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. 

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.

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.

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Perpetual Protocol

# Perpetual Protocol Maximum token supply Methodology

## 1. Overview

The Perpetual Protocol token supply maximum metric represents the total maximum number of tokens that can ever exist for the PERP token. This is a static configuration metric that defines the hard cap on token supply as specified in the protocol's tokenomics design. The metric answers the business question of what the theoretical maximum circulating supply could reach, providing context for token scarcity and inflation analysis.

## 2. Data sources

This metric relies on static configuration data rather than dynamic blockchain sources:
- **Protocol documentation**: Official Perpetual Protocol tokenomics specifications that define the maximum token supply
- **Smart contract specifications**: Token contract deployment parameters and supply constraints
- **Launch date records**: Official protocol launch date documentation

## 3. Step-by-step calculation

### Component A: Static configuration definition
- **Purpose**: Establishes the hardcoded maximum token supply and protocol launch parameters
- **Logic**: The calculation uses predefined constants sourced from official protocol documentation. The maximum supply is set to 150,000,000 PERP tokens, representing the absolute ceiling for token creation. The protocol launch date is established as September 9, 2020 at 00:00:00 UTC, marking the earliest point from which this maximum supply constraint applies
- **Key fields**: `timestamp` (protocol launch date), `timestamp_grain` (daily intervals), `token_supply_maximum` (150,000,000 tokens)

### Final aggregation
- **Combining components**: Since this is a single static value, no complex aggregation is required
- **Currency conversion**: No currency conversion needed as this represents token quantity, not monetary value
- **Time aggregation**: The metric uses daily timestamp grain with a fill-forward strategy, meaning the maximum supply value of 150,000,000 tokens is propagated to all time periods from the launch date onwards
- **Final calculation**: The final metric value is consistently 150,000,000 PERP tokens for all time periods from September 9, 2020 onwards, representing the theoretical maximum token supply that could ever exist according to the protocol's tokenomics design

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Maximum number of tokens that can exist under the current token economics.

Perpetual ProtocolPERP

Maximum token supply

Maximum token supply

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