[{"data":1,"prerenderedAt":351},["ShallowReactive",2],{"api/learn-center-post-en-what-is-perpetual-protocol-perp":3,"footer-en":61,"learn/cryptocurrency-guide/what-is-perpetual-protocol-perp-en-seo":259,"navigation-en-learn-center":264,"api/learn-categories-en":312},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":43,"title":5,"formattedPublishedAt":54,"geofencings":55,"category":56,"pagination":58,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is Perpetual Protocol? (PERP)","What is Perpetual Protocol? (PERP) | Bitstamp by Robinhood","What is Perpetual Protocol? How does PERP work? Read our guide to Perpetual Protocol’s futures exchange and start trading PERP on Bitstamp by Robinhood.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_Perpetual_Protocol_1png_288289715f_46dae1d73a.png","image/png",".png",1920,1080,"What_is_Perpetual_Protocol_1png_288289715f.png","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/cryptocurrency-guide/what-is-perpetual-protocol-perp/","en-GB",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-perpetual-protocol-perp/","es",{"pathname":27,"locale":28},"/learn/cryptocurrency-guide/what-is-perpetual-protocol-perp/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-perpetual-protocol-perp",false,"\u003Cp>Perpetual Protocol is a decentralized finance (DeFi) platform that allows users to trade cryptocurrencies with leverage via perpetual futures.\u003C/p>\n",{"url":39,"mime":40,"ext":41,"width":14,"height":15,"name":42,"alt":17},"bitstampImageUrl/what_is_perpetual_protocolsvg_a81a697907_464ae3ed53.svg","image/svg+xml",".svg","what_is_perpetual_protocolsvg_a81a697907.svg",[44],{"component":45,"props":46,"content":47,"secondaryContent":51,"ctas":52,"secondaryCtas":53,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":48,"width":49,"align":50},"\u003Cp>There are many ways to trade financial assets. The simplest form of trading involves buying and selling assets, relying on price variability to attempt to drive profit. However, in the traditional finance world there are also many types of \u003Cstrong>derivatives\u003C/strong>, which are instruments that \u003Cem>derive\u003C/em> their value from an underlying asset like a stock or commodity. Traders often use derivatives to obtain \u003Cstrong>leveraged\u003C/strong> exposure to the underlying asset which amplifies gains and losses compared to trading the underlying asset directly. Examples of derivatives include: options, swaps, forwards, and futures.\u003C/p>\n\u003Cp>With a traditional futures contract, the buyer and seller agree to exchange an asset at a pre-specified price at some future date (hence the name). Unlike traditional futures markets that emerged prior to the creation of perpetual futures, cryptocurrency markets lacked deep and liquid regular futures markets. Consequently, liquidity swiftly shifted towards perpetuals, finding a niche among cryptocurrency speculators, leading to a new type of futures trading: \u003Cstrong>perpetual futures\u003C/strong>. These leveraged tools do not have expiration dates—like traditional futures—and this makes them more efficient and intuitive.\u003C/p>\n\u003Cp>Perpetual Protocol offers the trading of perpetual futures on a decentralized exchange (DEX) via the Ethereum-based Optimism \u003Cstrong>layer 2 scaling solution (L2)\u003C/strong>. Traders use Perpetual Protocol to increase their exposure to crypto assets, potentially reaping more profits at the risk of increased losses. This feature is also offered by projects like \u003Cstrong>dYdX.\u003C/strong>\u003C/p>\n\u003Cp>Perpetual’s PERP token is native to Ethereum and is used to earn rewards through locking tokens in a smart contract, and it is also used for community governance through a decentralized autonomous organization (DAO).\u003C/p>\n\u003Ch2>How was Perpetual Protocol developed?\u003C/h2>\n\u003Cp>Perpetual Protocol was co-founded by Yenwen Feng and Shao-Kang Lee in 2020. The Taiwan-based pair previously co-founded another decentralized derivatives protocol called Cinch Network, which focused on options trading (rather than futures), as well as a company that offered accounting software for crypto companies.\u003C/p>\n\u003Cp>Feng and Lee began to develop Perpetual Protocol as a part of the Binance incubator. When it was first announced in 2020, their project went by the name “Strike Protocol.” Inspired by protocols such as Synthetix and Uniswap, Perpetual was designed to offer 20x leverage in perpetual contracts, support synthetic assets, and guarantee liquidity by using a \u003Cstrong>virtual automated market maker (vAMM).\u003C/strong> Within months, Strike was renamed to Perpetual Protocol and Strike’s SKE token was renamed PERP. This was partially to avoid confusion with the Bitcoin lightning wallet also named Strike.\u003C/p>\n\u003Cp>The first version of Perpetual Protocol was released in 2020, and the next year the platform saw around $36 million in trading volume, according to Feng. The developers announced a second, updated version of the protocol called “Curie” that launched on Optimism (an Ethereum L2 network) in November 2021. This new version adjusted original vAMM model and more closely tied itself to Uniswap’s traditional AMM.\u003C/p>\n\u003Cp>Unfortunately, as the platform was transitioning from v1 to v2, a large trader of the CREAM token was liquidated which put Perpetual’s insurance fund in jeopardy. This resulted in the team temporarily halting all trading on the platform, and, through community governance, the platform distributed remaining funds across its userbase. After this turmoil, only Perpetual v2 (Curie) was live for trading.\u003C/p>\n\u003Ch2>How does Perpetual Protocol work?\u003C/h2>\n\u003Cp>Perpetual Protocol is a non-custodial, smart contract-powered platform that operates on Optimism’s layer 2 blockchain. That means that when users place a leveraged trade on Perpetual, they deposit their funds into a \u003Cstrong>smart contract\u003C/strong> with pre-specified functionality, allowing them full control of their funds.\u003C/p>\n\u003Ch3>Perpetual futures\u003C/h3>\n\u003Cp>Traditional futures contracts allow traders to increase their leverage in the market. However, since they expire on a given date, traders must “roll over” their positions (close the old one and open a new one with a later expiration date) if they want to continue to have exposure to the asset. This introduces complexity and results in inefficiency for traders wanting to maintain longer term price exposure to the asset. Therefore, \u003Cstrong>perpetual futures (perps)\u003C/strong> were proposed as financial tools that don’t require this periodic buying/selling to maintain a position.\u003C/p>\n\u003Cp>However, it took around 20 years for this idea to become a reality. Perpetual futures are now a relatively common offering in the cryptocurrency space, although they still haven’t been adopted in traditional finance. Perpetual Protocol was one of the first of these crypto platforms to offer perps. They allow platform users to trade crypto with 10x leverage or more. Although this can be very profitable when traders speculate correctly, it also comes with the risk of significant losses and even \u003Cstrong>liquidation\u003C/strong> of whole positions.\u003C/p>\n\u003Ch3>Automated market maker\u003C/h3>\n\u003Cp>Perpetual uses Uniswap’s automated market maker (AMM) to execute trades made on its platform. Uniswap was the first major project to successfully implement an AMM to run its decentralized exchange (DEX). Using Uniswap allows Perpetual to access the advanced features of this well-established DEX, such as concentrated liquidity.\u003C/p>\n\u003Cp>Users of Perpetual Protocol can deposit funds and provide liquidity to different markets such as BTC, ETH, and others. In doing so, they earn a portion of platform fees for the service of “deepening” that market’s liquidity. When performing this function, the user chooses a range in the asset’s price in which they will earn rewards. Therefore, they can choose if they are more bullish or more bearish on the asset. As long as the asset stays within the pre-specified range, they earn rewards without the risk of \u003Cstrong>impermanent loss\u003C/strong>.\u003C/p>\n\u003Ch2>How is the PERP token used?\u003C/h2>\n\u003Cp>PERP is an Ethereum-based token that conforms to the ERC-20 token standard. Its primary uses are in platform rewards and community governance. Token holders can lock PERP in a smart contract, allowing them to collect protocol rewards and portions of trading fees. When holders lock their PERP, they receive \u003Cstrong>voting escrow PERP (vePERP)\u003C/strong> tokens in return. This process is based on the standard for “veTokenomics” originally set by Curve. In general, more vePERP are returned to users who lock more of their tokens for longer amounts of time.\u003C/p>\n\u003Cp>By holding vePERP, users are eligible to receive rewards (in the form of USDC) for fees generated by traders using the platform. They are additionally able to participate in community governance in Perpetual Protocol’s decentralized autonomous organization (DAO).\u003C/p>\n\u003Ch3>Token distribution and economics\u003C/h3>\n\u003Cp>PERP was launched around the time of the mainnet launch in September 2020 using a feature of the Balancer DEX’s platform called the Liquidity Bootstrapping Pool (LBP). Through this process, a small percentage of the total supply of PERP tokens were sold to raise funds for the project.\u003C/p>\n\u003Cp>Of the maximum supply of 150 million PERP, 54.8% are reserved for to support the Perpetual ecosystem (through the DAO) and platform rewards, 21% are allocated to the development team and advisors, 19.2% were distributed to investors, and 5% were distributed through the Balancer LBP.\u003C/p>\n\u003Ch2>Conclusion\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Cp>Perpetual Protocol is a decentralized finance (DeFi) protocol that offers leveraged trading through the use of perpetual futures.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>By integrating with Uniswap v3’s automated market maker (AMM), Perpetual offers its users the benefits of concentrated liquidity while also attempting to minimize impermanent loss.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>The PERP token can be deposited into Perpetual’s smart contracts to earn platform rewards and is also used for community governance.\u003C/p>\n\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"November 22nd, 2023",{},{"title":32,"url":31,"geofencings":57},{"geofencing-uk":33},{"previous":59,"next":60},"/learn/cryptocurrency-guide/what-is-pepe/","/learn/cryptocurrency-guide/what-is-polkadot-dot/",{"ready":33,"sections":62,"disclaimer":257,"copyright":258},[63,106,134,157,194,213],{"title":64,"content":17,"items":65},"About",[66,71,76,81,86,91,96,101],{"noFollow":33,"isExternal":36,"name":67,"value":68,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":69,"geofencings":70},"Who We 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Kingdom",{},{},{"title":214,"content":17,"items":215},"Contact",[216,221,225,229,233,237,242,247,252],{"noFollow":36,"isExternal":36,"name":217,"value":218,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":219,"geofencings":220},"Customer 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":243,"value":244,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":245,"geofencings":246},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":248,"value":249,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":250,"geofencings":251},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":253,"value":254,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":255,"geofencings":256},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":260,"twitterImage":260,"twitterSite":261,"twitterCreator":261,"twitterCard":262,"twitterTitle":6,"twitterDescription":7,"titleTemplate":263},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_Perpetual_Protocol_1png_288289715f_46dae1d73a.png","@Bitstamp","summary_large_image","%s",{"items":265,"ready":33,"platformButtonText":308,"backButtonText":309,"logInButtonText":310,"signUpButtonText":311},[266,270,274,277,280,283,286,291,294,299,304],{"headerName":267,"sidemenuName":138,"url":139,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":268,"submenu":269,"tag":17},"Institutions",{},[],{"headerName":130,"sidemenuName":130,"url":131,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":273},{},[],"NEW",{"headerName":153,"sidemenuName":153,"url":154,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":275,"submenu":276,"tag":17},{},[],{"headerName":110,"sidemenuName":110,"url":111,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":278,"submenu":279,"tag":17},{},[],{"headerName":120,"sidemenuName":120,"url":121,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":281,"submenu":282,"tag":17},{},[],{"headerName":125,"sidemenuName":125,"url":126,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":284,"submenu":285,"tag":17},{"geofencing-uk":33},[],{"headerName":287,"sidemenuName":287,"url":288,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":289,"submenu":290,"tag":17},"Markets","/markets/",{},[],{"headerName":115,"sidemenuName":115,"url":116,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":292,"submenu":293,"tag":17},{},[],{"headerName":295,"sidemenuName":295,"url":296,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":297,"submenu":298,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":300,"sidemenuName":300,"url":301,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":302,"submenu":303,"tag":17},"Learn","/learn/",{},[],{"headerName":305,"sidemenuName":305,"url":111,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":306,"submenu":307,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[313,317,321,325,329,333,335,339,343,347],{"title":314,"url":315,"geofencings":316},"Blockchain technology","/learn/blockchain/",{},{"title":318,"url":319,"geofencings":320},"Company profiles","/learn/company-profiles/",{},{"title":322,"url":323,"geofencings":324},"Crypto 101","/learn/crypto-101/",{},{"title":326,"url":327,"geofencings":328},"Crypto definitions","/learn/crypto-definitions/",{},{"title":330,"url":331,"geofencings":332},"Crypto trading","/learn/crypto-trading/",{},{"title":32,"url":31,"geofencings":334},{"geofencing-uk":33},{"title":336,"url":337,"geofencings":338},"People profiles","/learn/people-profiles/",{},{"title":340,"url":341,"geofencings":342},"Security","/learn/security/",{},{"title":344,"url":345,"geofencings":346},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":348,"url":349,"geofencings":350},"Web3","/learn/web3/",{},1775562909230]