Perp88 is the newest decentralised perpetual exchange on Polygon Network. It aspires to become the premier destination for perpetual products. Here it offers The Fintech Times readers information and a special promotion on its referral program.
At launch, the platform will offer the following features to its users:
Leveraged perpetual trading: Users can leverage up to 88x on their favourite crypto assets with zero per cent spread. Trade now here.
Zero per cent price impact swap: Users can swap assets via Perp88 with zero per cent price impact regardless of their trade size. Swap now here.
Market making through PLP fund: Users can deposit assets into the PLP fund (Perp88 Liquidity Pool Fund), which functions as the market making liquidity for traders at Perp88. The depositor of the PLP fund receives profits from counter trading and the majority of protocol revenue in USDC. Deposit now here.
Referral program: Users can refer friends to Perp88 through the referral program. Referred users receive discounts on fees while referrers receive rebates from fees generated by their referred users. Refer now here.
While these are the core features of Perp88 at launch, the team has a roadmap to release additional improvements and features to help them achieve their aspiration.
Decentralised perpetual exchanges have been gaining significant traction in recent months, as they enable users to generate financial return in any market condition. Perp88 is no different, and it boasts some key competitive advantages over other decentralised perpetual exchanges:
Best economics for users: One of Perp88’s goals is to develop products that maximise financial returns for users. To help the team achieve that goal, Perp88 tries to give back maximum value to its users, regardless of how they participate on the platform:
- Leveraged traders: Perp88 charges a low trading fee of only 0.09 per cent. Combine that with the referral program, and the fee could get as low as 0.079 per cent.
- Market makers (PLP Depositors): Market makers (MMs) receive 100 per cent of the counter-trading profit. The platform also allocates over 85 per cent of protocol revenue to MMs. For references, the current market leader allocates only 70 per cent of revenue to their MMs.
- Referrers: The highest tier of our referral program returns over 50 per cent of fees generated from referees back to the program participants while also posing a lower participation requirement vs. other platforms. More details here.
LP protection: Perp88 has multiple mechanisms in place to ensure our market makers/depositors are safe from exploits or from taking on too much risks. More details on the safety mechanisms can be found here.
Perp88 has placed significant emphasis on building a comprehensive leveraged trading feature. Some of the key components that allow Perp88’s trading product to stand out include:
- High leverage: Perp88 supports a maximum leverage of 88x. This allows users who have high conviction to capitalise on their market view and maximise their financial gains.
- Complete decentralisation: funds are in a user’s control at all times and governed by our smart contracts. No one else has access or custody to your fund. So you can trade with a full peace of mind with no counterparty risk.
- Zero per cent spread: Perp88 is able to offer a zero per cent spread when opening/closing a leveraged position. Leveraged traders on the Perp88platform can enter/exit a position at the specific price with size.
- High liquidation threshold: Perp88 has set the liquidation threshold for leveraged position at 99 per cent, meaning the position owner would only be liquidated if the loss and fees accrued on the position reach 99 per cent of the position’s collateral. Setting the liquidation threshold at 99 per cent will greatly reduce the chance of the position owner being liquidated, especially in a volatile market condition.
- No profit limit: Perp88 does not place any limit on traders’ profits. You will receive all the potential upside from your trade and your position will not be closed or capped simply because you are “too correct” and how much profit you are making.
- User-focused UI/UX: Perp88 offers a simple UI to its users while also offering features like advanced order types or subaccount support, creating a simple yet highly functional trading experience.
Token airdrop for early adopters
Perp88 is launching without a governance token. The rationale behind this decision by the team is to focus their attention on the product market fit without having to worry about the token price.
With that said, token launch is definitely in the plan once the team deems the product has sufficient traction. To show appreciation to the early adopters of Perp88, the team plans to allocate an undisclosed amount of governance token to the early platform users. More details will be provided at a later date.
Security is Perp88’s highest priority
Perp88 was audited by InSpex, a blockchain security audit firm with a stellar track record of auditing various leading DeFi protocols. In addition, the team is also in the process of setting up a formal bug bounty program as another security layer. More details on the protocol security can be found here.
Special deal for The Fintech Times readers
Perp88 is offering the highest tier of discounts (12.5 per cent) from its referral program to customers. Enter the code “FinTechTimes” at the referral page here to activate the code when using Perp88.