions] tab. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FRzU9dCjCjMkhJ3auVOiH%2F%E6%88%AA%E5%B1%8F2025-07-18%2010.28.38.png?alt=media&token=d3849121-59e8-46e3-b6bc-e6d0ab42021f" alt=""><figcaption></figcaption></figure> **Note:** * BonusUSD can only be used on Aster and cannot be withdrawn. * Profits generated from trades using BonusUSD as collateral can be withdrawn. * BonusUSD is only available on Aster Pro Mode on BNB Chain. # Delistings To maintain a healthy trading environment, Aster may delist certain perpetual futures contracts based on factors such as low liquidity or low trading volume. The delisting process is designed to be transparent and timely. ### **Reasons for Delisting** A futures contract may be delisted due to one or more of the following: * Low liquidity or trading volume * Project operations cease * Major changes to the underlying blockchain (e.g., a hard fork) * Other factors that negatively affect the trading experience ### **Delisting Process** **Announcement** A delisting notice will be issued on [Twitter](https://twitter.com/asterdex), [Telegram](https://t.me/asterdex), and [Discord](https://discord.gg/asterdex) at least 24 hours in advance. The announcement will include the cessation of trading date and any relevant instructions. **Reduce-Only Window** Starting 10 minutes before the cessation of trading, only reduce-only orders can be placed for the affected contract. No new positions can be opened during this time. **Final Mark Price Calculation** During the last hour before trading stops, the Mark Price of the delisted contract is calculated as the average of the price index sampled every second — a total of 3,600 data points. **Trading Halt and Settlement** At the time of delisting: * All remaining open positions are automatically closed at the final Mark Price. * Trading fees are charged for the automatic settlement. * All unrealized PnL is settled and converted into realized PnL. ### **After Delisting** * The delisted contract will no longer be available for trading. * Historical data may remain available for reference. ### **Recommendations** To avoid automatic settlement and additional fees, traders are strongly advised to manually close all positions before the cessation of trading. # Shield Mode **What is Shield Mode?** Shield Mode offers a distinct trading experience compared to Order Book Futures, providing a quicker, easier, and more streamlined process. Users can trade faster and find it simpler to initiate their trades. Throughout the promotional period, there will be no opening or closing fees for trading transactions to reward our loyal Aster users. # Fees & Specs ### **Trading Fee** To celebrate the launch of Perp Shield Mode, we're conducting a limited-time zero-fee event. Both opening and closing positions will incur no fees. ### **Profit Share** Aster has implemented a profit-sharing model to reduce the impact of fees on users. When the position is profitable, a fee range from 15% to 20% will be charged on the profits. When the position incurs a loss, no fees will be incurred. ### **Flat Fee** A fixed fee rate applies to opening and closing positions. The current fee rate is 0.03%. ### **Dynamic Slippage** The platform determines the slippage based on the liquidity of the pair's underlying assets and open interest, as observed from market performance. \ # RWA Market ### **Trading Operation Hours** Shield Mode features XAG & XAU trading pairs. Unlike the cryptocurrency market, the XAU and XAG exchange markets are not open for trading 24/7. Traders may refer to the following timings: | **Day** | **Open/Close for Trading** | | --------- | ---------------------------------------------------------------------------------------- | | Monday | Open | | Tuesday | Open | | Wednesday | Open | | Thursday | Open | | Friday | Closed from 22:00 UTC onwards (DST)Closed from 23:00 UTC onwards (Non-DST) | | Saturday | Close | | Sunday | Closed from 22:00 UTC onwards (DST)Closed from 23:00 UTC onwards (Non-DST) | To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens. Additionally, the XAU and XAG exchange markets will also be closed during US public holidays. ***Risk Reminder:** Perpetual trading carries substantial risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from Aster. Aster will not be liable for any loss that might arise from your use of the Aster platform.* # Stock Market ### **Trading Operation Hours** Shield Mode also supports stock perps, enabling perpetual futures trading for U.S. stocks fully settled in USDT. Trade with up to 50x leverage, long or short, and choose your leverage level when placing an order. ### **Trading Session** | **Session** | **Time Period** | | ------------------------ | --------------- | | Pre market (off hours) | 4am–9:30am | | Market open | 9:30am–4pm | | Post Market (off hours) | 4pm–8pm | | Market Close (off hours) | 8pm–4am | To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens. During off-hours, pricing updates will be paused and trading functions will be unavailable. Additionally, the stock perp markets will also be closed during the US public holidays. \ **Regarding trading parameter adjustments:** To mitigate market risks and enhance user experience, Aster may adjust trading parameters such as funding rates, minimum price increments, maximum leverage, risk limits, and maintenance margin requirements in accordance with real-time market conditions. # Forex Market Shield Mode is set to enhance your trading experience by introducing forex trading pairs. This expansion aims to cater to the diverse needs of our users, providing broader opportunities beyond cryptocurrencies. The initial launch will feature the EUR/USDT and GBP/USDT trading pairs, with support for up to 500x leverage. ### **Forex Market Trading Hours** | **Day** | **Open/Close for Trading** | | --------- | ---------------------------------------------------------------------------------------- | | Monday | Open | | Tuesday | Open | | Wednesday | Open | | Thursday | Open | | Friday | Closed from 23:00 UTC onwards (DST)Closed from 22:00 UTC onwards (Non-DST) | | Saturday | Close | | Sunday | Closed from 23:00 UTC onwards (DST)Closed from 22:00 UTC onwards (Non-DST) | To maintain market stability, the maximum leverage will be temporarily reduced one hour before off hours and will automatically return to normal levels after market opens. Additionally, the forex market will observe closures on U.S. public holidays, aligning with international trading customs. With the introduction of forex trading pairs, Shield Mode continues to evolve, providing a comprehensive trading ecosystem. We encourage traders to make informed decisions and utilize this opportunity to explore new markets while being mindful of associated risks. ***Risk Reminder:** Perpetual trading carries substantial risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from Aster. Aster will not be liable for any loss that might arise from your use of the Aster platform.* # Dynamic Slippage ### **Overview** The Dynamic Slippage mechanism is designed to accurately reflect the market impact of user trades. Every order impacts market liquidity, particularly when the trade volume is large. To ensure fair pricing and risk management, slippage is calculated dynamically based on the order size, the current Open Interest (OI) imbalance, and real-time market depth. ### **Calculation Logic** The system determines the slippage percentage by comparing the calculated Market Impact against a configured Minimum Slippage threshold. The greater of the two values is applied. **A. Long Scenario (Open Long / Close Short)** This formula applies when a user opens a Long position or closes a Short position. $$ SlippageLong= Max{(NewPostion-Symbol Short OI+Symbol Long OI)/DepthAbove, MinLongSlippage)} $$ **B. Short Scenario (Open Short / Close Long)** This formula applies when a user opens a Short position or closes a Long position. $$ SlippageShort=Max{(NewPostion-Symbol Long OI+Symbol Short OI)/DepthBelow, MinShortSlippage)} $$ ### **Parameter Definitions** #### **Market Depth (Liquidity)** Market depth data is aggregated from major exchanges via the CMC interface to determine the available liquidity for absorbing orders. * Data Sources: Binance, Coinbase, OKX, Kraken and other major exchanges (USDT or USD pairs). * Update Frequency: Every 5 seconds. #### **Depth Formulas** The depth values used in the denominator are calculated as follows: **Depth Above (Ask Liquidity):** $$ Depthabove=k×100×∑(depthpositive\_two) $$ * *`depth_positive_two`: Aggregated +2% depth data from sources.* **Depth Below (Bid Liquidity):** $$ Depthbelow=k×2100×∑(depthnegative\_two) $$ * *`depth_negative_two`: Aggregated -2% depth data from sources.* **Adjustment Coefficient (k):** A scalar used to adjust liquidity sensitivity. * **Default:** k = 1.5 * **Configuration:** Configurable per Symbol. **Minimum Slippage:** A fixed parameter configured at the Symbol level. This acts as a floor to ensure slippage never drops below a baseline value, even in high liquidity conditions. ### **Precision and Rounding Logic** The final slippage percentage is processed with a precision of **1/10,000 (0.01%)**. The rounding method depends on which value is selected by the `MAX` function: **Scenario A (Calculated Impact > Min Slippage):** If the dynamic market impact calculation is higher than the minimum slippage, the system applies an **Unconditional Carry (Ceiling)** logic. * Action: Round **UP** to the nearest 1/10,000. **Scenario B (Calculated Impact ≤ Min Slippage):** If the minimum slippage is used, standard rounding applies. * Action: **Round Half Up (Nearest)** to 1/10,000. #### **Example Logic:** ```abap // precision = 0.0001 # 1/10000 if calculated_impact > min_slippage: # Unconditional carry (Ceiling) final_slippage = math.ceil(calculated_impact / precision) * precision else: # Standard rounding (Round Half Up) for Min Slippage final_slippage = round(min_slippage / precision) * precision ``` # Liquidations ### **Liquidation Protocol** When the last price is less than or equal to the liquidation price of a certain position, a forced liquidation will occur. It is recommended that users pay close attention to the last price and the trend of forced liquidation price to avoid being forcibly liquidated. Forced Liquidation Price = (Position Size × Open Price - Accumulated Funding Rate - Initial Margin × Liquidation Loss Rate) / Position Size × Position Direction Position Size = Initial Margin × Leverage Multiple / Entry Price If the position direction is LONG, the calculation of position direction will be 1, whereas if the position direction is SHORT, the calculation of position direction will be -1. The liquidation rate is influenced by the selected symbol and leverage for positions. Please check the liquidation rate on our website for your selected symbol and leverage. **Risk Reminder:** * *Liquidation price may change when there are any changes in the Funding Rate.* * *We will adjust the liquidation rate based on market volatility and OI updates. Please pay attention to the updates and monitor the risk.* ### **Example Liquidation Rates** For example, the liquidation rate for the BTCUSDT & ETHUSDT pair will be shown as: * 75% liquidation rate for leverage between 1x and 200x. * 70% liquidation rate for leverage between 201x and 500x. * 65% liquidation rate for leverage between 501x and 1001x. The liquidation rate for the EURUSDT pair is 60% for leverage between 20x and 200x. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FOCi8ZfjVhlZ5yOZ1RxaP%2F%E6%88%AA%E5%B1%8F2026-02-09%2016.32.19.png?alt=media&token=310564f7-5acb-4b85-935f-f801ac51daa4" alt=""><figcaption></figcaption></figure> The liquidation rate for **EURUSDT** pair is 60% for the leverage between 20x to 200x. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F7LMWD9cu8TaI6AKrQRPK%2F%E6%88%AA%E5%B1%8F2026-02-09%2016.34.02.png?alt=media&token=faf823cc-234b-43fd-b153-f5f5aac79576" alt=""><figcaption></figcaption></figure> # Mark Price Mark Price is closely correlated with the funding rate, and vice versa. We use this Mark Price to prevent unnecessary liquidations for our traders and to deter market manipulation. Since Unrealized PnL is the primary driver of liquidations, it's crucial to guarantee its accurate calculation to prevent unnecessary liquidations. Hence, Mark Price is used for calculating unrealized PnL. The mark price is a composite price derived from a basket of prices sourced from various major CEX exchanges, weighted according to their respective trading volumes. Additionally, to prevent market spikes, there is a moving average price strategy in place to protect users. **Note:** Shield Mode does not have an order book, and thus Mark Price is equal to Last Price. # Position Mode **Position Management** Users can manage positions by choosing the \[Positions] button on the trading dashboard. Users can check details such as trading pairs, direction, entry price, liquidation price, Leverage and other relevant information. **Position Mode** Perp Shield offers Isolated leveraged mode for every trading pair and position. Positions are always individual ones. * Each trading pair is an isolated position, allowing users to open multiple isolated positions * Each position is held and run individually. Currently, **there is no option to add margin to an existing position.** * Every isolated trading position has its own unique risk rate and liquidation price, and each position is settled individually. * Liquidation risk is isolated for each trading pair, which means liquidation of a position will not affect any other positions. * Do not support the hedge mode. # Funding Fee Rate The Funding Rate on Shield Mode differs from that of Aster Perps. Aster will collect a Funding fee rate to balance the Long and Short ratios, which helps reduce market risk. The calculation formula for this funding fee rate is provided below: Funding Rate= {clamp{Floor, {ABS\[(Long OI - Short OI) \* Funding Fee Per Hour/M % ] / Max (LongOI, ShortOI)} ,Cap} } #### **Parameters:** * **Long open interest:** The total number of LONG positions on the platform. * **Short open interest:** The total number of SHORT positions on the platform. * **Funding Fee Per Hour:** The Funding Rate will be charged on an hourly basis. It may be adjusted based on market performance. * **Floor & Cap:** The funding rate has a cap and floor. The Funding Fee Rate Floor and cap threshold may be adjusted from time to time based on market performance. **Note: Funding payment is generated hourly.** For example, if a user opens a position at 05:12 and holds it until 05:59, no funding payment will be made. However, if a user holds the position until 06:00, then a funding payment will be made. # Profit Share & Flat Fee ### **More Fee Options** Aster has implemented a profit-sharing model to reduce the impact of fees on users. When the position is profitable, a fee range from 15% to 20% will be charged on the profits. When the position incurs a loss, no fees will be incurred. For example, a 15% fee will be charged on the profits when you place orders on BTCUSDT or ETHUSDT pairs. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FJ2WthTrrbRu09UmmKCso%2F%E6%88%AA%E5%B1%8F2026-02-09%2017.50.56.png?alt=media&token=f5d84af4-5461-47e8-a3eb-e509bb655e94" alt=""><figcaption></figcaption></figure> In the meantime, users can select the flat fee ratio when opening the position. 0.03% will be charged based on the notional value of the position. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbo