Deribit Official
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Deribit Official

The Quest for Perp AMMs

What are perpetual futures?

  • if the mark price is over the index price, longs pay shorts
  • if the mark price is under the index price, shorts pay longs

Decentralised Perpetual Futures

  • Central Limit Order Book (CLOB) based products (such as DyDX and Mango Markets)
  • Automated Market Maker (AMM) based products (such as Perpetual Protocol and FutureSwap)

Replicating the Uniswap’s success? CLOB vs AMMs

  • they are computationally cheaper than CLOBs (and therefore have cheaper gas costs)
  • they make it trivially easy for users to create new markets
  • they make it trivially easy for users to provide liquidity to existing markets

AMMs and futures

The AMM DEX derivative experience in practice

Lessons from AMM based perpetuals

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