What Is a Perpetual DEX? On-Chain Perps Explained
A perpetual DEX lets you trade leveraged contracts on-chain with no central custodian. The matching engine, custody, and pricing all work very differently from Binance or Bybit.
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A perpetual DEX lets you trade leveraged contracts on-chain with no central custodian. The matching engine, custody, and pricing all work very differently from Binance or Bybit.
A perpetual DEX lets users trade leveraged futures on crypto without an expiry, directly from a wallet. Here is how the on-chain versions work and the trade-offs.
Perpetual futures let you bet on crypto price with leverage and no expiry, but funding fees and liquidation risk make them far more dangerous than spot trading.
Ondo Finance CEO Ian De Bode has confirmed that Ondo Perps — billed as the first perpetuals trading platform built…
Hyperliquid ran SpaceX at launch, CME shrank oil contracts for 24/7 retail access, and the CFTC opened a 67-question docket on perpetual crude.
Conventional WTI already trades nearly 24 hours a day on weekdays, so a 24/5 schedule strips out the only use case the crypto-style structure was supposed to unlock: live weekend price discovery.
A CFTC staff advisory and parallel approvals for KalshiEX and Coinbase Financial Markets mark the first time retail-accessible BTC perps can be traded onshore — pulling roughly 80% of global crypto…
The CFTC-approved BTCPERP, tracking spot BTC, lands as Polymarket races toward a public perp launch — turning prediction-market venues into a credible alternative rail for leveraged Bitcoin exposure.
Kalshi's launch of crypto perpetual contracts under CFTC oversight has triggered a public fight between derivatives…
CME Group CEO Terry Duffy has issued a stark warning about the push to introduce perpetual futures contracts in US…
The bigger signal is product breadth: Kraken is linking crypto's always-on derivatives model with traditional market exposure inside its funded trading program.
The contracts are synthetic — no equity, no shareholder rights — but they tap the same $13T private-market demand pool that pulled Injective, Bitget, and Robinhood into the same trade this year.
Hyperliquid runs a fully on-chain central limit orderbook for perps. Here's how matching, funding, and liquidations actually work under the hood.
Kraken is weeks away from launching regulated perpetual futures on Kraken Pro, after securing CFTC-regulated futures…
Prop firms and market makers are likely to test the contracts first, while banks wait for deeper liquidity, settled rules and infrastructure for 24-hour risk.
Perps dominate with $200B+ daily volume and brutal margin efficiency, but funding-rate exposure and exchange insurance-fund blowups remain the hidden costs traders say most users underprice.
Wall Street's biggest dealer is telling clients the perps market is a retail and momentum-trader venue, not an institutional hedging primitive, and that concentration in offshore books makes depth…
The synthetic opening bell is created by chart intervals and API defaults that pull thousands of independent systems toward the same clock boundary, even in a market designed to run without…
The legacy NFT marketplace is borrowing Hyperliquid's onchain order book to enter perps — a category pivot that puts OpenSea back on the front page of active traders' workflows, not just collectors'.
Positive funding means longs pay shorts, but the real warning is crowded leverage: one sharp move can turn liquidations into a self-reinforcing cascade.