A fully on-chain perpetuals order book — order placement, matching and cancellation all happen as Monad transactions, which is only economical because of how fast and cheap the chain is.
Perpl is a fully on-chain perpetual futures exchange with a real central limit order book — placement, matching and cancellation all execute as Monad contract state, with no off-chain matching engine, unlike most "on-chain" perp DEXs that rely on off-chain order books or virtual AMMs. This is only viable because Monad's throughput and sub-second blocks keep a market maker's post-and-cancel cycle cheap enough to do constantly; Perpl's own engineering target is keeping each cycle under 100k gas. Collateral is single-asset: everything is denominated in AUSD, Agora's dollar stablecoin and the largest stablecoin on Monad generally, with a minimum 10 AUSD required just to open an account.
Perpl runs a CEX-like trading layer on top of on-chain settlement: REST over HTTPS for history, auth and profile data, WebSocket for real-time data and order placement, and Ed25519 key-pair request signing rather than session cookies. Users must call a dedicated on-chain function to create an account before trading at all. As of its confirmed February 24, 2026 mainnet launch, access has been whitelist-gated — described as a "private mainnet" — with only five assets tradeable as of March 2026 and non-whitelisted wallets explicitly blocked from authenticated endpoints. A public waitlist exists for broader access.
Against LeverUp, the other Monad perps venue in this set, Perpl sits at the opposite architectural pole: LeverUp's vault is the counterparty to every trade, needing no external market maker to show up, while Perpl's viability depends entirely on market makers actually posting resting orders cheaply enough — which is the whole reason its sub-100k-gas engineering effort exists. Perpl's own stated design philosophy is explicit about this contrast: "No single point of failure. No off-chain matching engine. Full verifiability. Maximal capital efficiency" — a direct rebuttal of both AMM-vault perps and the off-chain-matched order books common on other chains. The practical tradeoff for a trader: LeverUp offers effectively uncapped size at any leverage the vault is willing to quote, while Perpl's execution quality depends on how much real liquidity market makers have actually posted at your price.
Perpl is Monad-only. It raised $9.25M in a May 2025 round led by Dragonfly Capital and Ergonia, with Brevan Howard Digital, HashKey Capital, Mirana Ventures, L1D, CMS and Breed also participating, and went live on Monad mainnet on February 24, 2026 as a whitelist-gated rollout rather than a full public launch. No public token has been announced as of this research, though a public waitlist and community airdrop-farming activity exist despite no confirmed official points program.
Because every position is collateralized in AUSD specifically, a depeg, issuer trouble, or a Monad-side liquidity crunch for AUSD would directly impair every open position on Perpl at once — there's no alternative collateral asset to fall back on. No publicly discoverable third-party security audit was found for Perpl as of this research — its own whitelist-gated rollout suggests active risk management, but that's not a substitute for an audit report, and the absence of one is worth flagging plainly rather than assuming it exists. And as a genuinely novel design — fully on-chain CLOB matching at scale is untested compared to off-chain-matched perp DEXs — its order books are likely still thin given its size and staged rollout, meaning wider spreads, more slippage, and a real dependence on its price oracle for accurate marks and liquidations.
Note: NullTerminal doesn't route swaps through Perpl (it's a perps exchange, not a spot DEX) — but its MON-vs-Perpl basis is something worth watching if you trade MON directionally.
As of its confirmed February 24, 2026 mainnet launch, access has been whitelist-gated as a "private mainnet," with only five assets tradeable as of March 2026 and non-whitelisted wallets blocked from authenticated endpoints. There's a public waitlist for broader access.
No completed third-party smart-contract audit report was found in public sources as of this research. That doesn't confirm one doesn't exist privately, but it means there's no publicly discoverable audit to point to — a meaningful gap for a protocol holding trader collateral.
Perpl mainnet uses AUSD as its sole collateral token, with a minimum 10 AUSD account-opening deposit. Publicly available documentation doesn't state the specific rationale for choosing AUSD over USDC.
Perpl's core engineering claim is keeping each market-maker post-and-cancel cycle under 100k gas — only viable because of Monad's throughput and parallel-EVM design. The same order-book approach on a slower or more expensive EVM chain would price market makers out of quoting tightly.
Sources: Perpl, What Is Perpl? — Backpack Learn, Announcing our $9.25M funding, led by Dragonfly Capital — Perpl Blog, PerplFoundation API docs — GitHub
Last reviewed 2026-07-08. More Monad research.
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