The Perp DEX Liquidity Wars: A Deep Dive
Perpetual futures on-chain have exploded. We break down the liquidity mechanics, protocol design trade-offs, and where the real edge is for traders and LPs alike.
RT
Research Team
Mar 15, 2026 · 8 min read
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Perpetual futures on-chain have exploded. We break down the liquidity mechanics, protocol design trade-offs, and where the real edge is for traders and LPs alike.
The macro backdrop has shifted. Fed pivot expectations, dollar weakness, and global M2 expansion are creating a favorable environment for risk assets — including crypto.
Three on-chain metrics are aligning in a way we haven't seen in over a year. Quick take on what the data says and how we're positioning.
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