Introduction

PerpTokens

PerpTokens packages deterministic perp strategies into transferable SPL tokens. The idea, in one line: make perp strategies trade like tokens.

A perp strategy normally lives trapped inside an exchange account: margin state, active management, nothing you can send, route, or use anywhere else. PerpTokens wraps that strategy in a plain SPL token. The thing you hold is no longer a position inside an account; it's an asset that encodes a market view and moves through Solana like any other token.

What it is

A factory for deterministic, tokenized perp strategies. Each vault defines one strategy product through configuration; the shared protocol logic does the behavior. Each token encodes a clear market view (SOL will trend up, SOL will trade sideways) with rules simple enough to explain in a sentence and audit on-chain. Three strategy rules are live today: trend, which targets leverage against equity; range, which targets notional against backing collateral; and pair, which runs a long/short book across legs. See Market views.

PerpTokens does not replace Phoenix. Phoenix is the execution venue, the real on-chain order book. PerpTokens is the strategy asset layer built on top of it.

Why it matters

A strategy you can hold as a token is a strategy the rest of DeFi can use. Wrapping it in an SPL token unlocks what an exchange account doesn't natively give you:

• wallet-native holding and transfers
• DEX routing and LP markets
• mint/redeem arbitrage that keeps price near NAV
• a deterministic, risk-scoreable asset other protocols can build on

Plainly: you don't manage a margin account, you don't size leverage by hand, and you don't rebalance. You pick a view and buy the token.

This matters more, not less, in a world of AI agents. An agent can trade anything, but DeFi still needs standardized building blocks that routers can route and lenders can risk-score. AI decides what exposure to hold; PerpTokens makes that exposure a liquid, transferable asset.