What is Aster DEX? The Next-Gen Perp Trading Protocol

The Perp DEX space has once again heated up after Aster, a derivatives project, was mentioned by CZ just hours after its token launch. This project is positioned as a key player for the BNB Chain ecosystem in its bid to challenge the current market leader Hyperliquid.

1.What is Aster?

Aster is a decentralized perpetual derivatives exchange (Perp DEX) built primarily on BNB Chain, incubated by YZi Labs. The project was formed in late 2024 through the merger of Astherus and APX Finance, aiming to build a next-generation Perp DEX capable of competing with Hyperliquid – widely considered the top derivatives platform today.

Aster DEX’s mission is to simplify and enhance the DeFi experience by combining yield-generating products to optimize capital efficiency for users. The project held its TGE at 10:00 UTC on September 17, 2025, with the ticker ASTER. Just hours later, CZ himself posted praise for the project on his personal X account. This immediately drew massive attention from the crypto community, driving the Perp DEX narrative and sending ASTER’s price up more than 5x.

Currently, Aster sits at an FDV of ~$12.1B, with protocol volume hitting ~$532B within just one week—something it took Hyperliquid a full year to achieve. At the time of writing, Aster’s TVL has surpassed $1.7B, with $27B in trading volume over the past 30 days.

2. Features and Products of Aster

The core product of Aster is its Perp DEX. Alongside this, Aster is building a broader DeFi ecosystem with two additional products: Earn and the yield-bearing stablecoin USDF, creating a comprehensive user experience.

2.1 Aster Perp DEX

Aster Perp DEX focuses on perpetual trading across multiple blockchains including BNB Chain, Solana, Ethereum, and Arbitrum. The protocol aggregates liquidity across chains, removing the need for third-party bridges while supporting a wide variety of crypto assets.

The DEX offers two modes designed for different user segments: Simple Mode and Pro Mode.

• Simple Mode: Tailored for casual users with an easy-to-use interface, requiring no initial margin, and offering leverage up to 1001x. Simple Mode integrates MEV-protection, uses aggregated oracles (Pyth, Chainlink, Binance Oracle), and features a circuit breaker that activates if price deviations exceed 1%. Profit caps are set relative to leverage: 500% ROI for 500x and 300% ROI for 1001x.
• Pro Mode: Designed for advanced traders, this mode features an order book with real-time data, technical charts, and advanced position management tools. It also supports multi-chain execution with highly competitive fees (0.01% maker / 0.035% taker).

2.2 Aster Spot

Aster Spot allows users to buy tokens directly with USDT, similar to centralized exchanges. Currently, only a limited selection of assets is supported, including BTC, ETH, USD1, ASTER, and others.

2.3 Aster Earn

Earn lets users stake assets to generate yield, effectively turning idle capital into passive income streams.

Supported assets include asBNB, asCAKE, asBTC, and the stablecoin USDF.

• asBNB, asCAKE, etc. are liquid staking tokens. For example, users can stake BNB to receive asBNB, which can then be staked further to earn yield or used in other DeFi strategies.

2.4 USDF

USDF is Aster’s yield-bearing stablecoin, pegged 1:1 with USDT. Unlike traditional stablecoins that merely store value or provide liquidity, USDF is designed for capital efficiency: the collateral backing its issuance continues to generate yield.

To achieve yield while maintaining its 1:1 peg with USDT, USDF implements delta-neutral strategies combining three elements:

• Collateralization: Users must deposit crypto assets like USDT or BNB to mint USDF, which are locked as backing.
• Delta-neutral strategies: To minimize price volatility risk, Aster deploys delta-neutral positions, ensuring peg stability while capturing arbitrage and funding opportunities.
• Yield generation: Collateral can be further deployed by:
  • Lending or staking in DeFi protocols.
  • Capturing positive funding rates on Perp DEXs (e.g., shorting when funding is positive).

This structure enables USDF to deliver up to 15% APY, while still functioning as a stable, dollar-pegged asset.

2.5 Aster Chain

Aster is also developing its own blockchain—Aster Chain—to balance on-chain transparency with user privacy. Currently on testnet and invite-only, Aster Chain introduces a unique design that separates transaction intent from execution:

• All transactions are recorded publicly on-chain for transparency.
• Transaction details are encrypted and validated off-chain using zero-knowledge proofs.

This approach protects sensitive trader information and reduces the risk of order sniping, a common issue on platforms like Hyperliquid.

3. Tokenomics

3.1 $ASTER Token Information

• Name: Aster
• Symbol: ASTER
• Chain: BNB Chain
• Total Supply: 8,000,000,000
• Contract: 0x000Ae314E2A2172a039B26378814C252734f556A

$ASTER is already listed on MEXC Exchange, the first CEX to support it.

3.2 Token Allocation

• Airdrop – 53.5%: 8.8% unlocked at TGE, remainder vested over 80 months.
• Ecosystem & Community – 30%: Linear vesting over 20 months.
• Treasury – 7%: Fully locked until governance-approved use.
• Team – 5%: 1-year cliff, then linear vesting over 40 months.
• Liquidity & Listing – 4.5%: Fully unlocked at TGE.

Additionally, Aster will allocate part of its platform revenue to buy back ASTER from the market.

3.3 Token Utility

ASTER can be used for:

• Rewarding community and users.
• Staking to earn yield.
• Governance of the platform.

4.Team, Investors, and Partners

4.1 Project Team

Although Aster has not publicly disclosed detailed information about its core development team, the project’s strategic moves and product quality suggest that it is being built by a team with deep expertise in DeFi and derivatives trading.

4.2 Investors

Aster (formerly Astherus) was selected by YZi Labs to join its Incubation Program Season 7, which validates both the technological potential and the business model of the project.

4.3 Partners

• Ceffu : Ceffu provides secure asset custody services for Aster Earn. This partnership ensures the highest level of security for user funds involved in CeDeFi strategies.
• Oracles: Aster integrates price feeds from three leading oracle providers: Pyth Network, Chainlink, and Binance Oracle. Multi-oracle integration guarantees accuracy, transparency, and strong protection against price manipulation in on-chain trading.
• Multi-chain Deployment: Aster has already launched products on major blockchains including:
  • BNB Chain (its native chain)
  • Arbitrum (a leading Ethereum Layer-2) The project plans to expand to Ethereum and Solana in the near future, underscoring its strong multi-chain vision.

5.Roadmap

Aster’s roadmap highlights its ambition to evolve from a Perp DEX into a full-scale DeFi ecosystem, culminating in its own Layer-1 optimized for derivatives trading.

• Q4/2024 – Merger of Astherus and APX Finance Combining yield-focused products from Astherus with Perp trading expertise from APX to form Aster.
• Q1/2025 – Launch of AsterEX Simple & Pro on BNB Chain
  • Simple Mode: On-chain trading with up to 1001x leverage, no margin required, multi-oracle support, simple UX.
  • Pro Mode: Order book model, low fees, advanced risk tools.
• Q2/2025 – Arbitrum integration & launch of Spectra rewards program
  • Expansion to Arbitrum for lower fees and faster settlement.
  • Spectra rewards program:
    • Au Points: for Earn and staking users.
    • Rh Points: for Perp traders.
  • Designed to accumulate future $AST airdrops.
• Q3/2025 – AST Token Launch & Ethereum/Solana Expansion
  • Launch of native AST token for fees, staking, governance, and airdrops.
  • Deployment on Ethereum and Solana for wider liquidity access.
• Q4/2025 – Launch of AsterLayer (Layer-1)
  • A dedicated blockchain optimized for derivatives and yield.
  • zk-proof integration for scalability and security.
  • Native block explorer for transparency and smoother on-chain UX.

6.Competitors

• Hyperliquid: Market leader in on-chain Perp DEX volume, with a high-speed orderbook and strong pro-trader UX. Its weakness lies in reliance on a single chain, leaving the multi-chain opportunity open for Aster.
• GMX: Once dominant in 2022–2023 with its GLP pool model and attractive LP yields. However, volatility exposed LP risks and eroded yields. Aster has a chance to outpace GMX by offering more sustainable liquidity mechanisms.
• Avantis: Represents a new wave of Perp DEXs with strong UX/UI for retail traders. While lacking liquidity depth, its accessibility raises the bar for user experience, putting pressure on Aster to decide whether to compete in simplicity or specialize for pro traders.
• Orderly: Operates as an infra layer supplying Perp liquidity to multiple apps. This B2B model scales fast and embeds them into many frontends. Aster risks losing share if it remains B2C-only, making a dual B2C+B2B strategy more viable.
• SynFutures: Focuses on permissionless Perp listing, enabling anyone to create derivative markets. This drives rapid product growth but risks diluted liquidity and low-quality assets. Aster can differentiate by curating high-quality Perp pairs.
• Aevo: Originating from Ethereum, Aevo blends options and perps, targeting professional traders. While strong in sophistication, its complexity may alienate retail. Aster could capture the middle ground: accessible yet advanced.

7.Conclusion

Aster is emerging as a serious challenger in the Perp DEX arena, not just for its trading infrastructure but also for integrating Earn products and a yield-bearing stablecoin. By leveraging the strengths of both Astherus and APX Finance while building toward its own Layer-1, Aster is positioning itself not merely as an exchange, but as a next-generation DeFi ecosystem.

Disclaimer: This content does not constitute investment, tax, legal, financial, or accounting advice. MEXC provides this information for educational purposes only. Always DYOR, understand the risks, and invest responsibly.