# Perpetual Protocol

> Track Perpetual Protocol's fees, revenue, TVL and active users with daily on-chain data across 4 chains. See charts and datasets in one place. Updated daily.

Source: [Perpetual Protocol on Token Terminal](https://tokenterminal.com/explorer/projects/perpetual-protocol). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: PERP
- Sectors: Derivative exchanges
- Chains: bsc, ethereum, gnosis, optimism
- Archived: Token Terminal has discontinued tracking for this project. Data is no longer updated; historical values remain available and accurate.

## About

### What it is

Perpetual Protocol is an open-source and non-custodial exchange for perpetual contracts built on Optimism. Perpetual Protocol was founded by Shao-Kang Lee & Yenwen Feng and launched in 2019.

### Who uses it

PERP token holders own and govern the protocol. Token holders can boost their governance power and earn 15% of trading fees paid by traders (revenue) by locking PERP into vote-escrowed PERP (vePERP). Perpetual Protocol's investors include CMS Holdings, Binance Labs, and Mechanism Capital.

### How it works

Liquidity providers deposit funds into Perpetual Protocol to earn a share of trading fees (supply-side fees). Perpetual Protocol leverages Uniswap v3's architecture as a pricing engine, enabling traders to access up to 10x leverage. Perpetual Protocol also offers Hot Tub vaults, which operate trading strategies that generate yield from arbitrage profits. 

## Metrics

Token Terminal tracks these metrics for Perpetual Protocol daily. Each page has a chart with the full history.

- [Price](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/price)
- [Fully diluted market cap](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/market-cap-fully-diluted)
- [Circulating market cap](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/market-cap-circulating)
- [Token trading volume](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-trading-volume)
- [Token turnover (fully diluted)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-turnover-fully-diluted)
- [Token turnover (circulating)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-turnover-circulating)
- [Token holders](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/tokenholders)
- [Circulating supply](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-supply-circulating)
- [Maximum token supply](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-supply-maximum)
- [Total value locked](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/tvl)
- [Notional trading volume](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/notional-trading-volume)
- [Fees](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/revenue)
- [Expenses](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/expenses)
- [Token incentives](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/token-incentives)
- [Earnings](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/earnings)
- [P/F ratio (fully diluted)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/pf-fully-diluted)
- [P/F ratio (circulating)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/pf-circulating)
- [P/S ratio (fully diluted)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/ps-fully-diluted)
- [P/S ratio (circulating)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/ps-circulating)
- [Treasury](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/treasury)
- [Treasury (net)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/treasury-net)
- [Active users (daily)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/user-dau)
- [Active users (weekly)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/user-wau)
- [Active users (monthly)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/user-mau)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/active-addresses-monthly)
- [Core developers](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/code-commits)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/gas-used)
- [Average fees per user (AFPU)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/afpu)
- [Average revenue per user (ARPU)](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/arpu)
- [Take rate](https://tokenterminal.com/explorer/projects/perpetual-protocol/metrics/take-rate)

## Links

- [governance](https://gov.perp.fi/)
- [github](https://github.com/perpetual-protocol)
- [twitter](https://twitter.com/perpprotocol)
- [discord](https://discord.com/invite/mYKKRTn)
- [etherscan](https://etherscan.io/token/0xbc396689893d065f41bc2c6ecbee5e0085233447)
- [website](https://perp.com/)
