Permissionless perps · in development

The perp infrastructure for the token-launch economy.

Anyone can create a perp market for a new or existing token, bring an oracle and attract LP backing. Trading switches on when the market's checks pass. No listing queue, no approval.

Get launch updates →Talk integration

Every sheet on the press is an example market. Scroll to see one go live.

Four steps to a market

  1. 1Define
  2. 2Configure
  3. 3Publish
  4. 4Fund & activate

Developer

Pick the token and settlement asset.

Any new or existing token. See the markets that already exist for it; a different oracle or rule set is simply a different market.

Market statusNot published yet

Perp infrastructure for new and existing tokens. Bring your own oracle. Activate without permission. One embed for every token page. Dedicated backing for each market. Robinhood Chain first, Base next.

Three statuses. That’s the whole journey.

  1. Published

    The market exists onchain with its rules locked in. No trading yet; LPs can start funding it.

  2. Ready to activate

    Every check passes right now. Anyone can send the activation transaction.

  3. Live

    Activation confirmed onchain. Longs and shorts open within the market's limits.

Live markets can also move to Close only or Paused when pricing or backing needs it, and wind down under their committed rules. Details in the docs.

For launchpads

Put a perps tab on every token page.

  • One reusable embed that runs the same market as the OpenPerps app: create, fund, activate, trade and withdraw.
  • A fixed launchpad fee share on each market you publish, claimable onchain without anyone's approval.
  • Connect the embed to your supported wallet flow.
  • Your spot launch never depends on perp registration. If publishing fails, only that step is retried.
OpenLaunchFirst launchpad integration · in discussion

Embed and SDK are in development. Early integrations shape the first release.

For developers

Bring your oracle. Publish your rules. Activate without permission.

  • Use the reference setup, or register compatible oracle, collateral, policy and engine modules by address.
  • Code versions, risk rules, fees and recovery terms are committed before anyone funds the market.
  • No allowlist, approval signature, API key or operator key is needed for any protocol action.
  • Anyone can call activation. The contracts recheck every condition in that transaction.

Open registration, passing checks and an independent review are three different things. Passing the checks never certifies a custom module as safe.

Example lifecycle
  1. definetoken 0x…placeholder · settlement asset USDC
  2. configureoracle: your adapter · policy: reference
  3. publishvault deployed · market link created · no seed needed
  4. fundbacking from developer, launchpad and outside LPs
  5. activatesent by anyone · every check rechecked onchain
  6. livelongs and shorts within the market's limits

For liquidity providers

Dedicated backing for each market.

Developers, launchpads or outside LPs fund a market's vault after it's published and before it activates. That capital backs this market only, separate from spot liquidity and trader margin.

  • LPs take the other side of trader PnL, so vault shares can lose value.
  • If a market never activates, uncommitted capital is refundable under the expiry rules shown up front.
  • After launch, withdrawals follow liability-aware valuation and the capacity available.

Who brings what.

OpenPerps
Market infrastructure, vaults, execution, the app, the SDK and the embed.
Developer
The token, the oracle and the market's configuration.
LPs
Capital backing that one market.
Launchpad
Distribution through its token pages and the integration it chooses.

Deployment

One chain first.

Robinhood Chain is the focus, with Base as the second target. The first deployment is confirmed before build; the second follows in beta. Every market settles in one asset, set in its configuration.

  • Robinhood ChainPrimary target
  • BaseTarget

$OPENPERP

Back the build early.

We're launching $OPENPERP to rally the developers, launchpads and traders who want permissionless perps to exist. Launch details go out on X and to the update list first.

Follow on X ↗Get launch updates

You don't need $OPENPERP to use the protocol. It carries no revenue share, yield or price promise, and product adoption doesn't imply anything about its price. Nothing here is an offer to buy it.

Go to press.

Get launch updates, tell us what you'd build, or talk integration. Early integration support is limited while we build; protocol access needs no partner approval once it's deployed.