Aster

Liquidation and auto-deleveraging 16/20

How positions are picked for auto-deleveraging

Published, with the ranking formuladocs.asterdex.com (opens in a new tab) · 3 November 2026

Partial liquidation

YesAn IOC order closes as much as the book allows, margin is rechecked, and the rest of the position stays open if it meets maintenance margin.docs.asterdex.com (opens in a new tab) · 3 November 2026

Auto-deleveraging in the last 24 months

None foundChecked the ADL docs and news searches for Aster ADL events since Nov 2024 and found none.docs.asterdex.com (opens in a new tab) · 3 November 2026

Risky markets isolated or capped

Not disclosedThe liquidation and margin docs mention an optional isolated margin mode but no isolated-only markets or open-interest caps.docs.asterdex.com (opens in a new tab) · 3 November 2026

Insurance fund and who absorbs losses 5/15

Backstop balance readable on-chain

Not disclosedThe docs name an insurance fund but give no address or public balance, and the contracts page lists none.docs.asterdex.com (opens in a new tab) · 3 November 2026

Backstop against total open interest

Not disclosedThe insurance fund size is not published.docs.asterdex.com (opens in a new tab) · 3 November 2026

Order of loss absorption published

YesRaised to high because the docs set the order as IOC close, then insurance fund takeover and negative-balance cover, then ADL only if the fund cannot cover.docs.asterdex.com (opens in a new tab) · 3 November 2026

Price oracle 5/15

Independent sources in the liquidation price

Three or moreThe index is a volume-weighted average of Binance, HTX, Kraken and other spot venues, and the mark price is the median of three prices.docs.asterdex.com (opens in a new tab) · 3 November 2026

Price update interval

Not disclosedNo update interval is published; only a 3-second staleness cutoff for exchange feeds.docs.asterdex.com (opens in a new tab) · 3 November 2026

Who signs prices

One key or one serviceAster's own engine computes the index with no named oracle network or signer set, and the Sept 2025 hard-coded XPL index shows the operator controls it.docs.asterdex.com (opens in a new tab) · 3 November 2026

Oracle failure with user losses, last 24 months

Yestheblock.co (opens in a new tab) · 25 September 2025

Custody and withdrawal 0/15

Users hold their own funds

NoDeposits sit in the AstherusVault proxy (0x1284...7974 on BNB Chain), but withdraw() can only be called by OPERATE_ROLE, so users cannot withdraw with their own keys.sourcify.dev (opens in a new tab) · 3 November 2026

Contract-level exit if the operator stops

NoThe verified vault source has no user-callable forced or emergency withdrawal.sourcify.dev (opens in a new tab) · 3 November 2026

Withdrawals can be frozen without a delayed vote

YesPAUSE_ROLE can call pause() at once, which blocks withdraw() through whenNotPaused.sourcify.dev (opens in a new tab) · 3 November 2026

Delay before upgrades apply

6 hoursVault upgrades are onlyTimeLock, and AstherusTimelock getMinDelay() returned 21600 s (6 hours) on BNB Chain.sourcify.dev (opens in a new tab) · 3 November 2026

Incidents in the last 24 months 10/15

• 25 September 2025Price or setup error that caused liquidations−5

  A hard-coded XPL index let the perp spike to about $4 while other venues traded near $1.30, causing forced liquidations; Aster reimbursed users in USDT (estimated at about $16.6M, not disclosed by Aster).

  theblock.co (opens in a new tab)

Liquidity 6/10

A $100,000 market order in BTC or ETH, buying and selling, moved the price by 0.21 basis points on average (2 readings, 3 November 2026). The median across the venues we measure was 1.00.

Who provides the liquidity

Not disclosedThe docs do not publish who provides liquidity or how much of it each provider or vault supplies.docs.asterdex.com (opens in a new tab) · 3 November 2026

Transparency and operations 2/10

Public audits of core code, last 24 months

NoneThe only core-contract report is AsterVault, dated 2024-09-13; the December 2024 reports cover yield products (asBNB, asCAKE, USDF), not the perps venue.docs.asterdex.com (opens in a new tab) · 3 November 2026

Core code public

YesThe vault and timelock source is verified on Sourcify, but the matching engine is not public.sourcify.dev (opens in a new tab) · 3 November 2026

Public status page

NoThe docs index lists no status page and status.asterdex.com does not resolve.docs.asterdex.com (opens in a new tab) · 3 November 2026

Operating company named in the terms

NoThe Terms (updated Feb 25, 2026) refer only to "Aster" and name no company or jurisdiction.docs.asterdex.com (opens in a new tab) · 25 February 2026