What is Perpetual Protocol?
Perpetual Protocol v2 Docs
These docs describe v1 of the protocol. For v2 docs, please visit https://v2docs.perp.fi/​
Perp v1 is not actively maintained. Use at your own risk. Try v2 here.

Perpetual Protocol DEX

The core of Perpetual Protocol is the decentralized exchange (DEX), based on Ethereum and xDai.
Perpetual Protocol Exchange

What can you do on the Perpetual Protocol DEX?

  • Go long or short on a growing number of assets
    • Includes BTC, ETH, DOT, SNX, YFI and more.
  • Trade with up to 10x leverage.
  • Trade with low gas fees thanks to xDai.
  • All trading is 100% on-chain.
  • Trading is 100% non-custodial
To start trading, go to the Perpetual Protocol Exchange link above.
You will need:
Trade via xDai for best reliability
All trades occur on xDai. Trading is possible via Ethereum thanks to a transaction relay. If you are trading in size, it is highly recommended to trade via xDai directly, or have this option as a backup. High volumes may cause the transactions sent by the relayer to be delayed or fail.

Technical Overview

Read on to learn about how the Perpetual Protocol works.
Perpetual Protocol is a decentralized perpetual contract protocol for every asset, made possible by a Virtual Automated Market Maker (vAMM).
Like Uniswap, traders can trade with our vAMMs directly without the need for counterparties. The vAMMs provide guaranteed on-chain liquidity with predictable pricing set by constant product curves. The vAMMs are also designed to be market neutral and fully collateralized.
PERP holders can become stakers by staking the PERP tokens in their possession to a Staking Pool. In return, stakers are rewarded with a portion of the transaction fees in stable coins plus staking rewards in PERP.

Project vision

Our goal is to create the world's best, most accessible and most secure decentralized derivatives trading platform.
This vision leverages the DeFi 'money lego' ethos to both build upon other amazing DeFi projects, as well as actively facilitate ways for future projects to build upon our work.
Perpetual Protocol also has a utility token (PERP) with incentive structures to foster a vibrant, engaged community of users that will govern protocol development in a cooperative, democratic way.

What are Virtual AMMs (vAMMs)?

Contrary to the applications that utilize automated market makers (AMMs) for both token swaps and price discovery such as Uniswap and Balancer, Perpetual Protocol uses the constant-product curve in our AMMs solely for price discovery so that we can handle leverage and shorts.
Due to this difference, we call our AMMs "Virtual AMMs". Please see How it Works to learn more, or check out our Deep Dive on Medium.