What is a perp DEX? The three architectures, compared

Every guide tells you a perp DEX is a decentralized exchange for perpetual futures. Almost none tells you that the label covers three incompatible designs, that who takes the other side of your trade differs completely between them, and that the difference only becomes visible during the hour you most need to understand it. Summary A perpetual decentralized exchange lets traders take leveraged long or short positions on assets they never own, using contracts with no expiry, settled by smart contracts from a self-custodial wallet. Perpetual futures stay tethered to spot prices through the funding rate, a periodic payment between longs and shorts that makes deviation expensive, replacing the settlement date that anchors traditional futures. The term covers three different architectures: on-chain order books matching traders against each other, pooled-liquidity venues where depositors take the other side against an oracle price, and hybrids that separate matching from settlement. Who your counterparty is depends entirely on which architecture you are using, and that determines what happens under stress: order books face liquidity gaps, pooled venues face oracle dependence and deposito...