What is Aster (ASTER)? Top Perpetual DEX on BNB Chain

The Aster perpetuals exchange on BNB Chain is attracting strong attention in the decentralized trading sector.

Here we break down what Aster is, how it works, and why it matters.

What is Aster?

Aster is a decentralized perpetual DEX built on the BNB Chain network. The protocol is designed to serve both new and experienced traders in its two modes for trading. Aster’s goal is to build DeFi infrastructure that is fast, flexible, and community-driven. By that, the protocol wants to bring together the speed of centralized platforms with the transparency and security of DeFi.

The platform provides both spot and perpetual trading services. In which all perpetual contracts are executed directly on-chain. Traders can use leverage as high as 1001x on BTCUSD, placing Aster among the few protocols in DeFi that offer such extreme exposure.

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Besides, users also can use a wide range of the hedging strategies to optimize trading. Some strategies, such as delta-neutral positioning, manage risk and reduce market exposure.

One of the most important factors when trading on-chain is the price oracle. Aster pricing is secured by robust oracles that pull data from Pyth Network, Chainlink, and Binance Oracle, ensuring accurate and tamper-resistant market feeds.

Binance level liquidity on Aster? 👀 https://t.co/Ch6NuBLyVp

— CZ 🔶 BNB (@cz_binance) June 5, 2025

By September 2025, Aster reached a TVL of about $600 million and daily volumes in the hundreds of billions, placing it among the top perpetual DEXs on BNB Chain.

What Does Aster Solve?

Perpetual trading exchange has grown quickly but left gaps with liquidity fragmentation, order exposures, capital efficiency, and liquidity silos. And Aster was built to fix these pain points:

• It solves fragmentation by combining spot and perpetual markets in one protocol. This saves users from switching between platforms.

• It addresses order exposure with hidden orders. On many DEXs, bots can see and front-run orders. Aster keeps them private until execution.
• It improves capital efficiency. Collateral can remain yield-bearing. Staked tokens like asBNB or yield-bearing stablecoins can earn yield while used as trading margin.
• It reduces liquidity silos by running on multiple chains. Aster also brings new assets to DeFi, such as US equity perpetuals, giving users access to traditional markets on-chain.

For more: 9 Best Crypto Leverage Trading Platforms in 2025

How Does Aster Work?

The Aster exchange is built around two trading modes and an earning system that is part of the platform itself.

• Simple Mode is one-click trading, free from MEV, with leverage up to 1001x. It is made for fast and direct execution.
• Pro Mode offers advanced tools such as hidden orders, order book depth, and risk management functions.

Simple Mode

In Simple Mode, the process is direct. The mode is fully built on the on-chain Aster Liquidity Pool (ALP).  The trader chooses an asset, sets leverage, and confirms the order. Everything happens in one step. The interface avoids unnecessary complexity, making it easy to act quickly. With Aster, the key highlight is leverage can reach 1001x, which places Aster among the highest-leverage protocols in DeFi.

Pro Mode

Pro Mode is designed for pro traders. The Pro Mode is designed through a Central Limit Order Book (CLOB), which seems to be similar with Hyperliquid – the hottest perpetual exchange at the moment.

The Pro Mode is offered for pro traders, high-frequency trading bots, and large institutions, with real-time data, detailed order types, and the ability to place hidden orders. These hidden orders stay off the public order book until they execute, reducing the risk of bots or front-running.

Besides, fees offered are at 0.01% for makers and 0.035% for takers. In which, it seems to be a very competitive fee rate.

AsterEarn

The protocol also includes AsterEarn, which allows users to stake assets such as BNB, USDT, BTC, and CAKE. Returns can go above 30% APY. Because earning is built into the same system, a user can move between trading and staking without leaving the platform.

Aster supports deep liquidity and low fees, which keeps execution efficient even at large volumes. Its multi-chain deployment connects liquidity across different networks and reduces fragmentation.

The system is non-custodial. Funds remain in user wallets until a trade is executed. No KYC is required. MEV protection adds another safeguard, ensuring that orders are processed fairly.

ASTER Tokenomics & Distribution

ASTER Token Metrics

The ASTER token has:

• Token Name: ASTER
• Max Supply: 8,000,000,000 ASTER
• Circulating Supply: ~1.65 billion ASTER (as of September 2025)
• Market Capitalization: Approximately $2.9–3 billion
• Chain: BNB Chain
• Token Contract: 0x000Ae314E2A2172a039B26378814C252734f556A
• Fully Diluted Valuation (FDV): ~$14.2 billion
• Launch: The token generation event (TGE) took place in September 2025, accompanied by a large-scale airdrop to onboard early adopters.

ASTER Token Allocation

The ASTER token allocation is structured as follows:

• Airdrop: 53.5%
• Ecosystem & Community: 30%
• Treasury: 7%
• Team: 5%
• Liquidity & Listing: 4.5%

ASTER Token Utility

The ASTER token is at the heart of the Aster ecosystem. With utilities as follows:  

• Governance voting on listings, fees, and treasury use.
• Trading fee discounts.
• Staking rewards.
• Participation in Trade & Earn programs.

FAQ

Is ASTER A Governance Token?

Yes. ASTER gives holders a role in decision-making. You can vote on upgrades, decide how fees are structured, and help choose new features for the platform.

What Is The Difference Between Simple Mode and Pro Mode?

Simple Mode is built for speed. You connect your wallet, place a trade in one click, and the system protects you from MEV. Pro Mode is more advanced. Traders can access a wide range of features such as real-time data, hidden orders, and detailed tools for traders who want full control.

What Leverage Does Aster Support?

In Simple Mode, leverage can go up to 1001x.

Which Blockchains Does Aster support?

Currently, Aster runs on BNB Chain, Ethereum, Arbitrum, and Solana. The team also plans to bring the platform to more chains in the future.

Who Are Aster’s Competitors?

Aster competes with perpetual DEXs like Hyperliquid and KiloEX. Its competitive advantages come from key highlight features such as hidden orders, yield-bearing collateral, and a stronger focus on privacy for traders.

What Is The Aster Roadmap?

The roadmap of Aster in 2025 and 2026 focuses on 4 key phases:

• Aster Chain Launch (Q4 2025).
• Token launch – TGE Finalization (Q4 2025).
• Mobile UX Overhaul (Q4 2025), expanding partnership integration with CEX-like apps.
• Intent-Based Trading (2026).

Will Aster Become The Biggest Perp DEX In The Crypto Market?

There’s a chance that Aster will become the biggest Perp DEX in the crypto market. But the protocol needs to provide more efforts to compete with the top tier currently – Hyperliquid, and many other rising perp DEXs.