Transaction Mining

Transaction mining is a rewards program that aims to incentivize trading by giving traders fee rebates in the form of PERP rewards.

Perpetual Protocol transaction mining is live.

Claim your rewards now: https://claim.perp.exchange/​

Motivation

  • Reward early traders with PERP to attract more traders to the system

  • Distribute PERP into the hands of users

  • Prevent wash trading

Rewards

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Weekly reward cap

150,000 PERP

Trading fee rebates

For positions open for more than 30 minutes: Full reward

For positions open for less than 30 minutes: 1/3 reward

Reward calculation

Trading fees * 55%

Trading fees * 55% Total reward: 110%

Note: When total trading fees exceed the weekly reward cap, rewards will be given on a proportional basis.

Vesting

1/2 reward has no vesting

1/2 reward is vested 6 months

Reward calculation period

Every Monday, 6:00 UTC

Min reward value

1 PERP (Rewards less than 1 PERP will not be claimable.)

Example

  1. Use 100 USDC collateral to open ETH long with 5x leverage; fee is 0.50 USDC. Close the position after 35 minutes (assume PnL = 0); fee is 0.50 USDC. Total fees paid are 1.00 USDC. At the end of the week, you can claim PERP worth 1.10 USDC (half unlocked now, half unlocked after 6 months).

  2. Use 100 USDC collateral to open ETH long with 5x leverage; fee is 0.50 USDC. Close the position after 15 minutes (assume PnL = 0); fee is 0.50 USDC. Total fees paid are 1.00 USDC. At the end of the week, you can claim PERP worth 0.36 USDC (half unlocked now, half unlocked after 6 months).

Off-Chain Process

  1. Perpetual Protocol aggregates all the trading fees paid by traders each week.

  2. Each trader is rewarded a USD-denominated value of PERP based on a percentage of their aggregated trading fees.

  3. The rewarded PERP tokens are capped per week. Once the rewarded PERP > the cap, the rewarded PERP will be proportionally distributed to stakers.

  4. Half of the PERP rewards will be locked on-chain for 6 months.

  5. Perpetual Protocol pays each staker by submitting one or more on-chain transactions.

  6. Perpetual Protocol will publish weekly trading stats.