Aster USDF 백서 전문

rall exposure. *Please note that Multi-Assets Mode only supports Cross Margin Mode.*\ \ **Automatic exchange mechanism** To ensure your trading continues uninterrupted, the Multi-Assets Mode offers automatic balance management. Here's how it works: * Threshold-based exchange: If the balance of a specific asset falls below a set threshold, other assets in your USDT Futures wallet will be automatically converted to cover the deficit. * Matching engine efficiency: This conversion is handled by the platform's matching engine, ensuring a smooth and efficient process. * Zero commission fees: AstherusEX doesn't charge any commission for this automatic exchange service. This automatic exchange mechanism will help you balance your positions and increase capital utilization. Below is table summarizing the current supported collateral assets **AstherusEX (BSC)：** | Asset | Collateral Value Ratio | | ------- | ---------------------- | | SlisBNB | 90% | | LisUSD | 90% | | BTC | 95% | | ETH | 95% | | USDT | 99.99% | | WBETH | 90% | | BNB | 95% | | Stone | 90% | | LISTA | 90% | **AstherusEX (ETH)：** | Asset | Collateral Value Ratio | | ----- | ---------------------- | | BTC | 95% | | ETH | 95% | | USDT | 99.99% | # Order Types Learn about different order types on AstherusEX **Market order** A market order is a buy or sell order that gets filled right away at the best price currently available on the market. **Limit order** A limit order lets you place an order at a specific price or a more favorable price. However, there's no guarantee that a limit order will be filled. Please note that Limit buy orders are executed if the price of the asset hits the limit price or falls below that price. Limit sell orders are executed if the price of the asset hits the limit price or rises above that price. **Limit TP/SL Order (Strategy Order)** When you open a position, you can check the box next to \[TP/SL] to set a take profit or stop loss price. Depending on your trading strategy, you can also set your order to be triggered based on the "Last Price" or the "Mark Price". <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FdjHDppmrIdE2KvWndbv2%2Fphoto_2024-06-12_11-49-17.jpg?alt=media&token=8a3daf2d-8c8d-49c2-9d76-a8c87d0420d1" alt=""><figcaption></figcaption></figure> **Stop Limit Order** A stop limit order is a conditional order over a set timeframe, executed at a specified price after a given stop price has been reached. Once the stop price is reached, it will buy or sell at the limit price or a better price than the limit price you set. **Stop Market Order** Similar to a stop limit order, a stop market order uses a stop price to trigger the trade. However, when the stop price is reached, it’d trigger a market order. **Trailing Stop Order** A trailing stop order allows traders to place a pre-set order at a specific percentage away from the market price when the market swings. It locks in profit by enabling a trade to remain open and continue to profit as long as the price is moving in the favorable direction. Please note that a trailing stop order does not move back in the other direction. When the price moves in the opposite direction by a specified percentage, it will be executed at market price. **Post Only Order** When you place a post only order, it will be added to the order book, but won’t be executed immediately. The post only order will exist as a maker order to add liquidity to the order book. # Mark Price (Oracle) **What is Mark Price?** Mark Price is a reference price applied to calculate traders' unrealized profit and loss (PnL), to reduce unnecessary forced liquidations in an abnormally volatile market, and improve the stability of the contracts market. The Mark Price ensures fair and accurate pricing of perpetual contracts. Ensuring the accurate calculation of unrealized PnL is crucial to avoid unnecessary liquidations. The Mark Price, a key component in determining liquidations, is heavily influenced by the Price Index. **What is Price Index?** The Price Index is a weighted average price calculated by considering prices from major spot markets like Binance, Huobi, and Kraken. This weighting system ensures that markets with higher trading volumes have a greater impact on the final index value. As the Price Index is a representation of the fair value of the asset's spot price, we use this to calculate the Mark Price, which plays a crucial role in determining your unrealized PnL (profit or loss on open positions). It's important to note that your realized PnL (profit or loss on closed positions) is based on the actual market price at the time you close your position. This formula calculates the Mark Price for a contract: Mark Price = Median × (Price 1 , Price 2 , Contract Price) whereby * *Price 1 = Price Index × (1 + Funding Rate × (Time to Next Funding Rate (h)/8 ))* * *Price 2 = Price Index + Moving Average (5-min basis)* * *Median: The middle price out of Price 1, Price 2, and the Contract Price is taken as the median. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is taken as the Mark Price.* * *Moving Average (5-min basis) = Moving Average (( Bid 1 + Ask 1) / 2 — Price Index), sampled every minute in 5-minute intervals.* When there is huge deviation in price sources or abnormal market conditions causing large differences between the Spot Price and the Mark Price, AstheEx may implement additional precautionary actions. For example, Price 2 may be taken directly as the Mark Price. **Ensuring Price Stability** Here are some safeguards AstherusEX employs against potential issues with spot market data. * Single Price Source Deviation: When the Last Price of a particular exchange deviates more than 5% from the Median Price of all price sources, the price weight of that exchange will be set to zero. * Multi Price Source Deviation: If the Last Price of more than one exchange shows a deviation greater than 5%, the Median Price of all price sources will be used as the index value instead of the weighted average. * Exchange Connectivity Problems: If we can’t access the data feed for an exchange that has had trades updated in the last 5 minutes, we can use price data from the last result to calculate the Price Index. If the trade data for an exchange has not been updated for 10 seconds, the weight of this exchange will be set to zero when calculating the weighted average. * Last Trade Price Protection: If the system encounters issues obtaining reliable data for the Price Index, it might affect contracts that solely rely on this index (single Price Index contracts). To prevent this from impacting your positions, we utilize the "Last Trade Price Protection" mechanism. This mechanism temporarily sets the Mark Price based on the last executed trade price for the specific contract. This ensures the system can still calculate your unrealized PnL and liquidation level, ultimately preventing unnecessary position closures. --- [Next Page](https://docs.asterdex.com/llms-full.txt/2) # Liquidations AstherusEX employs Last Price and Mark Price mechanisms to prevent undesirable liquidations in extreme market conditions. Liquidation occurs when the sum of your Initial Margin, Realized PnL, and Unrealized PnL falls below the Maintenance Margin. It's crucial to understand that your maintenance margin directly impacts the liquidation price. To prevent liquidation, you'll need to add to your maintenance margin. Positions in the same settlement currency will be liquidated based on the Margin Level. Margin Level = {Initial margin + Realized PnL + Unrealized PnL < Maintenance margin} When the margin level reaches 100%, liquidation will be triggered. **Glossary** Last Price: The price of the last trade recorded in your trading history. This is utilized for computing your realized PnL. [Mark Price](/astherusex-orderbook-perp-guide/mark-price-oracle): The reference price applied to calculate your unrealized PnL and liquidation prices. # Funding Rate The funding rate is a payment made between long and short traders in a perpetual market. Funding rates can be positive or negative. * Positive Funding Rate: If the perpetual contract price is higher than the Mark Price (indicating more longs), long positions will pay a fee to short positions. * Negative Funding Rate: If the perpetual contract price is lower than the Mark Price (indicating more shorts), short positions will pay a fee to long positions. Funding fees are automatically made between longs and shorts, hence AstherusEX does not charge any fees for transfers. Funding rates on AstherusEX consider interest rates and premium, whereby: * Interest Rates: Interest rates of the currencies involved in the trading pair. * Premium: The premium ensures the perpetual contract price converges with the underlying asset's spot price. During periods of high volatility, the perpetual contract price may deviate significantly from the mark price. In such cases, the premium index kicks in to enforce convergence between the futures market price and the spot price. **Interest Rate** AstherusEX uses a fixed daily interest rate (0.03%) within the funding rate, assuming holding cash offers a higher return than holding the equivalent in BTC. This rate can adjust based on market factors like the Federal Funds Rate. **Calculating Premium Index** The premium index is calculated individually for each contract using the following formula: * Premium Index (P) = max(0, Impact Bid Price - Price Index) - max(0, Price Index - Impact Ask Price) / Price Index whereby: * *Impact Bid Price: Average price to execute a specific notional value (Impact Margin Notional) using the bid price.* * *Impact Ask Price: Average price to execute the Impact Margin Notional using the ask price.* * *Price Index: A weighted average price based on a basket of prices from major spot exchanges with volume as the weighting factor.* **Funding Amount Calculation** The funding amount is calculated by multiplying the notional value of your position by the funding rate. * Notional value: Multiply mark price by the number of contracts you hold. Funding rates may affect perpetual contract prices. For example, if the current Last Traded price for a contract on AstherusEX is significantly higher as compared to the Mark Price, there are more traders with long positions and funding rate is likely to be positive. To avoid paying funding fees, long traders may close their positions. This may lead to the Last Price dropping to approximate the Mark Price. **Calculating the Impact Bid/Ask Price** **Impact Margin Notional (IMN)**: The notional value tradable with a specific margin amount (e.g. 200 USDT) at maximum leverage. It's calculated as: IMN = Margin Amount / Initial Margin Rate (at max leverage) **Aggregated Impact Margin Notional**: If insufficient orders exist within the market, AstherusEX uses the aggregated impact margin notional, calculated by aggregating order books from multiple platforms. The formula remains the same, but the IMN considers the combined order books. Assume that the bid-side of the order book is: <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FumiK55OL6YDdYCbTG9BD%2Fimage.png?alt=media&token=a6ae7b43-333e-4beb-b523-fe8848ce7fed" alt=""><figcaption></figcaption></figure> If the cumulative commission amount quoted at Level x is greater than the IMN: Contract multiplier × ∑px × qx > IMN, and if the cumulative commission quoted at Level x-1 is less than the IMN: Contract multiplier × ∑px-1 × qx-1 < IMN, then the Impact Bid Price at Level x is included in the calculation. *Formula:* Impact Bid Price = IMN / (IMN — Contract Multiplier × ∑px-1 × qx-1) / px + Contract Multiplier × ∑qx-1) # Fees AstherusEX charges a maker fee of 0.02% and a taker fee of 0.07%. **How are fees calculated?** Transaction fee = Nominal value × Transaction fee rate whereby: * *Nominal value = Number of futures contracts × Transaction price* For example, you place a market order for BTCUSDT at market price of $60k USD: Nominal value = Number of futures contracts × Transaction price\ \= 0.1 BTC × 60,000\ \= 6,000 As a Taker, you would pay a transaction fee of 6,000 × 0.07% = 4.2 USDT. If BTCUSDT price increases, you could place a Maker sell order. As a Maker, you would pay a transaction fee of 6,000 × 0.02% = 1.2 USDT. **Glossary** Maker Order: A maker order is not filled immediately. It goes to the order book and stays there until another trader fills the order. Taker Order: A taker order is filled immediately as you are filling an existing order with a matching price on the order book. # Refer Friends to Aster ## Referral Program Invite your friends to join Astherus and start earning crypto together. Our referral program rewards you when your referred friends trade on AstherusEX. **Mechanics** You can sign up to create your unique referral link and referral code. Go to [AstherusEX](https://astherus.finance/en/futures/BTCUSDT), click \[Referral]. After connecting your wallet, you can generate a referral link and referral code automatically. <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F3fgzZklsbHvc6kj7wLUq%2F%E6%88%AA%E5%B1%8F2024-08-23%2010.40.52.png?alt=media&token=0c2c59fa-004b-4d4c-916c-b808dd14236b" alt=""><figcaption></figcaption></figure> **Rebates** Anyone on Astherus can become a referrer. You can earn up to 20% rebate on the trading fees generated by your friends who are using your referral code or referral link. **Rebate Rewards** All rebate rewards are calculated in real-time and transferred to your respective Astherus account by the following day. The statistics reflected on the referral page have a 1-day delay. The settlement asset for referral rewards is the same asset used by the referee when they pay their trading fees. You can check all rebate rewards and history on the referral page: <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FhgkZyLZ7rd9GdfGB1amI%2F%E6%88%AA%E5%B1%8F2024-08-23%2010.44.51.png?alt=media&token=12711d0d-755e-4542-a79e-52acced7f3cb" alt=""><figcaption></figcaption></figure> <figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FXdLzQ4akdhoGGVnyYLRo%2F%E6%88%AA%E5%B1%8F2024-08-23%2010.44.58.png?alt=media&token=3b7e96e7-149a-42d2-92f0-57bcdefb42fb" alt=""><figcaption></figcaption></figure> **Terms and conditions** * Rebate rates are calculated at 00:00 (UTC) and updated at 09:00 (UTC) on the following day, on a daily basis. * Referral reward relationships are set to a default duration of 365 days. * Liquidation fees are not included in the commission and do not apply to the Astherus referral program. * There is no limit on the number of people the referrer can invite. * The Referrer acknowledges that he/she is acting independently and understands the risks and potential liabilities involved in promoting leveraged/futures trading and products in various regions around the world. * Astherus does not permit anyone to self-invite by creating multiple accounts. If such activities are discovered, all commissions will be canceled and all referral rewards allocated to the referrer's account will be repossessed. * Astherus reserves the right to extend the period of validity of a referral, during which time the inviter can choose to receive referral bonuses at their discretion. * Astherus reserves the right to adjust the referral rebate ratio at any time, and reserves the right to adjust the rules of the Referral Program. * Astherus reserves the right to remove and/or cancel the commissions of users who are found to use offensive, misrepresentative and/or harmful custom referral codes.\ \