A perp DEX is a decentralized exchange or trading venue for perpetual futures. “Perps” are derivative contracts without a fixed expiry date. Their design typically uses margin and a funding mechanism to keep contract prices linked to an underlying reference market.
The venue and the strategy are different
A venue provides the machinery for orders, collateral and contract settlement. A trading strategy determines what exposure to take and how to manage it. Access to a decentralized market does not, by itself, create a profitable strategy.
For example, two systems can trade the same contract on the same venue while producing very different results because their signals, position sizes and exits differ.
What does the DEX label tell you?
It identifies a blockchain-based market structure, but it is not a complete description of custody, matching, execution or operational risk. Those details need to be checked for the specific venue. Transparency also does not remove price risk or liquidation risk.
AlphaNet adds quantitative strategies and execution technology to the trading workflow. Its platform report describes its initial live deployment on Orderly and a planned Hyperliquid integration. Availability should be checked separately from the general definition of a perp DEX.