Does Aerospike have any built in support for data compression?
If not, are there any negative side affects of storing bin values in a compressed format?
There is no such built-in support at this point. I don't think there is any specific side effects of storing bins in a compressed format.
If this is a single bin holding a single blob, consider configuring the namespace to be single-bin true.
Update As of December 13 2018 there is a built-in compression feature in Aerospike Enterprise Edition 4.5: https://www.aerospike.com/blog/aerospike-4-5-persistent-memory-compression/