What Is Perpl? The Next Generation of On-Chain Perpetual Trading on Monad

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Key Takeaways

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• Perpl is a fully on-chain perpetual futures exchange built for Monad, a high-performance EVM-compatible Layer 1 blockchain.
  
  
• The project raised $9.25 million in a funding round led by Dragonfly Capital, with participation from Ergonia, Mirana, HashKey, L1D, CMS, BHD, and Breed.
  
  
• Perpl operates entirely on chain, including order matching and settlement, removing centralized dependencies.
  
  
• It keeps market-maker actions under 100k gas for tighter spreads and smoother execution.
  
  
• Built on Monad, Perpl delivers centralized exchange-level performance in a decentralized environment.

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What Is Perpl?

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Perpl is a decentralized perpetual futures exchange built for Monad, a next-generation Layer 1 blockchain that offers fast finality and full EVM compatibility. It brings together the speed and usability of centralized exchanges with the transparency and self-custody of decentralized finance.
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Unlike traditional DEXs that rely on automated market makers or off-chain components, Perpl executes every core function on chain, including order matching and settlement. This eliminates centralized points of failure and ensures complete transparency across all trading activity.

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How Perpl Works

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Perpl is designed to operate as a fully on-chain central limit order book (CLOB) exchange. Every order, trade, and cancellation occurs directly within Monad’s EVM, with no off-chain servers or matching engines involved.
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This structure offers:
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• Instant transparency, since all actions are recorded on chain.
  
  
• Efficient execution, enabled by Monad’s high throughput.
  
  
• Gas optimization, keeping each market-maker post-and-cancel cycle under 100k gas.
  
  

These efficiencies allow frequent market-maker updates, narrower bid-ask spreads, and a smoother user experience that rivals centralized platforms.

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Why It Matters

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The perpetual futures market has historically been split between centralized exchanges (CEXs) and decentralized exchanges (DEXs).
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• CEXs provide fast trading and strong liquidity but require users to surrender custody and complete KYC.
  
  
• DEXs offer permissionless, self-custodial trading but often suffer from latency and limited performance.
  
  

Perpl bridges this divide. By building on Monad’s high-speed EVM, it delivers CEX-grade performance while maintaining full decentralization, removing the need for intermediaries or custodians.
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Key Features and Differentiators

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Fully On-Chain Execution: All matching, settlement, and liquidation logic runs on chain with no off-chain dependencies.
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Performance on Monad: Built on a high-throughput Layer 1 that supports fast finality, native EVM compatibility, and deterministic execution.
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Gas Efficiency: Optimized for cost and performance, with each market-maker post and cancel cycle under 100k gas.
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Separation of Layers: Distinct protocol, liquidity, and infrastructure components reduce systemic risk and maintain decentralization.
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Composability: Integrates seamlessly with other DeFi protocols on Monad for broader liquidity and ecosystem growth.

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Comparison With Other Models

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Early decentralized exchanges used automated market makers because blockchains at the time could not handle high-speed order book trading.
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Later, some projects launched dedicated app-chains to run order books, but these relied on external market makers and created fragmented liquidity.
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Perpl removes these limitations by operating a true on-chain order book directly on Monad. It combines the precision of centralized order books with the transparency and composability of DeFi, offering a better balance between performance and decentralization.

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Ecosystem, Funding, and Roadmap

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Perpl recently raised $9.25 million in a funding round led by Dragonfly Capital, with participation from Ergonia, Mirana, BHD, HashKey, L1D, CMS, and Breed. The funding supports expansion of the core team, development of the on-chain trading engine, and preparation for mainnet launch.
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The team brings decades of combined experience in exchange architecture, high-performance computing, and trading systems. Its goal is to build a trading engine that delivers performance, usability, and decentralization without compromise.
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As Perpl moves toward mainnet, it continues refining its infrastructure and user interface while scaling liquidity vaults and partnerships across the Monad ecosystem.

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Risks and Considerations

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Like any decentralized trading platform, Perpl’s performance and success depend on several factors that influence stability and user experience:
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• Blockchain reliability: Network uptime and throughput on Monad directly affect trading speed and settlement finality.
  
  
• Liquidity depth: Deep and active markets are essential for tight spreads and minimal slippage.
  
  
• Gas efficiency: As an on-chain system, higher gas costs can impact market-maker activity and overall execution quality.
  
  
• Oracle accuracy: Reliable pricing data is critical for fair liquidations and accurate mark prices.
  
  
• Vault management: The performance of independently operated vaults influences liquidity availability and system resilience.
  
  

By distributing responsibilities across independent layers, Perpl reduces single points of failure and strengthens its long-term durability within the Monad ecosystem.

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Conclusion

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Perpl represents the next step in bringing high-performance trading fully on chain. By combining the efficiency of centralized systems with the transparency and composability of decentralized finance, it bridges a long-standing gap between speed and trust.
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Built natively on Monad, Perpl shows that scalability, performance, and decentralization can coexist in a single trading platform. As it moves toward mainnet launch, the project continues to refine its infrastructure, deepen liquidity, and expand its role within Monad’s growing ecosystem.
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For traders and builders alike, Perpl demonstrates how the future of derivatives can be both fully decentralized and institutionally performant.

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