bitpro가 원문에서 글자만 모은 내용이에요. 표·그림·수식은 빠지거나 깨질 수 있어요. 전체 42쪽 중 9쪽
liquidated position.
Aster strongly encourages traders to manage leverage and margin carefully in order to avoid forced liquidation. In periods of extreme volatility, the insurance fund may be required to take over liquidation positions directly. When this happens, the takeover is executed at the bankruptcy price, which can be less favorable than the normal liquidation price and may result in greater loss for the trader.
#### **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.
### **How Cross Margin Affects Liquidation**
Aster uses cross margin by default. This means all your collateral and unrealized PnL from other positions help support your open trades.
This can reduce the chance of liquidation, but it also means all positions share the same risk pool.
### **Does Leverage Directly Affect Liquidation Risk?**
Yes. Higher leverage means a smaller buffer between your entry price and your liquidation price.
For example, a 50x position is much more likely to be liquidated than a 5x position because the room for price movement is very small.
### **What Happens to my Collateral After Liquidation?**
After your position is forcibly closed:
* The system uses your collateral to cover losses
* Any remaining collateral stays in your account
If losses exceed collateral, insurance funds or protocol buffers cover the difference.
### **How to Reduce Liquidation Risk**
* Use lower leverage
* Add more collateral
* Set a stop loss
* Monitor funding fees
* Avoid oversized positions
* Close positions before high-volatility events
# Auto-Deleveraging (ADL)
Auto-Deleveraging (ADL) is a risk management mechanism that activates during extreme market conditions, used only when other protective systems — like liquidation and the insurance fund — cannot cover losses in time.
### **How ADL Works**
When a position is liquidated but the execution price is worse than the bankruptcy price, the system absorbs the remaining loss. However, if the liquidation can't be completed before the Mark Price hits the bankruptcy price, ADL is triggered. This forcibly reduces the size of opposite-side positions held by other traders, starting with those who are most profitable and most highly leveraged.
### **How ADL Priority is Determined**
The system uses a ranking based on a trader's profit and leverage:
PNL Percentage = Unrealized Profit/abs (Position Notional)
Effective Leverage = abs(Position Notional) / (Account Balance + Unrealized Profit)
If PNL Percentage ≥ 0, then ranking = PNL Percentage \* Effective Leverage
If PNL Percentage < 0, then ranking = PNL Percentage / Effective Leverage
Leverage PNL Quantile = rank (user.ranking) / Total User Count
The higher your leverage PnL quantile, the higher your ADL risk.
### **ADL Risk Indicator**
The LeveragePnLQuantile bar shows your risk of being auto-deleveraged:
* 4 bars = high ADL risk
* Fewer bars = lower ADL risk
In Aster Pro, the LeveragePnLQuantile bar shows your risk of being auto-deleveraged:
* 4 bars = high ADL risk
* Fewer bars = lower ADL risk
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FVUhltNkjAciejKmuGNav%2F%E6%88%AA%E5%B1%8F2025-04-01%2009.38.59.png?alt=media&token=91f523a9-1acc-4918-923d-d6a9ebd73cf9" alt=""><figcaption><p>This position is showing 1 of 4 bars - there is a low ADL risk</p></figcaption></figure>
### **How to Reduce ADL Risk**
* Lower your leverage
* Close and reopen your position to reset your priority in the ADL queue
### **What Happens If You're ADL'd**
Your position is partially or fully reduced without warning. You can re-enter the market at any time afterward.
#### Additional notes
* The bankruptcy price might fall outside the current trading range, making it harder to fully close your position before losses exceed your margin
* ADL mostly affects traders with high leverage and large unrealized profits
# Fees
#### Fee Rates for Perpetual Contracts
Aster Perpetual contracts are classified into the following categories:
* Crypto — General: Major and established crypto perpetual pairs that follow the standard VIP fee schedule.
* Crypto — Group B: Selected crypto perpetual pairs that follow a separate fee schedule.
* RWA: Perpetual pairs based on real-world assets with a fixed taker fee across all VIP levels.
* USD1: Perpetual contracts quoted in USD1, including both non-RWA crypto pairs and RWA pairs, which follow different taker fee schedules.
#### Crypto — General Perpetual Contracts
Crypto General perpetual pairs follow the standard VIP fee schedule.
Maker Fee: 0 %
Taker Fee: 0.04% (Varies by VIP tier. Please refer to the[ VIP Program](https://docs.asterdex.com/program-and-rewards/vip-program) for the applicable fee rate)
All maker fees are 0 bps.
#### Crypto — Group B Perpetual Contracts
Selected Crypto perpetual pairs are classified as Group B and follow a separate fee schedule.
Maker Fee: 0 bps
Taker Fee: 0.1% (Varies by VIP tier. Please refer to the[ VIP Program](https://docs.asterdex.com/program-and-rewards/vip-program) for the applicable fee rate)
For the applicable Group B fee rates and eligible pairs, please refer to the[ VIP Program](https://docs.asterdex.com/program-and-rewards/vip-program).
Group B pairs include:
1000NEXUSDT, AEONUSDT, ASTEROIDUSDT, AVLUSDT, BAYUSDT, BASECATUSDT, BLENDUSDT, B3USDT, CARDSUSDT, CATEUSDT, DELTAUSDT, FONEUSDT, MEMEUSDT, MARSCOINUSDT, NESUSDT, OUSDT, OKBUSDT, PENGUINUSDT, PUNDIAIUSDT, RTXUSDT, SKHYNIXUSDT.
#### RWA Perpetual Contracts
RWA perpetual pairs carry a uniform taker fee across all VIP levels.
Maker Fee: 0 bps
Taker Fee: 1.25 bps
The RWA taker fee of 1.25 bps is effective September 7, 2026.
Maker volume on RWA perpetual pairs counts 10× toward VIP fee tiers.
#### USD1 Perpetual Contracts
| Contract Type | Maker Fee | Taker Fee |
| ------------- | --------- | ---------------------------------------------------------------------------------------------------------------------------------------- |
| BTC, ETH, SOL | 0% | 0.04% (4 bps), Please refer to the[ VIP Program](https://docs.asterdex.com/program-and-rewards/vip-program) for the applicable fee rate) |
| RWA | 0% | 0.0125% (1.25 bps) |
\
\ <br>
# Funding Rate
### What is the Funding Rate?
In perpetual futures contracts, the funding rate is a periodic payment exchanged between traders holding long and short positions. This mechanism keeps the contract price close to the underlying spot price.
* **Positive funding rate:** The contract price is above the Mark Price — long traders pay short traders.
* **Negative funding rate:** The contract price is below the Mark Price — short traders pay long traders.
**Note:** There is a 15-second deviation between the actual time and when the funding fee is charged. For example, if you open a position at 16:00:05 UTC, you may still be charged a funding fee for that interval. Pay attention to your exact entry time.
### **Funding Rate Formula**
Funding Rate (F)= \[Average Premium Index (P) + clamp (interest rate - Premium Index (P), 0.05%, -0.05%) ] / (8/N)
Where interest rate = 0.01%, except BNBUSDT perpetual contract, for which the interest rate is set to 0%.
N = funding interval
**Example (ASTERUSDT at 4-hour funding interval)**
Funding Rate (F)
\= \[Average Premium Index (P) + clamp (interest rate - Premium Index (P), 0.05%, -0.05%) ]/ (8/4)
\= \[Average Premium Index (P) + clamp (0.01% - Premium Index (P), 0.05%, -0.05%) ] / 2
In the event of extreme market volatility, Aster reserves the right to adjust the funding rate floor, cap, and the funding interval for perpetual contracts, which may differ from the default 8-hour interval.
For the latest funding rates and intervals, please visit our real-time funding rate and funding rate history pages.
Please be aware that any applicable funding fees will be deducted from your Perps Account balance. If your balance is insufficient, fees may be taken from your position margin, potentially impacting your liquidation price. It is essential to manage your positions carefully to mitigate liquidation risks.
### **Premium Index Calculation**
Premium index = \[max(0, Impact bid price − Index price) − max(0, Index price − Impact ask price)] / Index price
Where:
* Index price = Weighted average price from external spot exchanges
* Impact bid price = Average price to sell a fixed notional value using the current bid depth
* Impact ask price = Average price to buy a fixed notional value using the current ask depth
Aster calculates the premium index every 5 seconds.
For symbols of which the funding interval is greater than 1 hour.\
 Average Premium Index (P) = (1*Premium\_Index\_1 + 2*Premium\_Index\_2 + 3*Premium\_Index\_3 +···+ n*Premium\_Index\_n) / (1+2+3+···+n)
For symbols of which the funding interval is 1 hour.\
 Average Premium Index (P) = (Premium\_Index\_1 + Premium\_Index\_2 + Premium\_Index\_3 +···+ Premium\_Index\_n) / n
### **How to Calculate Impact Bid Price**
To determine the impact bid price, identify the level in the order book where the cumulative quote value exceeds the Impact Margin Notional (IMN). \
\
Impact Margin Notional (IMN) is used to determine the average impact bid or ask price in the order book. IMN represents the notional value that can be traded using Impact Margin Amount((price quote in USDT).\
\
Impact Margin Notional (IMN) = Impact Margin Amount/ Initial Margin Rate at the Maximum Leverage
\
This formula determines the size of the order book depth used to calculate the impact price, based on the margin required at the maximum leverage setting.<br>
(Note: The Impact Margin Amount is a configurable parameter and may vary instead of being fixed)
To help visualize the calculation, the following table shows how quote notional values accumulate across levels in the order book:
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcShRwPvPDsa0sKITn9DLRIkFrc7LuURl0dWTxxZbl7BdbFRvduOOvTWYSOTvZAY5tCjEtmYM9Aol5Jfa9j5uQAKJJVF_J_XUUes4ypB5E8Ed6lfWYnF-B68DCpiVsr3f-un-29Nw?key=Jqn2SG7YdgNR0qh-IRD44Q" alt=""><figcaption></figcaption></figure>
In this table:
* Quote Notional Quantity = price × quantity × contract multiplier
* Accumulated Quote Notional Quantity is the sum of quote notional values up to that level.
Once the accumulated quote notional exceeds the IMN, the corresponding level is used in the final Impact Bid (or Ask) Price formula.
If:
Contract multiplier × ∑px × qx > IMN
and
Contract multiplier × ∑px-1 × qx-1 < IMN
Then level x is used to calculate the Impact Bid Price using: Impact Bid Price = IMN / \[(IMN − Contract Multiplier × ∑px−1 × qx−1) / px + Contract Multiplier × ∑qx−1]
Where:
* px = Price at level x
* qx = Quantity at level x
* IMN = Impact margin notional (predefined value)
* Contract multiplier = Multiplier for the contract (usually 1)
### **Example Order Book (Bid-Side)**
Assume the bid-side of the order book is:
| Level | Price (px) | Quantity (qx) |
| ----- | ---------- | ------------- |
| 1 | 100 | 5 |
| 2 | 99 | 10 |
| 3 | 98 | 15 |
To calculate the Impact Bid Price, accumulate quoted value by level until it meets or exceeds the IMN (Impact Margin Notional). Then apply the formula above using the correct level data.
### **Funding Amount**
The funding amount is how much you will pay or receive based on the funding rate.
Funding amount = Position size × Mark price × Funding rate
This value is transferred between long and short traders depending on the direction of the funding rate. **Aster does not charge or receive funding** — it is a peer-to-peer transfer.
### Important Note
No announcement will be made when the funding interval is adjusted due to the funding rate reaching the cap or floor. Users may visit the [real-time funding rate](https://www.asterdex.com/en/futures/futures-info/real-time-funding-rate) and [funding rate history](https://www.asterdex.com/en/futures/futures-info/funding-rate-history) pages to view the latest funding interval and applicable funding rate cap or floor.
# Self-Trade Prevention
### What Is Self-Trading? <a href="#what-is-self-trading" id="what-is-self-trading"></a>
Self-trading occurs when your own buy and sell orders match against each other in the matching engine. This can happen unintentionally when you run multiple strategies at the same time.
**How self-trading affects you:**
* **Strategy disruption** — One strategy's buy order fills against another strategy's sell order. Both sides move, yet no actual entry or exit is achieved.
* **Unnecessary fee loss** — No real gain is made, but fees are still charged on both sides.
* **Unexpected position changes** — Especially on low-liquidity pairs, self-trading can cause your position to drift from its intended target.
The **Self-Trade Prevention (STP)** feature automatically handles self-trade situations according to your preset strategy, preventing the above issues.
The **STP** will apply to **futures order**. The following are all considered self-trades: orders **within the same account**, orders between a master-account and its sub-accounts, and orders between sub-accounts under the **same master account**.
### What happens when STP is triggered?
| Strategy | Behavior | Best For |
| ------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------- |
| **Cancel Maker Only** (Default) | Cancels the maker order; the taker continues to match against the next available level | Prioritizing the execution of the **taker side** |
| **Cancel Taker Only** | Cancels **the taker order**; the **maker order remains** on the book | Protecting **existing maker** orders |
| **Cancel Both** | **Cancels both orders** simultaneously | Most **conservative** — eliminates self-trading entirely |
**Reminder:** Accounts default to the **Cancel Maker Only** strategy.
### FAQs
\
Q: **Does STP affect the portion of an order that has already been filled?**\
No. STP only applies to the remaining unfilled quantity at the moment it is triggered.
Q: **What happens if I don't include the stpMode parameter when placing an order via API?**\
The system will automatically apply the account's current global STP setting.
Q: **Is STP supported for FOK orders?**\
No. Orders with timeInForce set to FOK or GTX are not subject to STP.
<br>
# How to Configure STP
### **Option 1 — Global setting:**
1. Log in and go to the **Perp** trading page
2. Click the **Settings** icon in the top-right corner
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F12QlwtJNpvz4DOW2X72N%2F%E6%88%AA%E5%B1%8F2026-05-25%2015.06.22.png?alt=media&token=b04572cb-87f9-4931-95db-b2ac5ecd7286" alt=""><figcaption></figcaption></figure>
3. Under the "Trading" section, find **Self-Trade Prevention** and click to open
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FpZbO4y7qQ7FIwUB1BqvZ%2F%E6%88%AA%E5%B1%8F2026-05-25%2015.06.56.png?alt=media&token=4256b5e1-fa0d-47b2-927e-ecebef2bed7d" alt=""><figcaption></figcaption></figure>
4. Select your preferred strategy in the pop-up and click **Confirm**
*Changes take effect immediately after saving. Portions already filled are not affected — the selected STP strategy applies only to the remaining unfilled quantity.*
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FqEJ9KEdeJ1ZcQSYAuCfE%2F%E6%88%AA%E5%B1%8F2026-05-25%2015.07.30.png?alt=media&token=c70dc9f5-577f-4098-88a8-a1a2eeec22bc" alt=""><figcaption></figcaption></figure>
### **Option 2 — API STP Strategy:**
* Add the `stpMode` parameter to the `POST /fapi/v3/order` endpoint
* API-level settings take priority over the global setting, but only apply to that specific order
### Specifying STP Strategy via API <a href="#specifying-stp-strategy-via-api" id="specifying-stp-strategy-via-api"></a>
Use the optional parameter `stpMode` in `POST /fapi/v3/order` to set a strategy for an individual order:
`stpMode: "EXPIRE_MAKER" // Cancel Maker Only stpMode: "EXPIRE_TAKER" // Cancel Taker Only stpMode: "EXPIRE_BOTH" // Cancel Both`
* If omitted, the account's global STP setting (`EXPIRE_MAKER`) is used automatically
* API-specified strategies take priority over the global setting, and apply to that order only
### Example: Cancel Maker Only in Action <a href="#example-cancel-maker-only-in-action" id="example-cancel-maker-only-in-action"></a>
A user runs two strategies simultaneously on the BTCUSDT perpetual contract, with STP set to **Cancel Maker Only**.
**Strategy A** places a limit sell order on the order book: sell 0.1 BTC at 69,000 USDT (maker)
**Strategy B** then places a market buy order: buy 0.1 BTC at market — the best available ask happens to be 69,000 USDT (Strategy A's order)
The matching engine detects that both orders belong to the same account and triggers STP:
`Maker sell order (69,000 limit) → Immediately cancelled, status: EXPIRE Taker buy order (market) → Continues execution, matches against the next ask on the book`
The taker order ultimately fills at 69,001 USDT or higher against another seller, and the strategy continues running as intended.
# Costs of Opening Positions
### **Cost of Opening a Limit Order**
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FJTyqvfSaBSxOInewx3Yl%2F%E6%88%AA%E5%B1%8F2025-05-09%2010.02.11.png?alt=media&token=a583a464-85b6-43d2-938b-4bf946807f3e" alt=""><figcaption></figcaption></figure>
1. #### **Calculate the initial margin**
Initial margin
\= Notional Value / Leverage Multiplier
\= (102,990.0\*1 BTC)/20x
\= 5,149.50<br>
2. #### **Calculate open loss**
Open Loss = Number of Contracts × Absolute Value {min \[0, Order Direction × (Mark Price — Order Price)]}
Direction of order: 1 for long order; -1 for short order
**Open loss of long orders:**
\= Number of Contract \* Absolute Value {min\[0, Direction of order \* (Mark price — Order Price)]}
\= 1 \* Absolute Value {min\[0, 1 \* (102,988.4- 102,990.0)]}
\= 1 \* Absolute Value {min\[0, (-1.6)]}
\= 1 \* 1.6
\= 1.6
Open loss occurs when you place a long order.
**Open loss of short orders:**
\= Number of Contract \* Absolute Value {min\[0, Direction of order \* (Mark Price — Order Price)]}
\= 1 \* Absolute Value {min\[0, -1 \* (102,988.4- 102,990.0)]}
\= 1 \* Absolute Value {min\[0, 1.6]}
\= 1 \* 0
\= 0
Open loss does not occur when you place a short order.<br>
3. #### **Calculate the cost of opening a position**
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.
**Cost of opening a long order:**
\= 5,149.50+ 1.6
\= 5,151.1
**Cost of opening a short order:**
\= 5,149.50 + 0 
\= 5,149.50
Since placing a long order results in an open loss, it requires more margin than a short order. In addition to the initial margin, you must also take into account the open loss.
### **Cost of Opening a Market Order**
1. #### **Calculate estimated entry price**
Long order estimated entry price = ask\[0] \* (1 + 0.05%); Short order estimated entry price = max(bid\[0], mark price)<br>
**Estimated entry price of long orders:**
\= ask\[0]\*(1 + 0.05%)
\= 102,946.8\*(1 + 0.05%)
\= 102,998.27
\*\[0]：Level 1 price<br>
**Assuming price of short orders:**
\= max(bid\[0], mark price)
\= max (102,946.9, 102,941.0)
\= 102,946.9
\*\[0]：Level 1 price<br>
2. #### **Calculate the initial margin**
Initial Margin = Notional 프로젝트로 돌아가기
