Carson Brown

February 26, 2024


Key Takeaways

Agents on exchanges vary

Highlights the differences between the primary agents on perps exchanges: makers and takers across both institutional and retail audiences.

Perpetual exchanges contain several risk vectors

Breaks down how risk dimensions are managed to reduce tail-based risk while keeping the protocol attractive for every participant.

Paramters break down by class

Provides examples as to how these parameters are set for different types of asset classes.

Decentralized perpetual AMM protocols have numerous agents and multiple risk vectors, which are classified and qualified in these slides. The slides were originally prepared for a presentation given at Dystopia Labs DeFi Day during ETHDenver 2024.


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