Permissionless perpetual futures
Perps for everything.
All Perps is building long/short markets for long-tail crypto assets. Traders should be able to express directional views before major venues list an asset. Coming soon to a Solana smart contract near you.
Estimated daily spot volume in unsupported long-tail assets.
BTC, ETH, and SOL perp volume versus spot volume on major venues.
Native shorting for assets before major venues list them.
Market accountability
The market is the only regulator that can scale.
Crypto will not have one global SEC. Bad actors can launch low-quality assets, manufacture price action, extract capital, and move on before centralized venues react.
The scalable punishment is shorting. When skeptical traders can short a token immediately, manipulation becomes more expensive and honest price discovery starts earlier.
Coverage gap
Current perp venues are too curated for the long tail.
Perps are crypto's default product for short-term speculation, but new and mid-tail assets still wait for centralized venues, market makers, and listing committees before traders can short or use leverage.
All Perps is the missing primitive: permissionless market creation with onchain AMM TWAPs, bounded market capacity, and progressively more expensive skew to preserve solvency and liveness.
Comparison
Different venues solve different parts of the market.
Public paper
The All Perps vision paper.
Hiring