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based on your trading volume. The more you trade, the more Rh points you earn.
* Boost your Rh points multiplier when your friends bind your invite code before their first mint or trade. By forming a team, you and your friends can earn up to 1.2x points boost.
* We’ve also launched the Treasure Boost campaign for Hyperliquid, GMX, and Drift users. Eligible users can receive either a 1.1x Rh boost and/or 100 bonus USD.
* New listings to Aster Perpetual
* LUNA2, GAS, RUNE, INJ, ZIL, NEAR, CAKE, SEI, CHZ, AAVE, FIL, KAVA, LTC, OPU, APE, 1INCH, WLD, ADA, LRC, BCH, XLM, AVAX, ARB, DOT, EOS, ATOM, CRV, APT, FET, UNI, DYDX, 1000FLOKI, 1000BONK
* New [Market Data](https://www.asterdex.com/en/futures/futures-info/real-time-funding-rate) and [Trading Limits & Conditions](https://www.asterdex.com/en/futures/trading-rules/leverage-and-margin) pages
* Aster Perpetual improvements
* **New features**
* Arbitrum network is now supported
* You can now set Take Profit and Stop Loss based on the percentage of your position’s profit or loss
* Added a button to close all positions in one click
* Added a Margin column to the Positions tab
* **UI/UX enhancements**
* Added cryptocurrency logos to the Markets dropdown menu
* Improved order size percentage selection
* Other improvements and bug fixes
* Several UX improvements to Aster's mobile web version
**Week starting 31/3/2025**
* Astherus & APX have evolved into Aster – the next-gen perp DEX for all traders. [Learn more](https://x.com/AstherusHub/status/1906615608306758074)
* Improvements to the Account section on the trading screen and the drop-down menu after you connect a wallet
* Improved the [API management](https://www.asterdex.com/en/api-management) page
* Several UX improvements to the mobile web version of the app
* Other improvements and bug fixes
# Perpetuals
[**Aster Perpetuals**](https://www.asterdex.com/en/trade/pro/futures/BTCUSDT)**,** or simply Perps, is Aster’s decentralized perpetual contracts product and the core of our platform. It's designed to give traders greater control, deeper functionality, and a full suite of tools for advanced strategies. Perps are available on all supported chains on Aster.
This section covers everything you need to trade perps effectively — including trading mechanics, margin systems, risk management tools, and more.
This section covers everything you need to use Pro effectively – including trading mechanics, margin systems, risk management tools, and more.
#### **Key Features**
* Multi-asset mode: Trade using a variety of cryptocurrencies as margin
* Lower-than-CEX fees: 0.01% maker fee, 0.035% taker fee
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FZaqnCQLTvrK8QYS7b8NY%2F1.jpg?alt=media&token=52a9408f-1d13-42dd-946c-4c479ef72b37" alt=""><figcaption><p>Aster Pro mode</p></figcaption></figure>
# Fees & Specs
# Mark Price
On Aster Perps, the Mark Price serves as a reference price for calculating a trader's unrealized profit and loss (PnL) and for triggering liquidations. Its primary purpose is to prevent unnecessary forced liquidations during periods of abnormal market volatility and to ensure fair, accurate pricing for perpetual contracts. Unlike the last traded price — which can be affected by sudden swings or manipulation — the Mark Price provides a more stable and reliable benchmark.
### **Price Index**
The Price Index is a weighted average of prices from major spot exchanges such as Binance, HTX, Kraken, and other key markets. Exchanges with higher trading volume carry greater weight in the index. This index represents the "fair value" of an asset's spot price and is the primary component used to calculate the Mark Price.
**Example:** For BTC perpetual contracts, the index might include BTC/USDT prices from Binance, Kraken, and Huobi, weighted by trading volume, to reflect the fair spot price of BTC.
### **How the Mark Price is Calculated**
The Mark Price is determined by taking the median of three prices:
* Price 1: Price index × (1 + Funding rate × (Time to next funding rate in hours ÷ 8))
* Price 2: Price index + 5-minute 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 interval:
Moving average = Average of ((bid 1 + ask 1) ÷ 2 − Price index)
The Mark Price is the median of Price 1, Price 2, and the Contract Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is selected as the Mark Price.
### **Protective Measures During Abnormal Market Conditions**
* Single exchange deviation: If a price from one exchange deviates more than 5% from the median of all sources, that exchange's weight is set to zero.
* Multiple exchange deviations: If multiple exchanges show deviations above 5%, the median of all sources is used as the index value instead of the weighted average.
* Exchange connectivity issues: If an exchange fails to update its price feed within 3 seconds, it is removed from the price index calculation.
* Last trade price protection: If the latest contract trade deviates more than 5% from the Mark Price and no new trade occurs within 5 seconds, the Contract Price is replaced with the current Mark Price in calculations.
### **Why the Mark Price Matters**
* Unrealized PnL: Determines the unrealized PnL for open positions.
* Liquidation reference: Prevents unfair liquidation due to sudden spikes in contract prices.
* Funding calculations: Influences funding payments between long and short positions.
### **FAQs**
#### **What is the difference between Mark Price and Last Price?**
The Mark Price is a reference used to calculate unrealized PnL and trigger liquidations; it's designed to prevent unfair forced liquidations. The Last Price is the most recent trade price on the contract and can fluctuate more quickly during high volatility.
#### **How is the Price Index calculated?**
It's a weighted average of spot prices from major exchanges. Exchanges with higher trading volumes carry more weight and represent the fair market value of the asset.
#### **Why does Aster use the median of three prices to determine Mark Price?**
Using the median smooths out sudden spikes or drops, reducing unnecessary liquidations.
#### **What protective measures exist if market conditions are abnormal?**
* If one or more exchanges deviate significantly (>5%) from the median, their influence is reduced or removed.
* If trade prices stray far from the Mark Price with no updates, the system replaces the contract price with the Mark Price in calculations.
* Exchanges with delayed feeds are temporarily excluded from the Price Index.
#### **Can the Mark Price differ from the actual market price?**
Yes. During high volatility or abnormal conditions, the Mark Price may deviate from the Last Price.
#### **How does Mark Price affect liquidations?**
The Mark Price acts as a reference price to calculate a trader’s unrealized profit and loss (PnL) and to trigger liquidations.
#### **Is the Mark Price used for funding payments?**
Yes. Funding payments between long and short positions are calculated using the Mark Price to maintain fairness.
# Mark price
For Pro mode (orderbook perpetual contracts)
### **Overview**
On [Aster Pro](https://www.asterdex.com/en/futures/v1/BTCUSDT), the **mark price** serves as a reference price to calculate traders' unrealized profit and loss (PnL). It helps reduce unnecessary forced [liquidations](https://docs.asterdex.com/product/asterex-pro/liquidations) during periods of abnormal market volatility, ensuring fair and accurate pricing of perpetual contracts.
### **Price index**
The **price index** is a weighted average derived from major spot markets such as Binance, Huobi, and Kraken. Markets with higher trading volumes have a greater influence on the index value. This index represents the fair value of the asset's spot price and is used to calculate the mark price, which is crucial for determining unrealized PnL.
### **Mark price calculation**
The mark price is determined by taking the median of three prices:
* **Price 1**: Price index × (1 + Funding rate × (Time to next funding rate in hours ÷ 8))
* **Price 2**: Price index + 5-minute moving average
* **Contract Price**: The current contract price
The **5-minute moving average** is calculated by sampling every minute over a 5-minute interval:
Moving average = Average of ((bid 1 + ask 1) ÷ 2 − Price index)
The **mark price** is the median of Price 1, Price 2, and the Contract Price. For example, if Price 1 < Price 2 < Contract Price, then Price 2 is selected as the Mark Price.
### **Handling abnormal market conditions**
In cases of significant deviations between price sources or abnormal market conditions causing large differences between the spot price and the mark price, Aster Pro may implement precautionary measures:
* **Single price source deviation**: If the last price from a particular exchange deviates more than 5% from the median price of all sources, that exchange's price weight is set to zero.
* **Multiple price source deviations**: If more than one exchange shows a deviation greater than 5%, the median price of all sources is used as the index value instead of the weighted average.
* **Exchange connectivity issues:** If any exchange fails to update its price feed within 3 seconds, that source is removed from the price index calculation. This prevents outdated prices from influencing the mark price.
* **Last trade price protection:** If the latest trade price deviates more than 5% from the mark price and no new trade occurs within 5 seconds, the contract price is replaced with the current mark price in the mark price calculation. This prevents the system from using stale or potentially manipulated trade prices in liquidation-related processes.
# Liquidations
For Pro mode (orderbook perpetual contracts)
### Understanding liquidation mechanics
In [Aster Pro](https://www.asterdex.com/en/futures/v1/BTCUSDT), liquidations are designed to protect both traders and the platform during periods of high volatility. Aster uses both the **last price** and the [**mark price**](https://docs.asterdex.com/product/asterex-pro/mark-price) to manage liquidation processes effectively:
* **Last price**: This is the most recent transaction price of a contract and is used to calculate realized profit and loss (PnL).
* **Mark price**: Calculated based on a combination of funding data and a basket of prices from multiple spot exchanges, the mark price is used to determine unrealized PnL and trigger liquidations.
Risk and leverage are adjusted based on exposure; larger positions require higher margin and offer lower leverage.
### When liquidation occurs
A forced liquidation is triggered when:
**Margin = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance margin**
To avoid liquidation (i.e., when the risk ratio hits 100%), it's recommended to maintain a margin ratio below 80% by adding sufficient margin or reducing the position size.
### Forced liquidation price
Forced liquidation occurs when the mark price reaches the liquidation price. Monitoring both the mark price and your liquidation price is crucial to prevent unwanted liquidations.
In **cross margin** mode with hedge trading, both long and short positions of the same contract share the same liquidation price. In **isolated margin** mode, long and short positions have different liquidation prices based on the margin allocated to each.
A built-in future calculator to compute liquidation prices is coming soon.
### Forced liquidation process
When your margin falls below the maintenance requirement, the system initiates forced liquidation to limit further losses and protect the platform.
#### What happens during liquidation:
* All open orders on your account are immediately canceled.
* A single large [**Immediate-or-Cancel (IOC)** order](https://docs.asterdex.com/product/asterex-pro/order-types#time-in-force-tif-options) is submitted to reduce your position size. The system attempts to fill as much as possible and cancel the rest.
* If your margin is sufficient after this step—accounting for realized losses and liquidation fees—liquidation stops.
* If not, your remaining position is closed at the **bankruptcy price**, and the position is handed over to the **insurance fund**. Your account is then marked as **bankrupt**.
If your wallet balance becomes negative at this point, the insurance fund covers the loss and pays any outstanding fees. Any remaining assets (if applicable) are also allocated to the insurance fund.
Additional notes:
* Different liquidation protocols may apply depending on your position’s size and risk level, helping to minimize the chance of full liquidation.
* It’s advisable to close positions manually before approaching the maintenance margin threshold to avoid forced liquidation fees.
* Smaller positions are generally more likely to be fully liquidated, as they have less margin buffer and may not qualify for partial liquidation. Larger positions benefit from margin tiering, which allows for more gradual risk reduction.
### Liquidation settlement and negative balance handling
#### Automatic negative balance settlement
If your account ends up with a **negative balance after liquidation**, Aster may use funds from the **insurance fund** to cover the loss — but only under specific conditions.
To qualify for **automatic settlement**, all of the following must apply:
* The negative balance is in a **USDT perpetuals** account.
* The account has **no open positions** (cross or isolated margin).
* The negative balance is **no greater than 5,000 USDT**.
* **No funds have been transferred** into the account after liquidation to offset the loss.
If you meet these conditions, the settlement will be handled automatically. If not, please contact us via [Discord](https://discord.gg/invite/asterdefi) for further assistance.
#### Liquidation settlement fee
When your position is liquidated, a portion of the **liquidation fee** is allocated to the insurance fund. This appears in your transaction history as an **“Insurance Clearance Fee”**.
You can find more details on fee tiers in the Trading Rules page.
Additional notes:
* Bankruptcy prices may fall outside the contract’s current market range.
* Due to latency or syncing issues, some numerical values may update without notice.<br>
# Liquidations
### **Understanding Liquidation Mechanics**
Liquidation occurs when your account's margin balance is insufficient to cover the required maintenance margin for your open positions. When this happens, the system automatically closes your position to prevent your balance from going negative.
A forced liquidation is triggered when:
Margin = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance margin
To avoid liquidation (i.e., when the risk ratio hits 100%), it's recommended to keep your margin ratio below 80% by adding sufficient margin or reducing your position size.
### **How Liquidation Price is Determined**
Forced liquidation occurs when the Mark Price reaches the liquidation price. Aster uses the Mark Price to keep liquidations fair and minimize the impact of price manipulation.
* In cross margin mode with hedge trading, both long and short positions of the same contract share the same liquidation price.
* In isolated margin mode, long and short positions have separate liquidation prices based on the margin allocated to each.
### **What is Maintenance Margin?**
Maintenance Margin is the minimum amount of margin required to keep a position open. Different positions have different maintenance margin requirements. If your account margin ratio falls below the maintenance margin requirement, liquidation is triggered.
### **The Liquidation Process**
When your account margin falls below the required maintenance level, Aster initiates a forced liquidation using a staged, priority-driven process that attempts to avoid full liquidation where possible.
**Step 1: Cancel open orders**\
All open orders tied to the affected account are immediately canceled to prevent new orders from affecting the liquidation flow.
**Step 2: Attempt position close with an IOC order**\
The system issues one large [Immediate-or-Cancel (IOC) order](https://docs.asterdex.com/product/asterex-pro/order-types#time-in-force-tif-options).\
The IOC fills as much as the market allows, and any unfilled portion is canceled. This step attempts to reduce the position size and eliminate the margin deficit without fully closing the position.\
\
**Step 3: Recheck margin**\
After the IOC executes, the engine recalculates your available margin accounting for realized losses and the liquidation fee. If the remaining assets meet the maintenance requirement, liquidation stops and your remaining position stays open.\
\
**Step 4: Bankruptcy and insurance fund takeover**\
If the IOC cannot fully eliminate the deficit, the leftover portion becomes a bankrupt position. That portion is closed at the bankruptcy price and transferred to the Insurance Fund, which covers losses arising from the bankrupt position to the extent possible.
**Step 5: Negative balance handling**\
If closing the bankrupt position still leaves the trader's balance negative, the insurance fund covers the shortfall if possible. If the insurance fund cannot fully cover losses, the system may trigger Auto-Deleveraging (ADL), in which profitable opposing positions are reduced to make up the deficit.
To avoid liquidation (i.e. when the risk ratio hits 100%), it's recommended to keep your margin ratio below 80% by adding sufficient margin or reducing your position size.
#### **Additional notes**
* **Smart Liquidation principle**\
The protocol uses a smart liquidation approach that prioritizes partial close via the IOC to avoid a full forced close when possible.
* **Bankruptcy price**\
The bankrupt portion is closed at the bankruptcy price, which is the protocol price used to finalize the bankrupt position. Profits or remaining assets from handling bankrupt positions are retained by the insurance fund.
* **Position size and margin tiering**\
Smaller positions often have less buffer and are more likely to be liquidated fully. Larger positions may receive more gradual, tiered liquidation treatment that helps avoid immediate full liquidation.
* **Fees and recommendations**\
Liquidation involves realized loss plus a liquidation fee. To avoid forced liquidation and fees, close positions manually before you approach the maintenance margin threshold, reduce leverage, or add collateral.
### **Liquidation Settlement and Negative Balance Handling**
If your account ends up with a negative balance after liquidation, Aster may use funds from the insurance fund to cover the loss, but only under specific conditions.
To qualify for automatic settlement, all of the following must apply:
* The negative balance is in a USDT perpetual account.
* The account has no open positions (cross or isolated margin).
* The negative balance does not exceed 5,000 USDT.
* No funds have been transferred into the account after liquidation to offset the loss.
### **Why the Liquidation Price Keep Changing**
The liquidation price is dynamic because it depends on your position and margin, any change in your total account equity will adjust the liquidation threshold automatically. You can refer to some key factors below:
* Funding payments
* Collateral value fluctuations
* New positions opened or closed
* Cross margin effects
### **Liquidation Fee**
When your position is liquidated, a portion of the liquidation fee is allocated to the insurance fund (shown in your transaction history as "Insurance clear"). The fee is calculated based on the applicable liquidation fee rate and the notional value of the프로젝트로 돌아가기
