What is Perpetual Protocol?

Perpetual Protocol is a decentralized derivatives exchange (DEX) focused on perpetual contract trading. It allows users to go long or short with up to 10x leverage. The project was initially deployed on the Ethereum mainnet, then migrated to Optimism, an Ethereum Layer 2 scaling network, and utilizes a virtual Automated Market Maker (vAMM) model to provide on-chain liquidity.

Role and Function of the PERP Token

PERP is Perpetual Protocol's native governance token, adhering to the Ethereum ERC-20 standard. Its primary uses include:

  • Governance: Token holders can participate in the protocol's governance decisions.
  • Staking and Yield: Users can stake PERP tokens to share in the platform's trading fee revenue. The project team is activating a new tokenomics model aimed at increasing the token's holding value through fee sharing.

PERP Token Supply Data

According to public information, the PERP token supply structure is as follows:

  • Max Supply: 150,000,000 PERP (150 million tokens).
  • Total Supply: 150,000,000 PERP (150 million tokens).
  • Circulating Supply: This is where data discrepancies exist. Different data sources in October 2026 provided various circulating supply figures, including approximately 66,002,157 PERP, approximately 72,609,864 PERP, and approximately 132 million PERP. Overall, a more concentrated range is approximately 66 million to 72 million PERP, accounting for about 44% of the max supply.

The token release follows a four-year gradual unlocking schedule. Investors can check the latest circulating supply estimates on market platforms like Svmuu.

Project Background and Market Status

Perpetual Protocol completed a strategic funding round of $1.8 million in August 2020, led by Multicoin Capital. PERP tokens are traded on several major cryptocurrency exchanges, including Coinbase Exchange and Kraken.

It is important to note that token circulating supply data changes over time, and different data platforms may have varying calculation methodologies. When evaluating PERP, investors should pay attention to the potential impact of its token unlock schedule on circulating supply, as well as the actual implementation effectiveness of its new tokenomics model.

The platform information mentioned in this article is subject to change as exchanges list and delist assets. Please refer to official exchange announcements for the latest information.