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Perpl is a decentralized perpetual futures exchange built on the Monad blockchain, featuring a fully on-chain order book for matching and settlement. It allows users to trade long or short on various crypto assets with leverage, using AUSD as margin, without needing to hold the underlying asset. Perpl optimizes order book data structures to achieve O(1) complexity for order operations, and supports advanced features like order modification and time-in-force, significantly reducing gas costs. Its design enables composability with other DeFi protocols in the Monad ecosystem, such as using LP positions as collateral or hedging risk.
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About Perpl
Perpl is a decentralized perpetual futures exchange built on Monad, using a fully on-chain central limit order book (CLOB). All order placement, matching, settlement, and liquidation happen on-chain, meaning users keep custody of their assets and need no KYC. The core value proposition is that Monad's high performance and gas optimization make on-chain CLOB viable, with maker order costs around 100k gas, enabling tight spreads similar to centralized exchanges.
The problem it addresses is the trade-off in perps trading: centralized exchanges offer good liquidity but require KYC and custody, while older on-chain platforms either use AMMs with high slippage or rely on off-chain matching, which undermines decentralization. Perpl aims to combine CEX-like experience with full verifiability.
In the past six months, Perpl launched Season 1 points (mPoints) on June 10, 2026, with a 16-week "Purple Summer" campaign offering a minimum $500k reward pool, up to $1M in $MON based on trading volume. Fees are charged only on opening positions—closing is free—with taker at 6.9 bps and maker at 0.9 bps.
However, as of mid-2026, the platform has no public audit reports, only about five trading pairs, thin liquidity (open interest under $1M), and isolated margin only. BTC is the only pair with decent depth, and the default 15x leverage is close to liquidation, so users should adjust it for longer holds.
Perpl, a decentralized perpetual futures exchange, completed a $9.25 million funding round led by Dragonfly, with participation from Mirana, HashKey, L1D, CMS, and others. This capital injection supports its development on the Monad blockchain, aiming to build a fully on-chain central limit order book (CLOB).
A key technical milestone is the implementation of a gas-efficient order book design using bit-index trees and partition list maps, enabling constant-time order insertion and deletion. The platform also introduced a virtual settlement mechanism for funding payments, eliminating the need for periodic on-chain settlements and significantly reducing gas costs.
Perpl's team relocated from the US to London due to regulatory uncertainty, reflecting a strategic pivot to a more favorable jurisdiction. The project plans to launch its testnet by the end of the year, ahead of Monad's mainnet release, to gather user feedback and identify bugs.
Perpl, a fully on-chain CLOB perp DEX on Monad, has made significant progress in the past six months.
Mainnet launched on Feb 24, 2026, with daily volume reaching ~$3.5M and cumulative volume of ~$247.7M by March. The platform features a unique virtual orderbook design (O(1) operations, 100k gas per post-and-cancel) and supports 5+ trading pairs with up to 50x leverage.
On June 10, 2026, Perpl launched Season 1 of its points program (mPoints), followed by the 16-week "Purple Summer" campaign starting July 8, with a reward pool of $500K-$1M in MON tokens. 800K mPoints are distributed weekly via trading rewards, with 200K reserved for builder codes and bonuses.
In July, Perpl integrated Fun.xyz for seamless deposits from 11+ chains, 20+ tokens, and fiat on-ramps (cards, SEPA), with auto-conversion to AUSD collateral.
Future roadmap includes cross-margin trading, TWAP orders, and expanded collateral types. The team plans to further decentralize the protocol and grow the ecosystem through builder programs.
Co-founders:
- pbj (Prabhaav Bhardwaj): Co-founder and Director of Perpl, with years of experience building DeFi and crypto infrastructure.
- AC: Co-founder, 15+ year hardware/FPGA development partner of pbj, previously built tools for space missions, deep-sea drilling, and nuclear reactors, later moved into DeFi.
Core executives:
- Zero Slippage: Core contributor focused on Perpl's trading experience and market structure.
- Jon Crabb: Head of Design, leading product experience design.