⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Aster vs Ondo Perps (2026): Stock Perps and Custody
Both carry long lists of US stock perps around the clock. Aster runs its order book on its own chain, Aster Chain, with self-custody and privacy on by default. Ondo Perps matches inside Intel SGX enclaves, sweeps deposits into an omnibus hot wallet and tracks balances off-chain.
Verdict
Aster on custody and maker pricing; Ondo Perps on tokenized-stock margin. Aster charges 0% maker on every perp category, 0.04% taker on crypto and 0.0125% on RWA pairs, with self-custody on its own chain. Ondo Perps charges a promotional 0.025% taker and 0.01% maker and accepts Ondo tokenized stocks as collateral, but holds deposits in a hot wallet rather than a contract.
At a glance
| Aster | Ondo Perps | |
|---|---|---|
| Architecture | Aster Chain L1 · order book | Off-chain matching in an Intel SGX enclave · on-chain deposits and withdrawals only |
| Custody | Self-custody | Omnibus hot wallet; balances tracked off-chain; no pooled smart contract |
| KYC | None | No identity step for wallet or email sign-in; fiat on-ramp KYC run by third parties |
| Base perp fees | 0.04% (crypto) / 0.1% (Group B) / 0.0125% (RWA) / 0% t/m | 0.025% (promo; base 0.05%) / 0.01% (promo; base 0.02%) t/m WINNER |
| Funding | 8h default; 1h, 2h, 4h or 8h per symbol via the API | Hourly, peer-to-peer; capped at ±1% per hour |
| Token | $ASTER · live (TGE claim window 17 Sep – 17 Oct 2025) WINNER | None documented in the Ondo Perps docs |
| Points programme | Active · Aster Convergence: Stage 6 | None documented |
| Operating entity / access | US, Canada, UK among 11 barred (Terms) | Ondo Global (Panama) Inc.; restricts US persons, Canada, Panama, Ukraine + |
facts verified · each venue's official docs Every cell restates a claim on one of this site's pages: /compare/hyperliquid-vs-aster/ , /aster/fees/ , /eu/aster/ , /ondo-perps/ , /ondo-perps/how-to-start/ , /ondo-perps/fees/ , /airdrops/ .
Fees
Aster — Order-book maker/taker; 0% maker on every perp category, taker by category: Crypto General (USDT- or USD1-quoted) 0.04%, Group B 0.1%, RWA 0.0125%; Shield Mode and 1001x use their own fee rules. Base tier: 0.04% (crypto) / 0.1% (Group B) / 0.0125% (RWA) taker, 0% maker. Taker numeric uses Crypto General pairs (USDT- or USD1-quoted); RWA pairs trade at 0.0125% and Group B pairs at 0.1% — pick per category when calculating. Discounts: 5% off when fees are paid in ASTER; spot VIP grid 4.0→2.3 bps taker by 14-day volume and ASTER held; market-maker rebates to −0.5 bps; referral rebate up to 10% (referrer-configured split, not guaranteed). 0% maker means maker-heavy flow pays nothing — and generates no referral commission. Schedule verified 2026-09-29 on /aster/fees/.
Ondo Perps — Order-book maker/taker matched in an Intel SGX enclave; custodial omnibus hot wallet with off-chain balances. Base tier: 0.025% (promo; base 0.05%) taker, 0.01% (promo; base 0.02%) maker. Numerics are the limited-time promotional rates (50% off the 0.02% / 0.05% base); the public markets API carries 0.0001 / 0.00025 on every enabled perp. Discounts: 14-day rolling volume tiers and individual fee arrangements are mentioned but the tier table is not published; referral rebates reduce the net fee. Funds sit in an omnibus hot wallet and balances are tracked off-chain; the promotion has no published end date; builders may add up to 10 bps. Schedule verified 2026-10-05 on /ondo-perps/fees/.
Base-tier rates answer one narrow question — what a small taker order costs on day one. Your maker/taker mix, volume tier and holding period decide the real number; the fee comparison lays all 20 venues side by side and the execution-cost tool adds live slippage on top.
Markets they share
In this site's market join, snapshot 2026-10-07, Aster lists 573 perp markets and Ondo Perps lists 64; 58 appear on both. The market index shows every asset with the venues that list it and each venue's published leverage, and the join is refreshed weekly by a fail-closed pipeline. Breadth is not depth: a listing says nothing about how much size a book absorbs, which the execution-cost tool measures live where a venue publishes its order book.
Token and points
- Aster: $ASTER · live (TGE claim window 17 Sep – 17 Oct 2025). Points: Active — Aster Convergence: Stage 6; Calculated weekly; five point categories × team boost, plus two-level referral points; weightings undisclosed. Docs: points "accumulate toward your $ASTER airdrop share at the conclusion of Stage 6". Conversion ratio, Stage 6’s share and the end date are not published.
- Ondo Perps: None documented in the Ondo Perps docs. Points: None documented . The docs index (39 user pages read) describes no points, rewards or airdrop programme. The Terms reserve the right to run "Campaigns" and to "modify, suspend, terminate, withdraw, or cancel any Campaign". An ONDO perp is listed as a market on the venue; the docs do not tie any token to trading on Ondo Perps.
Both rows are restated from the points & airdrop tracker, which is re-read against each venue's docs on a 45-day cadence and never prices a point.
Where Aster wins
Self-custody, maker pricing and breadth. Aster's makers pay 0% everywhere, its RWA taker rate of 0.0125% sits under Ondo Perps' promotional 0.025%, and its market list is far longer. $ASTER is live.
Where Ondo Perps wins
Collateral. Ondo Perps accepts Ondo tokenized stocks as margin, with losses running as USDC Debt backed by them, and publishes a leverage cap per market on its API. See the Ondo Perps fees page for the schedule and collateral costs.
What this site could not verify
- Aster: Audits of the perpetuals trading engine — the published reports cover vault, earn and yield-token contracts.
- Aster: Liquidity depth — not benchmarked by this site.
- Aster: The points-to-token ratio, Stage 6’s share of the airdrop allocation, and the stage’s end date — unpublished.
- Ondo Perps: Audits — the docs index lists no audit page.
- Ondo Perps: Which markets and leverage are current — the docs list 27 perps and up to 20x, the API 65 enabled perps and 40x on BTC.
- Ondo Perps: When the promotional fee schedule ends — no end date is published.
Which to pick
For self-custody, maker pricing and the longer list, Aster. For using Ondo tokenized stocks as margin on stock perps, after accepting a custodial hot-wallet model, Ondo Perps. Both bar the United States and Canada among others. The Aster review and the Ondo Perps review carry the detail.
Related comparisons
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- Aster vs edgeX
- Aster vs Paradex
- Aster vs Extended
- Aster vs Pacifica
- Aster vs GMX
- Aster vs GRVT
- Aster vs Variational
- Aster vs ApeX Omni
- Aster vs SoDEX
- Aster vs Veranta
- Aster vs Nado
- Aster vs Vest Markets
- Aster vs Derive
- Hyperliquid vs Aster
- Hyperliquid vs Ondo Perps
FAQ
Which is cheaper for stocks?
For a maker, Aster at 0%. For a taker on stock perps, Aster's 0.0125% on RWA pairs against Ondo Perps' promotional 0.025%.
Who holds the funds?
On Aster, you do, through its own chain. On Ondo Perps, an omnibus hot wallet operated through SGX enclaves and an attestor network.
Do they list the same markets?
The shared-markets count above comes from this site's coverage snapshot, which reads both venues' public market lists.
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