◇ GLOSSARY
Perp DEX
A decentralized exchange that lists perpetual futures settled on-chain or via hybrid matching, with wallet custody instead of a traditional exchange account. Oracle design, liquidation bots, and insurance mechanisms vary by protocol.
A perp DEX removes the custodial exchange from the middle — in theory. In practice you still depend on oracle feeds, keeper bots, and often centralized price components. Liquidations are public and callable; during volatility, gas and latency matter as much as mark.
Matching models split roughly into central limit order books on-chain and virtual AMM curves. CLOB DEXs feel familiar to CEX traders; vAMM DEXs trade against a pool formula until arbitrageurs lean the curve back.
Before size: read how index is built, who can liquidate you, and what happens if the oracle stalls. Literacy on a DEX is literacy on the contract spec, not just the funding rate.