Strategy (MicroStrategy) Perpetual · MSTRUSDT

About Strategy (MicroStrategy) (MSTR)

Strategy (MSTR, formerly MicroStrategy) is the largest corporate holder of Bitcoin, which makes its stock a leveraged proxy for BTC. Aster lists an MSTR perpetual you can trade 24/7 — long or short with leverage, USDT-settled — a popular way to express a high-beta Bitcoin view.

Trading Strategy Perpetuals on Aster

On Aster, Strategy trades as the 24/7 USDT-margined MSTRUSDT perpetual: a contract with no expiry date, where your collateral and your profit or loss are both settled in USDT rather than in MSTR itself. Leverage runs up to 50x on the standard order-book market, and funding is exchanged between longs and shorts every eight hours to keep the contract price tracking its index. Because a perpetual never delivers the underlying, the Strategy market stays open around the clock, including the nights, weekends and holidays when the underlying market is shut. Orders can be placed openly or through Aster's hidden-order mode, which keeps size out of the public book until the moment it executes.

How the MSTRUSDT Perp Differs From Owning Strategy

Owning Strategy exposure the traditional way means a brokerage account, market hours and, for commodities, a dated futures contract that eventually expires. The MSTRUSDT perpetual replaces all of that with a USDT-margined position you open from a wallet. That difference has three practical consequences. Going short is as easy as going long, so a falling MSTR price is something you can trade rather than sit out. Position size can exceed collateral, up to 50x, which magnifies losses at exactly the same rate it magnifies gains. And funding is paid or received every eight hours for as long as the position stays open, a running cost that someone simply holding Strategy never encounters.

Fees and Leverage on the MSTRUSDT Market

Aster charges 0% maker and 0.04% taker on USDT-margined perpetuals, so adding liquidity to the MSTRUSDT book costs nothing and taking it costs 0.04% of notional. Two discounts stack on top of that: paying fees in ASTER takes another 5% off, and signing up with referral code MMTz04 takes a further 5% off every trade. Leverage on Strategy is capped at 50x on the standard perp. Leverage does not change the fee rate, but it does change the notional those fees are charged against, so a 50x position pays fifty times the fee that the same collateral would pay unlevered. The full tier structure is in our Aster fees guide.

What to Know Before Trading Strategy

Three things decide whether a Strategy position survives. Funding is the first: the eight-hourly payment runs positive or negative depending on which side is crowded, and over days rather than minutes it compounds into a real drag on a held position. Liquidation is the second: at 50x, a move of roughly 2.0% against you consumes the margin backing the trade, before fees are counted. Liquidity is the third: depth on MSTRUSDT varies by hour, and a market order sized past the visible book fills at progressively worse prices, which is the situation limit orders and hidden orders exist to handle. Set the stop before you open the position rather than after, and treat the leverage slider as a risk control rather than a way to buy more.

How to Trade Strategy on Aster in 4 Steps

1. 1Connect a wallet — open asterdex.com and connect MetaMask, Rabby, or any Web3 wallet. No KYC required.
2. 2Deposit USDT — fund your account with USDT to use as margin collateral.
3. 3Open the MSTRUSDT market — select Strategy, choose your leverage (up to 50x), and set your margin mode.
4. 4Place your order — market or limit, with optional hidden-order mode for size. Manage risk with stop-loss and take-profit.

Strategy Perpetual — Contract Specs

Frequently Asked Questions