Perp88 is a Decentralized Spot & Perpetual Exchange operating on Polygon. Perp88 offers multiple features to our users:
- 1.Swap: Users can swap the assets on the platform through the PLP fund with 0% price impact. This is made possible by using a price oracle to determine the exchange rate for the swap feature rather than relying on the XYK model.
- 2.Leveraged Trade (Perp): Users can open up to 88x leveraged long or short position on the platform. In order to use this feature, user must first deposit collateral into the platform. Once assets have been collateralized, users can open a leveraged position on assets within the PLP fund.
- 3.Market Make: Users can become market makers for traders at Perp88 by depositing eligible assets into the PLP fund, which functions as the liquidity for leveraged and spot traders at Perp88. Depositors earn 100% of profit from countertrading and 85% of protocol revenue in USDC. More details on the PLP fund can be found here.
- 4.Refer: Users can participate in our referral program and help Perp88 onboard new users onto the platform. The referees can get up to 12% discount on trading fees and 7.5% discount on deposit fees while the referrers can earn up to 40% of their referee's trading fee revenue and up to 12.5% of their referee's deposit fee revenue all paid in USDC. Learn more here.
There are currently three ways you can participate in Perp88.
- As a Depositor - You deposit eligible assets into the PLP fund. The deposited asset will be used as the liquidity for leveraged traders, making the PLP depositors the counter trader by default. Depositing in PLP will give you 100% of profits from counter trading as well as 85% of protocol revenue in USDC.
- As a Trader - You deposit collateral to Perp88 & open a leveraged long or short position with up to 88x leverage on selected asset. If you are a spot trader, You swap assets in PLP while incurring 0% price impact.
- As a Referrer - You refer friends and help Perp88 onboard new users. Your referrers earn discounts on fees while you earn rebates in USDC generated from fee revenue from your referees.
Yes! Perp88 is extensively audited by InSpex, which has a strong track record of auditing many leading protocols in DeFi. You can find the audit report here.
In addition, our codes are open source. So you can review our Github we have included all of the contract addresses here for transparency. Any user is free to review our contracts in detail.
However, there is some inherent risks involved in using our products. To get a full understanding of those risks, we encourage you to check out the Risks section of our Docs here.
Perp88 prides itself for being the decentralized perpetual exchange with the best economics for users, whether it’s LP, traders, swappers, or referrers. Our aim is to create a product that gives the most value back to our users regardless of how they participate in the platform. This means that we try to minimize the fees charged on using our product while also finding a way to distribute value back to our users whether in the form of revenue sharing, rebates, or discount.
While there are currently multiple available spot & perpetual exchanges in the market, Perp88 brings multiple competitive advantages to the table whether in regards to the economics or the product. Below are some of the key highlights on why Perp88 has the potential to stand out when compared to its competitors.
- 💸 Best Economics for LP: Perp88 rewards the depositors of the PLP for by allocating over 85% of the platform revenue back to the depositors in the form of USDC rewards. In comparison, GMX, the current market leader, allocates only 70% of the platform revenue back to its market makers.
- 🧑🤝🧑 Most Attractive Referral Program: Perp88 offers one of the most attractive referral programs for both the referrers and the referees. The highest tier of our referral program returns over 50% of trading fee revenue generated from referees back to the program participants while also posing minimum participation requirement. We will share more details on the referral program in the upcoming articles.
- 📉 Low Fees: Perp88 offers some of the cheapest fees for our users. We currently charge only 0.09% of trading fees on leveraged position. Combine the low fees with our referral program, and you’ll get to use one of the cheapest options for leveraged perp trading platform.
- 📈 High Leverage: Perp88 supports a maximum leverage of 88x on your deposited collateral. This allows users who have high conviction on their view of the market to capitalize on their market view and maximize their financial gains from capitalizing on that view.
- 0️⃣ 0% spread: With the current architecture, Perp88 is able to offer a 0% spread when opening/closing a leveraged position. Leveraged traders on the Perp88 platform can ensure that they can enter a leveraged position at the specific price that they wish to enter or exit.
- 📊 Subaccount Support: Perp88 supports multiple subaccounts under the same wallet address. Using subaccount allows users to employ different trading strategies and provides an easy way for users to track their performance under the same account, improving the overall user-experience at Perp88.
- 💱 Advanced Order Types: Perp88 supports advanced order types such as limit order, take profit, and stop loss. This is to enhance the trading experience for our users and support them to maximize the efficiency and effectiveness of our users trading strategy.
- 👁 Robust price oracle: Perp88 relies on multiple sources of price feeds to protect leveraged traders on the platform from scam wicks or short-term rapid price movements in a volatile market condition. This greatly reduces the risks of liquidation for the position owners.
- 🌊 Capital efficient liquidation threshold: Perp88 has set the liquidation threshold for leveraged position at 99%, meaning the position owner would only be liquidated if the loss & fees accrued on the position reach 99% of the position’s collateral. Setting the liquidation threshold at 99% will greatly reduce the chance of position owner being liquidated, especially in a volatile market condition.
- 0️⃣ 0% Price Impact: Perp88 offers 0% price impact swap for assets within the PLP fund. By swapping your assets at Perp88, you can ensure that you will not face any price impact regardless of the size of your trade.
- 💻 Friendly UI/UX: Perp88 has put a lot of emphasis in delivering the best user experience to our users. Whether or not you are a DeFi native or you are just a new comer to the space, we make sure that navigating through our UI/UX is as intuitive as it can get.
- 🌐 Decentralization: Perp88 is a decentralized perpetual exchange. This means that we do not pose any KYC requirements on our users like other perpetual exchanges do and anyone with an internet connection, regardless of where you are, can trade at Perp88.
- 🧑🌾 Farmable Module: Perp88 has also developed our smart contract to allow re-deployment of un-utilized funds within the PLP into other safe yield-generating protocols, thereby increasing the capital efficiency and yields and minimizing underutilization of assets for PLP depositors
- 💰 No limit on profit: Perp88 does not place any limit on traders' profits. This means that you can ensure that you will receive all the potential upside from your trade and your position will not be closed simply because of how much profit you are making.
Initially, no. We believe that there is a misconception within the cryptocurrency space that a cryptocurrency project requires a native token to succeed. While we have seen many prominent projects garner over hundreds of millions of dollars in valuation, having a native token for your decentralized app does not necessarily guarantee project success nor does not having a native token will doom a project to failure.
Since the inception of DeFi, we have seen multiple projects try to build their core products around their token, requiring it to be used to participate in the protocol, which, in our view, is not the right approach. Instead, we believe that building a solid core product should be the first priority and projects should initially focus on what can sustainably grow its adoption, such as the product’s ability to fulfill the users’ unmet needs, a frictionless onboarding process, an easy-to-use application interface, and a well designed user journey.
Incorporation of a native token into the platform should be viewed as an additional enhancement layer (whether as a revenue sharing mechanism, a gateway to participation in project governance, or a protocol safety mechanism) to further maximize project’s potential and should be pursued as the next step after a product has found its market fit.
This means that in the future, Perp88 may launch our own governance token!
The PLP fund is the fund that provides liquidity to the exchange when traders open a leveraged position or when traders swap assets on the platform. In addition, it also functions as the counter party to the traders who trade on at Perp88. Consequently, the profits and losses from counter trading on the platform also accrue in the PLP fund.
The PLP fund consists of the bluechip assets highlighted in the table below. As PLP fund acts as the liquidity for traders, it is highly important to ensure that there's sufficient liquidity of each type of asset for leveraged trading and swapping. With that said, Perp88 has assigned a target weight to each of the asset in the PLP fund to determine a healthy allocation of the fund.
Note that when you deposit funds into PLP, you will receive PLP token, which can be staked to earn 85% of protocol revenue in USDC.