Overview
Aster is a decentralized exchange for perpetual futures, formed in late 2024 from the merger of Astherus and APX Finance. It runs mainly on BNB Chain, and is supported by YZi Labs, the investment firm of Binance founder Changpeng Zhao (CZ), who has promoted it publicly.
When the ASTER token launched in September 2025, it rose more than tenfold within days, briefly making Aster one of the most talked-about projects in crypto.
How it works
- Traders deposit funds and trade leveraged futures from their own wallets.
- Aster offers a simple mode for beginners and a professional order-book mode.
- It also offers yield-bearing collateral, letting deposits earn interest while being used for trading.
- An Aster Chain, its own Layer 1, was planned for 2026 after testing.
Buybacks and burns
Aster has run several buyback stages, using a growing share of fees to buy ASTER. By January 2026, buybacks had spent over $140 million and burned more than 200 million ASTER. In June 2026, it announced it would use 99% of daily fees to buy back ASTER and burn an equal amount from reserves, aiming to reduce supply from 8 billion to 3 billion tokens.
The ASTER token
| ASTER at a glance | |
|---|---|
| Maximum supply | 8 billion ASTER |
| In circulation (Oct 2026) | about 2.5 billion |
| Price (29 Oct 2026) | about $0.72 |
| All-time high | about $2.41 (September 2025) |
| Market cap | about $1.8 billion (#54) |
Risks
- Volume questions. In October 2025, DeFiLlama removed Aster’s perpetuals volume from its data after it closely mirrored Binance’s, raising concerns about wash trading.
- Supply. About two-thirds of ASTER is not yet circulating.
- Celebrity backing. Much of the interest comes from CZ’s support; sentiment can turn quickly.
- Leverage. Futures trading can wipe out deposits fast.
Aster vs. the competition
| Aster | Hyperliquid | Derive | |
|---|---|---|---|
| Main product | Perpetual futures | Perpetual futures | Options and perps |
| Chain | BNB Chain (+ others) | Own chain | Own Layer 2 |
| Token value | Buybacks + burns | Buybacks | Revenue share |
Our verdict
Aster has grown fast with powerful backers and some of the most aggressive buyback plans in crypto. But questions over its volumes, heavy locked supply and fierce competition from Hyperliquid make it risky. ASTER is a high-risk investment: invest only what you can afford to lose, and be very careful with leveraged trading.
This review is for information only and is not financial advice.