On September 26, 2025, Aster, a BNB Chain-based decentralized exchange (DEX) for perpetuals, completed reimbursements to users affected by a glitch in its Plasma (XPL) perpetual market. The glitch caused a sudden price spike to $4, while other exchanges maintained a price of around $1.30.
The issue stemmed from a misconfiguration in the index price, which was reportedly hard-coded at $1, while the mark price was capped at $1.22 during a testing phase. When these controls were lifted as the XPL market transitioned from pre-launch to live trading, the contract briefly spiked, triggering unexpected liquidations and abnormal fee charges for users.
Aster acknowledged the issue and assured users that all funds were safe and that they would be compensated for any losses. The exchange quickly resolved the problem and distributed reimbursements in USDT to affected users' wallets. The initial compensation covered liquidation losses, and a subsequent round of compensation covered related trading and liquidation fees.
Community members speculated that the anomaly resulted from an operational oversight during the transition of Aster's XPL market from pre-launch to live trading. While Aster has not confirmed these details, they continue to investigate the incident and plan to share further updates.
The total value of liquidations compensated due to the incident is unknown, though users estimated this ran into the millions of dollars.
Despite the glitch, Aster has experienced rapid growth. On Friday, September 26, 2025, Aster recorded $46 billion in volume, dwarfing competitors like Lighter and Hyperliquid. Aster's surge in volume began on Wednesday, surpassing Hyperliquid with a trading volume of nearly $25 billion. At the time of writing, Aster's open interest was at $1.15 billion. Aster reported $16.3 million in daily fees, over three times Hyperliquid's $4.9 million performance.
Some community members have voiced concerns regarding the potential risks for traders on the platform, including skepticism regarding the trading volume and airdrop incentives for using the platform. One user urged traders to cash out on their trades.
Aster's rapid reimbursement has been well-received, with affected users confirming receipt of their funds. The incident highlights the risks that still exist in decentralized derivatives trading and demonstrates how configuration errors can lead to costly disruptions. However, the exchange's quick response has helped to restore confidence in the platform.
