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Home/Glossary/Perp DEX
DeFi

Perp DEX

Also called: perpetual DEX · on-chain perps

In shortA decentralized exchange for trading perpetual futures from your own wallet.

Hyperliquid, dYdX, GMX and others let you trade perps with leverage without handing your funds to a company. Positions and liquidations are visible on-chain.

Read more on Cryptensive

  • Hyperliquid review
  • Decentralized exchanges compared
← Passphrase (25th word)All terms A–ZPerpetual futures (perps) →

Related terms

  • Perpetual futures (perps)Futures contracts with no expiry date, kept close to the spot price by regular funding payments.
  • Decentralized exchange (DEX)A trading platform run by smart contracts, where you swap tokens straight from your own wallet.
  • LeverageTrading with borrowed money so that a small price move has a big effect on your position.
  • Funding rateA periodic payment between long and short traders that keeps perpetual futures prices close to the spot price.
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