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