Introduction

PerpTokens

A leveraged perp position in a single token.

The vault runs the position. You buy, hold, and redeem the token whenever you want.

Why hold one

• Composable: it's a plain token, so it moves through DeFi like any other. Route it through a DEX, LP it, or send it anywhere.
• Liquidation resistant: the vault keeps the position's leverage in a band, so it drifts toward liquidation far less than a position left on its own.
• Compounds when you're right: as the market moves your way, the vault adds into the position, so a good call builds on itself.

Trading

• Mint: deposit collateral, and the vault opens the matching perp position. You get shares.
• Hold: the token tracks the vault's exposure for as long as you hold it.
• Redeem: burn shares, and the vault closes its slice and returns your collateral.

All three are permissionless. Anyone can mint, redeem, or trigger a rebalance. No whitelist, no keeper, no admin holding your collateral. The vault runs the same logic for everyone.