01 / AUTOMATED MARKET MAKER
You trade with a pool.
A
Liquidity
pool
Bpool
Prices change as the pool’s token balances change.
Commonly used for spot swaps.
PerPerp / The masterclass
From Wall Street
to your wallet.
The market changes.
The responsibility moves to you.
11 modules45 minutesOne better-informed you.
U.S. male voice preferred · automatic presentation
ACCESS / WITHOUT EXPIRY
CONTROL / WITH RESPONSIBILITY
+
UNDERSTAND THE INSTRUMENTRESPECT THE LEVERAGEREAD THE VENUE
The route / 11 modules
Vocabulary first.
Then judgement.
ACT I
Understand.
ACT II
Protect.
ACT III
Participate.
No live trading is required during this session.
01 / Traditional finance
One click.
An entire system behind it.
Your familiar trading screen is the front door to several institutional roles.
01
Broker
Receives your order.
02
Exchange
Matches buyer and seller.
03
Clearing
Manages counterparty obligations.
04
Custodian
Safekeeps the asset.
05
Settlement
Completes delivery and payment.
THE SETTLEMENT CLOCKT+1
Most U.S. broker-dealer securities transactions:
one business day after the trade.
01 / What changes on-chain
The responsibility
changes hands.
MORE DIRECT CONTROLYour wallet.
Your wallet.
Your decisions.
On-chain records. Direct interaction with contracts. Markets that can operate beyond traditional sessions.
YOU
MORE DIRECT RESPONSIBILITYYour keys.
Your keys.
Your consequences.
Transfers may be irreversible. Contract and operational risks remain. Lost keys can mean lost access.
02 / What a DEX actually is
Two ways to meet
the other side.
A decentralised exchange uses smart-contract infrastructure. Its custody and withdrawal design still need scrutiny.
02 / ORDER BOOK
Buyers meet sellers.
SELLAsk
SELLAsk
SELLAsk
BUYBid
BUYBid
BUYBid
Orders post a price and size. A matching engine pairs them.
PerPerp’s model in this masterclass.
02 / The architecture
One shared order book.
Many front doors.
Other interface
Other interface
SHARED LIQUIDITYOne
One
order book.
Collateral
Understand the contracts and withdrawal conditions.
Settlement
Check what can be verified on-chain.
03 / Perpetuals
A contract without
a scheduled expiry.
You take a position on a price. You do not need to own the underlying asset.
LONG↗
Gains as price rises.
Loses as price falls.
NO EXPIRY DATE
But margin
still has limits.
SHORT↘
Gains as price falls.
Loses as price rises.
03 / Three prices
Know which price
is doing which job.
Index
A composite reference
from underlying spot markets.
Mark
Used to value exposure
and assess liquidation risk.
Last
The price of the most
recent executed trade.
03 / Funding
No expiry.
So what pulls the price back?
PAYMENTS BETWEEN TRADERS
LONG
Longs
Pay funding
→Longs pay shorts
SHORT
Shorts
Receive funding
A positive funding rate means longs pay shorts. Funding helps align the perpetual with its reference.
04 / The leverage laboratory
Leverage does not buy certainty.
It sells room.
$500 STARTING MARGIN
20×
Position notional$10,000
2×3×5×10×20×25×50×75×100×
Margin × leverage = notional exposure.
ADVERSE MOVE THAT EXHAUSTS STARTING MARGIN*5.00%
Less room50% maximum shown
Long from $75,000 → $71,250 in this simplified model.
04 / The $500 decision
Five percent in price.
All of the starting margin.
$500×20×=$10,000
The price move is measured against
the position, not just the cash you posted.
ILLUSTRATIVE LONG / $75,000 → $71,250
MODELLED PRICE P&L−$500
Equivalent to 100% of starting margin.
$10,000 × −5% = −$50004 / One price path. Six traders.
Right about the destination.
Gone before you get there.
HYPOTHETICAL BTC PATH
$1,000 MARGIN EACHFINAL MODEL P&L
2×Model survives+$80
5×Model survives+$200
10×Model survives+$400
20×Model only*+$800
50×Margin exhausted*−$1,000
100×Margin exhausted*−$1,000
04 / Size from the stop
Choose where you are wrong.
Then choose your size.
WORKED EXAMPLE$5,000 account
Illustrative inputs, not a recommended risk allocation.
$50Amount at risk
÷2%Distance to stop
POSITION NOTIONAL$2,500
At 10×: $250 margin. Entry $75,000. Stop $73,500.
05 / Your wallet
A wallet holds keys.
Not coins.
YOUR WALLET
0x•••• … ••••
01•••••02•••••03•••••04•••••05•••••06•••••07•••••08•••••09•••••10•••••11•••••12•••••
ILLUSTRATION ONLY / NO REAL KEYS OR SEED WORDS01
Address PUBLIC
Share it to receive funds on the correct network.
02
Private key SECRET
Authorises transactions. Protect it from disclosure.
03
Seed phrase CRITICAL
Commonly 12 or 24 words. Whoever has it can control the derived wallet.
05 / Connecting safely
Three requests.
Three different permissions.
Connect.
Reveal your public address
to the application.
Sign.
Authenticate a message
or authorise an action.
Approve.
Grant a contract permission
to spend a token.
Do not understand the request? Reject it.
VERIFY THE DOMAIN. READ THE REQUEST.06 / Funding a wallet
Three routes.
One funding checklist.
The supplied masterclass uses USDC for trading collateral. Confirm the supported token and network before depositing.
01
From an exchange.
Buy USDC, then withdraw
to your wallet on a supported network.
02
Through a provider.
Use an available card or bank
purchase service. Compare fees.
03
By swapping.
Exchange another token for the
correct USDC on the intended network.
↘↓↙
$
USDC IN YOUR WALLET / ON THE CORRECT NETWORK
06 / The pre-flight check
Four checks.
Before one transfer.
0/4
Everything to verify.
checks confirmed
Nothing to rush.Everything to verify.
07 / Real-world-asset perpetuals
You can trade a price
without owning the asset.
AuGOLD
▥INDICES
FXCURRENCIES
EqSTOCKS
WHAT A DERIVATIVE CAN OFFERPrice exposure.
≠Long / short · margin · mark · funding
WHAT IT DOES NOT CONFEROwnership.
No shares, voting rights or metal in a vault.
07 / The hours mismatch
The underlying can close.
Your exposure may not.
Underlying marketIts own trading session
SESSIONREFERENCE MARKET CLOSEDREOPEN
Perpetual marketWhere extended trading is offered
YOUR POSITION CAN REMAIN EXPOSED
How is the index determined
while the underlying is closed?
How could news or a reopening
gap affect the position?
What rate could apply
through the holding period?
08 / Read the venue
Three numbers.
Three different questions.
Volume.
How much traded?
Measures activity, often over 24 hours.
TVL.
How much is deposited?
Value in the measured contracts.
Open interest.
How much remains open?
Outstanding derivative positions.
08 / Read the numbers together
A big number
is not a verdict.
WHAT YOU SEEWHAT IT MIGHT MEANTHE NEXT QUESTION
High volume
Low TVL
Low TVL
Heavy turnover; investigate incentives or possible artificial activity.
Check order-book depth and independent data.
Rising TVL
Steady volume
Steady volume
More collateral is present. That alone does not establish trust.
Check inflows, token prices and methodology.
Open interest
Large relative to TVL
Large relative to TVL
Exposure may be large relative to the measured collateral base.
Match scope; inspect leverage and liquidation rules.
Falling open interest
During a big move
During a big move
Positions may be closing voluntarily or through liquidation.
Examine price, volume and liquidations together.
09 / Chains
Same token name.
Different network.
NETWORK A
USDC
Check this network’s token,
address and gas requirements.
≠
A matching name
is not enough.
NETWORK B
USDC
Confirm the destination accepts
this network and token form.
09 / The omnichain model
Many chains in.
One trading experience.
Supported network A
Supported network B
Supported network C
ONE
Trading account
→
ONE
Shared book
Start where your USDC is.Avoid unnecessary transfers when the network is supported.
Compare the real cost.Gas, provider charges and transfer steps all matter.
Use the live deposit list.It takes precedence over an old deck.
10 / The affiliate programme
Share the revenue.
Not the trading volume.
40%
revenue share*
01
Direct referrals only.
One level. No commission on your referrals’ referrals.
02
10,000 USDC volume.
Your own trading-volume threshold to apply.
Application is subject to approval and terms.
What 40% refers to
A share of PerPerp’s eligible revenue from referred traders — not 40% of their notional volume.
10 / The qualification trap
The same volume
is not the same risk.
$500 at 20×, once.
10,000USDC NOTIONAL
1 × 10,000 = 10,000
High leverage leaves less room
for an adverse move.
$500 at 2×, ten times.
10 × 1,000 = 10,000
Lower leverage per trade, but repeated
trades still carry risk and costs.
10 / The standard for affiliates
Your first obligation is
to the person you refer.
Trust.
Earn it before
you earn from it.
Respect availability.
Refer only where the venue and product are available.
Never promise profits.
Do not recruit with guarantees or gain screenshots.
Disclose the commission.
Make the financial relationship clear when sharing a link.
No self-referral.
Do not use extra wallets to collect your own commission.
11 / Where you go next
Trade your plan.
Not the threshold.
Understand the instrument.
Protect the keys.
Size the risk.
perperp.trade/refer
Explore. Read. Decide.Scan to review the programme.
NOT A DEADLINE.
11 / Questions and next steps
What would make you
decide not to trade?
01
Understand the leverage.
Revisit the price path and position-sizing example.
perperp.trade/leverage 02Check the funding route.
Review the token, network and deposit process.
perperp.trade/buy 03Inspect what is listed.
Check current contracts, metrics and availability.
perperp.trade/markets READ BEFORE YOU ACT
Perpetual futures are leveraged products. You can lose all the margin you post. Nothing in this session is investment advice or a promise of returns. Affiliate earnings depend on referred trading activity and are not guaranteed. PerPerp is not available in restricted jurisdictions.