what's Perpetual Protocol?
Perpetual Protocol is a decentralized exchange (DEX) built on Ethereum's Layer 2 Optimism, specializing in perpetual futures contracts for cryptocurrencies. It enables users to trade long or short positions with up to 10x leverage across various assets, using a virtual automated market maker (vAMM) system for liquidity and price discovery without traditional order books. Liquidity providers can earn fees by supplying assets to the pools, and the protocol integrates with Uniswap v3 for concentrated liquidity in its v2 iteration. The native governance token, PERP, allows holders to participate in protocol decisions, stake for rewards, and benefit from fee-sharing mechanisms. Originally launched in 2020 after a seed round backed by investors like Multicoin Capital and Binance Labs, it emphasizes composability with other DeFi tools while maintaining on-chain settlement for transparency and security.
Perpetual Protocol plans 2026 launch of AI-powered DEX infrastructure for institutional tokenized perpetual markets.
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Recorded second-highest Perp DEX volume on February 5th, 2026, surpassed only by volume on October 10th.
Plans to launch AI-powered DEX infrastructure for institutional traders, algorithmic trading systems, tokenized perpetual markets, and a modular liquidity layer in 2026.
Sunsetting Perp v2, Hot Tub, and Nekodex as part of a protocol evolution with new leadership and roadmap.
Featured in an article by Cyber Fund covering the protocol's architecture.
Derivatives sector, led by Perp DEX, ranks #2 in 7-day fees across all crypto sectors.
PERP delisted from Bybit futures trading.
DEX trading recorded best month, CEX posted 5th best month, with overall trading volume up 3x from 2023. Perpetual DEX now captures 25% of crypto trading market share, achieving 400% growth over the past 365 days (as of 2026-02-08).
Smart Money accumulated $20.7K of PERP over 7 days, placing it 3rd in net inflows among Ethereum tokens.
Binance announces delisting of PERP from all spot trading pairs effective 2025-11-12 03:00 UTC.
Open interest on Perp DEX falls by more than 60%.
Derivatives category led by Perp DEX ranks #3 in 7-day fees.
93% of trading fees are allocated to token buybacks, with current revenue trajectory indicating full supply buyback possible in 2.5 years at $3M market cap.
Coinbase launching perp trading in USA, with Robinhood expected to follow, marking first major US CEX entry into perp trading market.
New Hyperliquid spot market listing announced.
VestExchange launches FX trading with 100x leverage on selected assets.
Reward rates reduced but both holder rewards (Nekocoin) and trading multipliers continue to be active.
Holders can now earn daily Nekocoin rewards on Nekodex platform through passive holding.
Daily rewards program reduces distribution by 50% effective April 29 at 00:00 UTC due to unexpectedly high participation.
Autopilot Rewards feature launches, enabling new passive reward opportunities.
Technical breakout setup with $0.3 resistance level identified as critical threshold.
Trading incentive program offers Nekocoin rewards for any trade above $1.
Binance launches trading competition with 1,028 USDT daily prizes until May 14, requiring Arbitrum wallet connection.
Automatic execution bonus system provides instant trading rewards based on token holdings without claiming requirements.
New trading incentive program launches on Nekodex offering 1000 Nekocoin daily rewards for $1 minimum trades.
Token holders now earn daily rewards through holding or trading without staking requirements.
Acquires FTX EU for $32.7M, becomes only MiFID II-licensed derivatives exchange in EU while launching new yield farming program.
Major institutional holder moves 3M PERP ($560K) to Binance following investment token unlock.
Token faces potential delisting from Binance through community vote, currently under monitoring status.
Binance adds Monitoring Tag effective April 3, indicating increased exchange scrutiny.
New monitoring tag on Binance signals elevated delisting risk.