what's Katana Perps?

Katana Perps is a decentralized perpetual futures exchange (perp DEX) integrated natively into the Katana DeFi blockchain. Following Katana's acquisition of IDEX—a pioneer in non-custodial orderbook trading since 2017—it leverages battle-tested matching engine technology for low-latency execution and on-chain settlement. Key features include an orderbook interface supporting limit, market, and stop-limit orders with advanced options like reduce-only, post-only, take-profit/stop-loss (TP/SL), and good-til-cancelled (GTC). Traders use vbUSDC (yield-bearing USDC from Katana's Vault Bridge) as margin collateral, enabling up to 50x leverage on major pairs such as BTC-USD, with maker-taker fees and a referral system. Unlike token-emission reliant perp DEXs, Katana Perps is powered by Katana's structural yield mechanisms: Vault Bridge deploys bridged stablecoins into Ethereum yield strategies to fund liquidity providers and rewards; sequencer fees and app revenues bootstrap chain-owned liquidity; vKAT (vote-escrowed KAT) enables chain-level incentive direction via ve(3,3) mechanics, capturing fees and emissions. A points program (e.g., Season 1: The Forge) rewards trading volume, liquidity, and referrals during phased early access via invite codes. All revenue funnels into Katana's ecosystem flywheel, enhancing overall liquidity depth and yield sustainability without a dedicated Perps token.

Katana Perps launched its platform today.