CZ's Favorite Perp DEX: Aster Explained

Aster is the decentralized perpetual futures exchange that Changpeng Zhao (CZ) keeps mentioning. The former Binance CEO has publicly endorsed it, personally bought over 2 million $ASTER tokens with his own money, and maintains strategic ties through YZi Labs. For a perp DEX that only fully rebranded in early 2025, that level of backing from crypto's most influential figure has turned heads across DeFi.

Where Did Aster Come From?

Aster isn't exactly new. It's the result of a merger between APX Finance (formerly ApolloX) and Astherus in late 2024, followed by a full rebrand on March 31, 2025. The platform now offers non-custodial spot and perpetual trading across crypto, forex, and even stock derivatives. Leverage goes up to 1001x on select pairs in Simple mode, while Pro mode supports up to 100x. It runs primarily on BNB Chain but also supports Ethereum, Solana, and Arbitrum.

Why Did CZ Pick Aster as His Favorite?

CZ has been vocal about perp DEXes being the future of trading. His main concern with existing platforms? Visible order books that expose large positions to manipulation and front-running. On June 1, 2025, he posted on X proposing "dark pool" style perpetuals on decentralized exchanges, arguing that traders shouldn't have their orders and liquidation points visible in real time.

Aster checked those boxes. The platform introduced Hidden Orders for stealth trading, MEV-free execution in its simple mode, and yield-bearing collateral through liquid-staking tokens like asBNB and stablecoins like USDF. That's a direct match for what CZ described wanting.

His support hasn't been subtle either. CZ posted multiple times on X praising Aster's progress, writing things like "Well done! Good start. Keep building!" while highlighting its multi-chain support and hidden order features. On November 2, 2025, he revealed he had purchased 2,090,598 $ASTER tokens at an average price of $0.91, stating: "I am not a trader. I buy and hold."

Through YZi Labs, his venture arm, there's strategic investment and advisory involvement. Aster CEO Leonard has discussed receiving direct advice from CZ in interviews.

There's also a practical angle here. Since stepping down from Binance's leadership after his plea deal, CZ has shifted his focus toward DeFi and investing. A privacy-focused, efficient on-chain exchange like Aster fits squarely into that new direction.

What's the CZ Effect Done for Aster?

The numbers speak for themselves. After CZ's first endorsement on the day of Aster's TGE on September 17, 2025, $ASTER surged from its $0.08 launch price to an all-time high of $2.42 within a week. His November personal buy triggered another 30%+ pump within hours.

Aster currently ranks among the top perp DEXes by volume, often sitting at number two behind Hyperliquid. According to Dune Analytics, the platform has processed over $4 trillion in cumulative trading volume, holds $1.1 billion in TVL, and has over 8.9 million total users. $ASTER trades around $0.53 with consistently high 24-hour volume. The token is listed on Binance spot with a Seed Tag and integrated into Trust Wallet for perpetual trading.

What Makes Aster Different From Other Perp DEXes?

A few things stand out beyond the CZ connection. The platform runs two trading modes. Simple mode offers one-click, beginner-friendly execution. Pro mode unlocks advanced tools like grid trading and 24/7 stock perpetuals.

Cross-chain liquidity is native in most cases, with minimal bridging required. Fee revenue gets partially allocated to token buybacks, and $ASTER holders receive a discount on trading fees. On February 4, 2026, Aster kicked off its Stage 6 Buyback Program, committing up to 80% of protocol fees toward $ASTER repurchases and burns. A privacy-focused Aster Chain L1 is also in development and is targeted for Q1 2026.

Is There Any Downside?

Fair question. Some in the community question the extent of CZ’s influence versus the project's true independence. Aster leadership has repeatedly addressed this, emphasizing operational separation despite ecosystem alignments. Price action has been volatile too, with the token correcting sharply from its $2.42 peak to current levels around $0.53. CZ's endorsements drive attention, but attention doesn't guarantee sustained value.

Still, the combination of CEX-like speed, privacy tools, strong volume numbers, and the most visible backer in crypto makes Aster hard to ignore if you're trading perpetuals on-chain.

Check out Aster at asterdex.com and follow them on X @Aster_DEX.

Sources:

• Aster Official Website — Platform documentation, feature descriptions, and trading data
• CZ's X Profile (@cz_binance) — Public endorsements and $ASTER investment statements
• YZi Labs — Strategic investment and advisory details related to Aster
• Dune Analytics — Aster Overview — On-chain data for TVL, trading volume, and user metrics