Aster Chain · Markets

RWA Perps & Pre-IPO Markets on Aster

AsterDEX lists perpetual futures on stocks, ETFs, commodities, and private-company synthetic markets. None of these involve buying or settling actual shares. This page explains what you are actually trading when you open a position on $OPENAI, $SPCX, or $TENCENT.

9 min read·Last reviewed May 2026
0.9 bpsRWA Sprint S1Taker fee
0 bpsRWA Sprint S1Maker fee
3-5xTypical leverage
USDTSettles in

Two categories

Real-World Asset Perps

Track listed public assets. Stocks ($AVGO, $COIN), ETFs ($QQQ, $SPY), commodities ($XAU, $XAG, $CL).

Pre-IPO Perps

Track the market-implied share value of private companies. $SPCX for SpaceX, $OPENAI for OpenAI.

What you are NOT buying

  • No actual shares.
  • No equity, no voting rights, no dividends.
  • No claim against the underlying company.
  • The contract settles in USDT (or USDF). It is a derivative on a price feed.

How the price is set

  • Listed assets. Mark price tracks the official market price during trading hours and a reference index during off-hours.
  • Pre-IPO. Mark price tracks an aggregate of secondary-market valuations, analyst implied values, and tender-offer pricing. The exact methodology is per-market and documented per pair on the AsterDEX docs.
  • Validator aggregation. Median across 14 external sources, weighted by validator stake. See the oracle.

Leverage and risk

Leverage caps are lower than crypto perps: typically 3x to 5x for most RWA pairs, 5x cap on pre-IPO.

Pre-IPO illiquidity

Pre-IPO mark prices can gap on news. Tender offers price, S-1 filings drop, late-stage rounds re-rate the company, all of these can move the mark sharply. Position-size accordingly and check the docs for per-market liquidation buffers.

Fees (RWA Sprint Season 1)

From May 7 to June 7, 2026: taker 0.9 bps, maker 0 bps across all RWA pairs. Down from a standard 4 bps taker. Applies to every RWA pair, current and future.

The current roster

Categories on AsterDEX as of May 2026:

  • Pre-IPO: $SPCX, $OPENAI
  • US equity perps: $AVGO, $COIN, $PLTR, $PAYP, $AMD, $TSLA, $AAPL
  • HK equity perps: $MINIMAX, $TENCENT, $XIAOMI, $POPMART
  • ETFs: $QQQ, $SPY, $SOXL, $DRAM
  • Commodities: $XAU, $XAG, $CL
  • Semis: $MU, $TSM

The roster drifts (new listings via the Listing Vote), so check the live AsterDEX market list for the canonical set.

Settlement and delivery

  • Perpetual (no expiry) for most.
  • Pre-IPO contracts auto-convert to standard perps once the underlying lists publicly. See the AsterDEX docs section “Pre-Launch Contracts” for the conversion mechanic.
  • AsterDEX retains final authority over delivery price and the right to delist a market (e.g. if the underlying becomes untradeable).

Risks

  • Regulatory. Trading derivatives on real-world assets through an unlicensed venue is not legal in many jurisdictions. AsterDEX users bear that risk.
  • Liquidity. Thin order books for niche markets mean larger slippage. Check depth before sizing.
  • Mark price disputes. Pre-IPO marks are built from aggregated signals that can move sharply when new information lands.

Further reading

Last reviewed May 2026.

Corrections → @aster_scan