What it does
Perpl’s central design decision is to put the order book itself onchain. Monad validators execute the matching and settlement logic, rather than relying on an exchange-operated matching engine to produce fills that are posted later. The team’s retrospective dates the mainnet launch to 24 February 2026.
A convenient interface does not change that execution model. The official API supports relayed orders and gasless submission after the trader grants the required onchain forwarding permission. Direct contract interaction remains a separate route. For an automated strategy, distinguish three permissions: authenticating an API request, operating a trading account, and allowing the relayer to forward orders.
Which network does Perpl use?
Perpl mainnet runs on Monad, chain ID 143. The official integration repository identifies AUSD as the collateral asset. Funding through a bridge or external onramp does not create another Perpl execution chain. Relayed orders still reach the Monad contracts; the relay is an access service, not an offchain matching engine.
Supporting sources 2
Where it stands out
- Onchain matching makes the exchange’s order-processing rules part of the deployed protocol, providing a different trust model from a private matching server.
- REST and WebSocket interfaces support programmatic strategies, while documented contract addresses and chain configuration make integrations inspectable.
- The standard interface’s one-click authority is limited to submitting trades; its terms distinguish that scope from withdrawal or external-transfer authority.
What you can do
- 01Monad-native perpetual order books with AUSD collateral on mainnet.
- 02Optional one-click order forwarding, plus direct onchain interaction for users managing their own transaction submission.
- 03Trading points and a referral program that separates the trader’s points boost from fee commissions earned by a referrer.
Who’s behind it
Perpl Foundation provides the official interface. The team’s own account describes an engineering background spanning hardware and Ethereum infrastructure, with a focus on the constraints of running matching logic onchain. This review did not verify a complete public list of the team’s legal names, so pseudonymous contributors are not turned into invented biographies.
Supporting sources 2
Funding and investors
The team announced $9.25 million in financing led by Dragonfly in May 2025. The announcement lists additional institutional participants but does not label the round as a seed or Series A, so the stage is left unspecified.
Supporting sources 1
- 2025-05-13$9.25 million
Funding round
Reported investorsDragonfly · Ergonia · Mirana · BHD · HashKey · L1D · CMS · Breed
Dragonfly led. Round stage was not specified in the project announcement.
Supporting sources 1
Referral benefits and conditions
A referred trader receives an additional 5% on trading points; the referrer also receives a points boost. The stated trader benefit is points, not a fee discount or cash signup payment.
Separate referrer commissions are 10% on direct referral fees and 5% at the second level. The referral relationship must be established under the program’s rules. No ArbuzDAO referral code has been supplied yet.
Supporting sources 1
Fees & availability
Fees and costs
At the base tier below $5 million of rolling 14-day volume, the documented maker fee is 0.0045% and taker fee is 0.0345%. Higher volume can reduce rates. Any rebate payment is separate from the immediate trade charge. Funding, spread and direct onchain transaction costs should also be included when comparing a strategy.
Supporting sources 1
Eligibility and availability
The interface excludes U.S. persons and entities as defined in its terms, as well as sanctioned territories and other restricted persons. One-click trading creates a scoped order-submission authorization. Network congestion, contract faults and liquidation remain relevant even with transparent onchain matching.