Overview & Protocol Architecture

Introduction

Denaria Perpetual DEX is a next-generation decentralized trading platform delivering a permissionless and entirely onchain trading experience. Designed for capital efficiency and institutional-grade performance, Denaria reimagines perpetual futures by integrating a dynamic virtual AMM anchored to real-time oracle pricing. Every trade, funding payment, and collateral movement is executed transparently onchain, ensuring trustless composability without centralized dependencies.

Unlike many DeFi perpetual exchanges that rely solely on static vAMMs or order books, Denaria uses an dynamic liquidity curve that continuously aligns with the real market price. While trades occur at the exact oracle price, slippage remains minimal due to the curve's hybrid structure.

A funding mechanism incentivizes market balance by redistributing payments based on long/short open interest rather than price premiums. At its core, Denaria features a multi-stable vault system designed to enable collateral deposits in various stablecoins. While the initial version of the platform will support only a single stablecoin, the full multi-collateral architecture, with flexible ratios and virtual balance tracking, will be introduced in a future release. This upgrade will unlock seamless PnL accounting and enhanced collateral management without relying on fixed ratios.

Whether you’re a retail trader or a passive liquidity strategist, Denaria offers a permissionless, composable, and capital-efficient infrastructure, setting a new standard in onchain perpetual markets.