Aster Exchange Compensates Users After XPL Token Price Glitch

Decentralized trading platform Aster has issued refunds to users who lost money due to irregular price activity in the newly listed XPL token.

The incident, which unfolded on Thursday, marked the exchange’s first major technical setback since its recent rise in popularity.

Users Fully Refunded in USDT

In a post on X, Aster, which operates on the BNB Chain, confirmed that all affected users have been reimbursed. Compensation was provided in USDT. The platform carried out multiple rounds of repayments before announcing that the process was complete.

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Meanwhile, the exchange has advised traders still awaiting compensation to contact them through their official Discord channel.

XPL Token Prices Showed Unusual Discrepancies

XPL is the staking token tied to Plasma, a blockchain for stablecoin optimization. In regular spot markets, the token remained within a normal range, fluctuating between $0.74 and $1.54 over a 24-hour period.

However, price movements on Aster’s perpetual futures contracts told a very different story. Traders witnessed the token briefly rise to $4 before collapsing to as low as $0.55. These discrepancies created confusion and triggered losses for participants relying on Aster’s futures platform.

Hardcoded Price Theory Gains Traction

Crypto traders investigating the incident believe they have found the cause. According to posts on social media, Aster’s oracle price for XPL was allegedly hardcoded to remain at $1. This setup treated XPL almost like a stablecoin, instead of a free-floating asset.

In addition, its mark price, normally tied to real market data, was reportedly capped at $1.22. This artificial limit prevented prices from reflecting actual trading dynamics.

Once the cap was lifted, buy orders overwhelmed available liquidity. This imbalance allegedly drove the token to $4 before it stabilized. This theory, though unconfirmed by Aster, has become the dominant explanation among traders.

TLDR on Aster $XPL Situation:

> Index price was hardcoded to $1
> Mark price was capped at $1.22
> When they removed the price cap, it spiked to $4 while prices remained stable on other exchanges

This was a result of gross negligence on the exchange operators. No exploits/etc. https://t.co/e8xR01FLY9 pic.twitter.com/hCdj2bvua1

— Guthix 🫵 (@GuthixHL) September 25, 2025

Expert Reactions: Risk Controls Under Scrutiny

Several analysts criticized the possibility of hardcoded values in a live derivatives market. 0xToolman, an on-chain investigator with Bubblemaps, argued that such practices expose traders to unnecessary risks.

“Those values should never be hardcoded,” he said, adding that mismatched orders likely worsened the price swings once the cap was removed.

Despite the growing consensus among users, Aster has not issued an official explanation of the glitch.

Market Reaction to the Incident

Following the technical glitch, XPL has since returned to more stable levels. The token now trades at around $1.20, aligning closely with market tracker CoinGecko’s valuation.

In contrast, Aster’s governance token has struggled. After the incident, its value dropped 4.4% to $1.89. Traders believe the decline reflects shaken confidence in the platform’s stability.

Perpetual Futures vs. Spot Trading

The episode also highlighted the complexity of perpetual futures contracts compared to traditional spot trading.

In spot trading, investors directly own the token they buy. Prices reflect supply and demand on open markets.

On the other hand, perpetual futures allow traders to speculate on price movements without owning the underlying asset. This system requires accurate index and mark prices to ensure fairness.

If those reference prices are misconfigured, it can cause sharp imbalances, as seen in Aster’s XPL market.