Understand the technology behind Aster -- from its central limit order book to BNB Smart Chain settlement, fee structure, and risk engine.
Educational overview. Not financial advice. High risk.
Central limit order book, not an AMM
Fast blocks (~3s), low gas, EVM compatible
0.01% maker / 0.035% taker
Your keys, your funds -- always
Aster uses a central limit order book (CLOB) model for trade execution, similar to traditional financial exchanges. This is fundamentally different from AMM-based DEXs like GMX or Uniswap, which rely on liquidity pools and algorithmic pricing.
In Aster's CLOB model, traders submit buy and sell orders at specific prices. The matching engine pairs compatible orders using price-time priority: orders at the best price are filled first, and among orders at the same price, the earliest order takes precedence. This results in transparent, fair price discovery driven entirely by real supply and demand.
Aster is built on BNB Smart Chain (BSC), one of the highest-throughput EVM-compatible blockchains. BSC was chosen for its combination of speed, low cost, and broad ecosystem compatibility.
~3 seconds
Block time
< $0.10
Typical gas cost
EVM
Compatible
Own Chain
Planned future migration
Maker orders add liquidity to the book (limit orders that rest). Taker orders remove liquidity (market orders or crossing limit orders). Higher trading volume unlocks lower fee tiers.
Gas is required for on-chain operations: depositing collateral, approving tokens, and withdrawing funds. Keep a small BNB buffer in your wallet to avoid failed transactions.
Aster offers tiered fee reductions based on your 30-day trailing trading volume. As your volume increases, both maker and taker fees decrease. ASTER token holders may receive additional fee reductions. Check the ASTER Token guide for details on token-based fee benefits.
Aster operates a cross-margin and isolated-margin system. Traders deposit USDC or USDT as collateral into on-chain smart contracts. This collateral backs your open positions and determines your maximum position size based on chosen leverage.
When a position's margin ratio falls below the maintenance margin threshold, the liquidation engine automatically closes the position to prevent further losses. The engine attempts to close positions at the best available market price.
If a liquidated position cannot be closed at the bankruptcy price (the price at which the trader's margin reaches zero), the shortfall is covered by the insurance fund.
The insurance fund is a reserve pool funded by a portion of liquidation penalties and trading fees. Its purpose is to absorb losses from bankrupt positions so that profitable traders are paid in full.
In extreme market conditions, if the insurance fund is insufficient, Aster may trigger auto-deleveraging (ADL), where the most profitable opposing positions are partially closed to cover the deficit. This is a standard safety mechanism across perpetual futures platforms.
How Aster's architecture compares to other leading perpetual DEXs.
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| Platform | Architecture | Chain | Max Leverage | Gas Model | Self-Custody |
|---|---|---|---|---|---|
| Aster | CLOB (off-chain matching, on-chain settlement) | BNB Smart Chain | Up to 300x | BNB for gas; low BSC fees | Yes |
| Hyperliquid | CLOB (own L1 matching & settlement) | Hyperliquid L1 | Up to 50x | No gas fees for trading | Yes (bridge required) |
| dYdX | CLOB (Cosmos appchain) | dYdX Chain (Cosmos) | Up to 20x | USDC fees; no gas for trading | Yes |
| GMX | AMM (liquidity pool / oracle pricing) | Arbitrum / Avalanche | Up to 100x | ETH for gas on Arbitrum | Yes |
Data is approximate and subject to change. Always verify current specifications on each platform's official documentation.
Aster is more than just a trading platform. Here is what makes up the broader ecosystem.
Trade perpetual futures on major crypto pairs with up to 300x leverage. CLOB execution with deep liquidity, advanced order types, and real-time price feeds.
Stake ASTER tokens to earn a share of platform revenue and unlock fee discounts. Staking aligns token holder incentives with platform growth.
ASTER token holders can participate in governance decisions affecting the protocol's future direction, fee parameters, and feature prioritization.
Aster has announced plans to launch its own dedicated blockchain, giving the team full control over network performance, fee economics, and consensus design -- similar to the path taken by Hyperliquid and dYdX.
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