Perpetual Protocol Review (2021) - The Largest Decentralized Futures Exchange

The largest perpetual futures exchange on DeFi that enables on-chain trading of assets including cryptocurrencies, gold, crude oil and fiat.

Tanya Chen

Senior Editor at Buy Bitcoin Finder

What is Perpetual Protocol?

Perpetual Protocol is a decentralized futures trading platform built on Ethereum that is powered by their trademark Virtual Automated Market Maker (vAMM). The project was built with an aim to create permissionless and novel financial instruments by enabling the democratization of Futures and other cryptocurrency assets.

Their platform offers up to 10x leverage on-chain for users to long or short a variety of assets which include Bitcoin, Ethereum, Compound, Chainlink, Polkadot and many more.

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The Fastest Growing Decentralized Futures Exchange

Perpetual Protocol has positioned itself to be the largest and fastest growing decentralized perpetual futures exchange across a number of key metrics. 

Their platform has the highest average daily trading volume that has ballooned over the past 3 months to over $250M per day according to Dune Analytics.

This volume growth also equates to high protocol earnings and high yields for PERP stakers. The chart below shows the daily fees earned by the various contract pairs on the Perpetual Protocol exchange.

What is the PERP Token?

PERP is the native token of Perpetual Protocol. As it stands, PERP tokens enable community members to be able to vote on features relating to their exchange platform and other matters concerning protocol governance.

With the PERP token, users can also stake it on the platform to earn a percentage of the fees earned by the platform. At the moment, the Annual Percentage Yield (APY) is around 100% - which is extremely high and driven by the use and popularity of the platform. PERP stakers currently share 50 percent of the protocol’s trading fees.

What are the fees to trade on Perpetual Protocol?

To minimize the high gas costs of the Ethereum Network, Perpetual Protocol leverages xDAI Chain which is a popular Layer-2 scaling solution to lower costs for users. This scaling platform essentially handles a lot of the work required to run Perpetual Protocol’s key contracts.

In summary, the fees to trade on Perpetual Protocol are always set at 0.1% and there is no variance if gas costs are high or low.

Is Perpetual Protocol Safe to use?

Perpetual Protocol is the most secure perpetual trading network on DeFi that is endorsed by leading venture capital firms that include Binance, Alameda Research and Three Arrows Capital. Their protocol is battle tested in the market and has quickly become the most popular on-chain derivatives exchange.

Further, Perpetual Protocol has successfully passed stringent security audits by leading teams including Consensys and Peckshield.

Trading Pair
Trade perpetual futures contracts with USDC.
Cryptocurrencies
AAVE, ALPHA, BTC, COMP, CREAM, CRV, DOT, ETH, GRT, LINK, MKR, PERP, REN, SNX, SUSHI, UNI, YFI
Trading Fees
0.1%
Deposit Methods
ERC-20 Wallet (e.g Metamask)
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