perp AMM

perp AMM

An alternative primitive for native on-chain directional exposure, without fragmenting liquidity.

An alternative primitive for native on-chain directional exposure, without fragmenting liquidity.

✦
NO LIQUIDATIONS
✦
NO ORDERBOOKS
✦
NO FUNDING FEES
✦
NO VENUES
✦
NO LIQUIDATIONS
✦
NO ORDERBOOKS
✦
NO FUNDING FEES
✦
NO VENUES
✦
NO LIQUIDATIONS
✦
NO ORDERBOOKS
✦
NO FUNDING FEES
✦
NO VENUES

REPO is the asset class for counterparty capital in tokenised perpetual markets.

Most DeFi protocols optimise for the trader. They build order books, funding rates, and liquidation engines. But they forget the other side of the trade, the capital that must stand behind every position.

REPO is that capital.

01

When a trader wants to hedge, they create imbalance.

02

When a market leans too long or too short, someone must absorb the difference.

03

REPO stakers providing USDC into a vault does exactly that.

In return, they earn a repo fee, a variable rate, paid by those who create the imbalance, scaled by it's size.

This is the price of borrowing counterparty capacity, not a protocol tax.

Structurally, it is the same as the cost of accessing liquidity against collateral.