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Perpetual Protocol

  • What it is:Perpetual Protocol is a decentralized exchange (DEX) on Ethereum Layer 2 for trading perpetual futures contracts with leverage using a virtual automated market maker (vAMM).
  • Best for:Decentralized derivatives traders, Web3 and DeFi enthusiasts, Users seeking decentralized trading alternatives
  • Pricing:Starting from Variable by exchange
  • Rating:78/100Good
  • Expert's conclusion:Perp is best for Sophisticated DeFi Traders who prefer Transparency and Composability above Centralized Exchange Convenience.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is Perpetual Protocol and What Does It Do?

Perp Labs is one of the most innovative companies involved in decentralized finance (DeFi) which includes creating an array of financial tools that are both secure and accessible to consumers. One of their major products is Perpetual Protocol, a decentralized exchange for perpetual futures and Nekodex, a mobile app for crypto traders. The company was founded in 2019 and is located in Taiwan. Their focus has been on creating decentralized perpetual contracts using virtual Automated Market Makers (vAMM).

Active
📍Taiwan
📅Founded 2019
🏢Private
TARGET SEGMENTS
DeFi tradersCrypto derivatives usersDecentralized finance participants

What Are Perpetual Protocol's Key Business Metrics?

📊
$10.65M
Total Funding
📊
150M
PERP Token Max Supply
🏢
21% (36M PERP)
Founding Team Token Allocation
📊
6.25M PERP
Seed Round Tokens
📊
22.5M PERP
Private Round Tokens
📊
December 2020
Mainnet Launch

How Credible and Trustworthy Is Perpetual Protocol?

78/100
Good

DeFi protocol with no security incident history. Backed by several investors including Multicoin Capital. However, they have very little transparency regarding current statistics and size of their team.

BREAKDOWN
Product Maturity85/100
Company Stability75/100
Security & Compliance95/100
User Reviews70/100
Transparency65/100
Support Quality75/100
TRUST SIGNALS
No hacks or security incidentsBacked by Multicoin Capital, Alameda Research, Three Arrows CapitalMainnet operational since 2020Deployed on Optimism L2

What is the history of Perpetual Protocol and its key milestones?

2018

Project Started as Strike

Initially developed under the name 'Strike', to develop a decentralized options protocol.

2019

Perp Labs Founded

Developed as a means to make financial tools available to everyone.

2020

Seed Funding

Issued 6.25 million PERP tokens through a funding round from an investment fund.

2020

Private Funding Round

Private round conducted in August of this year, led by Multicoin Capital where 22.5 million PERP were issued along with participation from Alameda Research and Three Arrows Capital.

2020

Public Launch & Mainnet

Conducted liquidity mining on Balancer; Mainnet launch as Perpetual Protocol in December.

2022

Optimism Deployment

Transferred to Optimism Layer-2 to improve scalability and reduce gas cost.

2023

Nekodex Launch

Released Nekodex, mobile app for trading perpetuals in cryptocurrency.

What Are the Key Features of Perpetual Protocol?

✨
Decentralized Perpetual Contracts
Allows users to trade perpetual futures for any asset type with no expiration date utilizing a vAMM (virtual Automated Market Maker) design.
✨
Up to 10x Leverage
Offers leveraged trading positions up to 10 times on perpetual swaps for multiple types of cryptocurrencies.
✨
Optimism L2 Deployment
Uses Optimism layer-2 for low gas fees, high throughput and for added Ethereum security.
💬
Cross-Chain Support
Allowing users to trade any number of different assets with funding rate mechanism to help align prices.
✨
Nekodex Mobile App
Provides a user friendly mobile app to simplify access to perpetual futures trading.
✨
PERP Governance Token
Enabling decentralized governance, staking rewards and liquidity incentives for protocol users.
📊
Non-Custodial Trading
Providing customers with self-custody of funds during trading eliminating any intermediary risk.

What Technology Stack and Infrastructure Does Perpetual Protocol Use?

Infrastructure

Optimism Layer 2 on Ethereum mainnet

Technologies

SolidityEthereumOptimismvAMM

Integrations

MetaMaskWalletConnectUniswapBalancerNekodex app

Inferred from documentation mentions of Optimism deployment and DeFi standards; official technical docs not directly accessed

What Are the Best Use Cases for Perpetual Protocol?

Crypto Derivatives Traders
Customers can now trade perpetual futures with up to 10x leverage in a completely decentralized way without needing to provide Know Your Customer (KYC) information or suffer from custodial risks while utilizing vAMM liquidity.
DeFi Yield Farmers
Earning staking rewards and participating in governance through PERP tokens while providing liquidity to perpetual pool (perpetual swap)
Retail Crypto Investors
Mobile trading of perpetual contracts with L2 gas fees at low levels available via Nekodex app
High-Frequency Scalpers
Trading fast and with low fees at L2 speeds while maintaining self-custody of open positions
NOT FORInstitutional Spot Traders
Not appropriate - only provides perpetual derivatives; does not provide spot trading or access to traditional assets
NOT FORRegulated Financial Institutions
No institutional features and does not have traditional regulatory compliance for Enterprise Risk Management

How Much Does Perpetual Protocol Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
Trading FeesVariable by exchangeMaker/taker fees vary by platform. MEXC offers 0% maker fees for spot and futures trading.CoinCodex
Withdrawal Fees (BNB Smart Chain)$0.03 (0.26 PERP)Lowest withdrawal fee available. Minimum withdrawal: $0.05 (0.52 PERP)Withdrawal Fees Compared 2026
Withdrawal Fees (Ethereum)$0.30 - $3.28Range varies by exchange. Bybit: $0.30 (3 PERP), Kraken: $0.50 (5 PERP), HitBTC: $3.28 (33 PERP)Withdrawal Fees Compared 2026
Trading FeesVariable by exchange
Maker/taker fees vary by platform. MEXC offers 0% maker fees for spot and futures trading.
CoinCodex
Withdrawal Fees (BNB Smart Chain)$0.03 (0.26 PERP)
Lowest withdrawal fee available. Minimum withdrawal: $0.05 (0.52 PERP)
Withdrawal Fees Compared 2026
Withdrawal Fees (Ethereum)$0.30 - $3.28
Range varies by exchange. Bybit: $0.30 (3 PERP), Kraken: $0.50 (5 PERP), HitBTC: $3.28 (33 PERP)
Withdrawal Fees Compared 2026

Are There Usage Limits or Geographic Restrictions for Perpetual Protocol?

Current Price Range
Trading between $0.28 - $0.37 as of February 2026
Cycle Low
$0.165 (reached April 14, 2025)
Cycle High
$0.372 (reached April 27, 2025)
All-Time High
$24.54 (represents 99% decline from ATH)
Exchange Availability
Available on Binance, Kraken, Bybit, KuCoin, MEXC, Gate.io, Kucoin, Bitkub, BitMart, Bitget, and HitBTC
Blockchain Networks
Supported on BNB Smart Chain, Ethereum, and Arbitrum One

Who Is Perpetual Protocol Best For?

Best For

  • Decentralized derivatives traders — Perpetual Protocol specializes in perpetual futures and options trading in Decentralized Finance
  • Web3 and DeFi enthusiasts — Designed as native blockchain-based platform for cryptocurrency derivatives trading
  • Users seeking decentralized trading alternatives — Provides trading as a decentralized protocol eliminating need for centralized exchange intermediary

Not Suitable For

  • Traditional finance investors — Requires holding cryptocurrencies and having blockchain wallet experience. Consider using traditional derivative platforms such as TD Ameritrade or Interactive Brokers
  • Risk-averse investors — Leverage trading and cryptocurrency volatility carries high risk. Perpetual Protocol's value has decreased by 99% since its all time high
  • Beginners without blockchain experience — Requires technical knowledge of wallets, gas fees and blockchain transaction processes. Consider using centralized exchanges like Coinbase or Kraken before Perp.

What Customer Support Options Does Perpetual Protocol Offer?

Channels
Primary support channel with #open-a-ticket for team assistanceCommunity discussions and announcementsUpdates and general inquiries @perpprotocolBi-weekly AMAs on YouTube with Q&A
Hours
Community-driven, 24/7 availability
Response Time
Varies by community and ticket priority
Specialized
Dedicated #open-a-ticket channel for formal support requests
Support Limitations
•No phone or email support
•Relies on community and team volunteers
•Response times depend on Discord activity

What APIs and Integrations Does Perpetual Protocol Support?

API Type
Smart contract-based APIs on Optimism, no traditional REST API
Authentication
Wallet signature-based (EIP-712), no API keys
Webhooks
Not available, use event listeners and subgraph queries
SDKs
JavaScript SDK available, ethers.js compatible
Documentation
Comprehensive docs at v3docs.perp.com with contract ABIs
Sandbox
Testnet available on Optimism Goerli
SLA
Blockchain-dependent, protocol audited by top firms
Rate Limits
Gas-limited by blockchain, no central rate limits
Use Cases
Trading automation, portfolio tracking, custom UIs, analytics

What Are Common Questions About Perpetual Protocol?

Perp is a decentralized perpetuals exchange built on Optimism L2. Users trade perpetual futures with up to 10x leverage using USDC collateral against any asset that has an oracle price feed

Primary deployment is on Optimism mainnet. Supports bridges from Ethereum and other L1s. v3 and Nekodex are examples of evolving the protocol

Perp provides fully on-chain order book with no risk of KYC or custodial issues. Compositional with other DeFi protocols and transparent liquidation engine unlike centralized exchanges

Yes, fully non-custodial. Your funds remain in your wallet. Multiple audits and tested contract code. Uses Chainlink for secure pricing.

Perpetual Protocol has 50+ permanent markets that include all major cryptocurrencies such as Bitcoin and Ethereum, plus various other altcoin, forex index and commodity options. The platform utilizes VAMM for high levels of liquidity, which can be dynamically leveraged to up to 10x.

Yes, it is completely wallet compatible and allows users to connect their MetaMask, WalletConnect or Coinbase Wallet in addition to providing Smart Contract APIs for Programmatic Trading.

Fees for trading are 0.05-0.1% based upon Tier, while gas fees on Optimism will be very low. There are no fees for deposits/withdrawals from your account and referral discounts are available.

A TestNet is available for practicing trading using TestNet USDC, where you have zero risk exposure to actual capital. All users with a wallet may use the mainnet to trade.

Is Perpetual Protocol Worth It?

Perpetual Protocol provides one of the most advanced decentralized perpetuals trading platforms on-chain, utilizing audited security and Optimism L2 efficiency. It is ideal for experienced DeFi traders who want CEX quality experience, but do not want to take custody risk. With its level of protocol maturity and active development, Perpetual Protocol is a leading DeFi Infrastructure provider.

Recommended For

  • For example, Perpetual Protocol would be best suited for those who are already familiar with cryptocurrency and the blockchain technology, and have an interest in non-custodial leverage trading.
  • For example, DeFi protocols could build on top of the perp infrastructure.
  • For example, Optimism Ecosystem Participants.
  • For example, Traders who prioritize transparency and composability.

!
Use With Caution

  • Not for beginners. Requires Blockchain knowledge.
  • Not suitable for High-Frequency Traders. Gas Costs add Latency.
  • No 24/7 Phone Support Available.
  • No Deposit Insurance Provided.

Not Recommended For

  • Not recommended for Retail Investors that are uncomfortable with the risks associated with Smart Contracts.
  • No Fiat On/Off Ramps provided.
  • Does not provide hundreds of Asset Pairs immediately.
  • Not compliant with Traditional Compliance Requirements.
Expert's Conclusion

Perp is best for Sophisticated DeFi Traders who prefer Transparency and Composability above Centralized Exchange Convenience.

Best For
For example, Perpetual Protocol would be best suited for those who are already familiar with cryptocurrency and the blockchain technology, and have an interest in non-custodial leverage trading.For example, DeFi protocols could build on top of the perp infrastructure.For example, Optimism Ecosystem Participants.

What do expert reviews and research say about Perpetual Protocol?

Key Findings

Perpetual Protocol offers Battle Tested Decentralized Perpetuals Trading on Optimism L2 with Community Support through Discord. Community Calls are held regularly on Discord. The primary form of support is via Discord, although there are some limited Customer Service Channels available. Developer Documentation is available along with a TestNet.

Data Quality

Fair - official docs and community channels provide solid technical info. Limited formal support data available as DeFi-native protocol. No G2/Capterra ratings found.

Risk Factors

!
Smart Contract Risks Despite Multiple Audits Despite being audited multiple times, smart contracts may still have risks associated with them.
!
Oracle Dependency for Pricing Feeds Perpetual exchanges rely heavily on oracles for pricing feeds, which creates an additional point of failure.
!
Community-Driven Support vs Formal Ticketing In addition to having community support channels such as Discord, Perpetual also has a formal ticketing system that users can utilize when they need assistance from a representative of the company.
!
DeFi Market Volatility and Competition The DeFi market is highly competitive, and it is subject to extreme volatility.
Last updated: February 2026

What Additional Information Is Available for Perpetual Protocol?

Community Engagement

Active Discord With Dedicated Support Ticket Channel Perpetual has an active community through its Discord server, which includes a dedicated ticketing channel. The community holds regular call meetings in which representatives of the company share information about their plans and answer questions from the community. The community also uses the servers for general communication regarding announcements.

Development Focus

v3 and Nekodex Represent Latest Protocol Iteration Nekodex represents the latest version of the Perpetual Protocol, and the most recent version of the protocol contains multi-collateral lending, limit orders, and many other user interface enhancements. These enhancements were determined through community feedback during call meetings.

Referral Program

Open Referral System Where Anyone Can Generate Codes Perpetual utilizes an open referral system in which anyone can create a code to refer others to the platform. Users who refer others to the platform are rewarded for each trade that is made by those users.

Security Priority

Multiple Audits By Top Firms Perpetual has undergone numerous audits by some of the top auditing firms in the industry, and the results of these audits have confirmed that the smart contracts developed for Perpetual are extremely reliable and secure. The company's smart contracts have been battle-tested at a large scale and have handled over billions in trading volume.

Perp Labs

Umbrella Organization Focused On DeFi Innovation Perpetual is part of an umbrella organization focused on developing new technologies related to decentralized finance. Perpetual Protocol is currently the flagship product of the umbrella organization; however, there is a possibility that the organization will expand the scope of the protocol in the future.

What Are the Best Alternatives to Perpetual Protocol?

  • •
    dYdX: Leading Decentralized Perps DEX on Cosmos Perpetual is a leading decentralized perpetuals DEX located on the Cosmos network and offers a number of advanced order types. While Perpetual offers a number of unique features that set it apart from other decentralized perpetuals DEXs, one of the primary drawbacks of Perpetual is that it is located on a separate blockchain than other DEXs, which makes it difficult for retail investors to access. This characteristic of Perpetual makes it best suited for professional traders who require a large amount of liquidity to make trades.
  • •
    GMX: Decentralized Perp Trading on Arbitrum/Avalanche Using GLP Liquidity Pools Perpetual is a decentralized perpetuals DEX that allows users to engage in decentralized perpetuals trading on both Arbitrum and Avalanche. Unlike Perpetual, this DEX does not offer a traditional order book and instead focuses on providing users with high yields for their assets through liquidity pools. Additionally, the UI of this DEX is much simpler than that of Perpetual, making it easier for new users to navigate. Because of this feature-rich design, this DEX is ideal for users who are seeking to earn yield through their assets without engaging in decentralized perpetuals trading.
  • •
    Aevo: High-Performance Perp DEX Built for Options/Pre-Market Perpetual is a decentralized perpetuals DEX that was specifically designed to allow users to engage in high-speed options trading. One of the key advantages of Perpetual is that it operates on a layer two solution of the Ethereum network, which enables it to execute trades in under a second. Due to the complexity of the products offered by Perpetual and the speed at which they are executed, Perpetual is primarily used by derivatives specialists who are looking to quickly enter positions before the markets open.
  • •
    Hyperliquid: Cosmic-Native Perp Exchange with CEX-Matching Performance Perpetual is a cosmic-native decentralized perpetuals DEX that offers users advanced performance metrics. While Perpetual operates on a fully on-chain basis and provides advanced analytics to help users understand their performance, it is limited to use within a specific ecosystem and therefore cannot be accessed by all users.
  • •
    Binance Futures: Industry-Leading CEX with 100s of Pairs Perpetual is a custodial-based CEX that offers users hundreds of different trading pairs and up to 125x leverage. Additionally, Perpetual offers users the ability to deposit fiat currency directly into the account and then trade with it. While the custodial nature of Perpetual limits the amount of control users have over their own assets, the CEX offers users the greatest degree of liquidity and ease-of-use compared to all other CEXs available today.

What Are Perpetual Protocol's Trading Metrics?

Decentralized Derivatives Exchange
Platform Type
Perpetual Futures (No Expiration)
Contract Type
Ethereum & Optimism L2
Primary Network
Virtual Automated Market Maker (vAMM)
Trading Model

How Does Perpetual Protocol's Supported Markets Compare?

Asset ClassContract TypeFeaturesStatus
Bitcoin (BTC)Perpetual FuturesLeverage trading, long/short positionsActive
Ethereum (ETH)Perpetual FuturesLeverage trading, long/short positionsActive
Multiple CryptocurrenciesPerpetual FuturesPrice speculation, leverage up to 20xActive
Synthetic AssetsPerpetual ContractsExposure without owning underlying assetActive

Maximum leverage varies by market and account tier

How Are Fees Structured for Perpetual Protocol?

Trading Fees
Payable in PERP tokens or stablecoins
Funding Rate Mechanism
Automatically adjusts to align perpetual prices with spot prices
Liquidity Provider Rewards
Portion of platform trading fees
Fee Discount Eligibility
PERP token holders can reduce fees

What Is Perpetual Protocol's Leverage Margin?

Maximum Leverage Available
Up to 20x (varies by market)
Margin Modes
Isolated margin and cross margin supported
Isolated Margin
Limits downside per contract to specific collateral
Cross Margin
Utilizes all collateral across all positions
Collateral Options
Multiple collateral types supported on Kraken integration

How Does Perpetual Protocol Manage and Mitigate Risk?

Funding Rate Mechanism

Industry-Leading CEX with Fiat Ramps and High Leverage Perpetual is a custodial-based CEX that offers users hundreds of different trading pairs and up to 125x leverage, along with fiat ramps for easy deposits. While the custodial nature of Perpetual limits the amount of control users have over their own assets, the CEX offers users the greatest degree of liquidity and ease-of-use compared to all other CEXs available today, making it best suited for beginners and high-volume traders who are willing to accept centralized risk.

Mark Price Oracle

Prevents price manipulation and ensures fair liquidation pricing

Liquidation Mechanism

Automated liquidation protects protocol from counterparty risk

Position Monitoring

Real-time tracking of margin requirements and position health

Smart Contract Security

All transactions executed through audited smart contracts with no external manipulation

What Is Perpetual Protocol's Security Audits Status?

Smart Contract AuditsSmart contracts audited and deployed on Ethereum blockchain
Trustless ArchitectureCode-based execution with no external influence or manipulation
Bug Bounty ProgramSecurity vulnerabilities can be reported

What Is Perpetual Protocol's Governance Token?

Token Symbol
PERP
Total Supply
150,000,000 (fixed supply)
Primary Utilities
Fee payment, governance, staking rewards
Fee Payment
Pay trading fees and liquidity provider fees with PERP tokens
Staking Rewards
Stake PERP tokens to earn platform rewards and fee rebates
Governance Function
Community governance and protocol decision-making

Which Blockchains Does Perpetual Protocol Support?

EthereumOptimism (L2 Scaling Solution)

Perpetual Protocol operates on Ethereum blockchain with L2 deployment on Optimism for improved efficiency and lower transaction costs

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