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nftperp: Institutional Report

3 min readResearch

nftperp: Institutional Report

nftperp: Abbreviated Introduction

nftperp is a protocol that allows users to take long or short positions on the floor price of select blue-chip NFT collections using ETH as collateral. The protocol uses a virtual Automated Market Maker (vAMM) based on Perpetual Protocol’s model for price discovery; all collateral is stored in a smart contract vault.

The vAMM allows traders to profit from the losses of other traders and quote prices to be determined by a dynamic bonding curve based on open interest. This model enables nftperp to facilitate trading without needing a liquidity pool while minimizing slippage. The major components of the protocol are:

  • An in-house Chainlink oracle for price feeds, filtering out wash trades and outliers to create a true floor price. This serves as the mark price for a given collection.
  • The funding rate balances open interest and minimizes the deviation between index and perps price. It operates by having longs pay shorts a small fee, or vice versa, depending on positive or negative funding rates.
  • The smart contracts deployed on the Arbitrum blockchain.

The perpetual swap market is the largest market for crypto in terms of volume (over spot and options).

Nftperp is currently in Beta version, launched on November 25th, 2022. As of February 2023, total trades on the platform have already surpassed $82 million in volume.

The nftperp project comprises a select and competent team of engineers and computer scientists. The organization has the backing of experienced advisors as well. nftperp raised a total of $1.7 million at a valuation of $17 million.

nftperp does not have a live token yet. However, the project has launched voucher tokens to incentivize liquidity in the platform.

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This Report is for informational purposes only and/or all or any of its content thereof, should not, may not, and will not be taken to constitute, either as a whole or in part, any investment advice or recommendation or similar, regulated, or authorized advice, and D-Core by producing, disseminating, giving away, or making available this Report does not, should not, may not and will not be taken to advise on investments, or carry out any similar activity, or any regulated activity or any other authorized activity. D-Core is not authorized by the Financial Conduct Authority or by any other competent EU or elsewhere or otherwise competent authority to carry out any regulated activities and/or any activities within the scope of these authorities’ competence.

D-Core excludes and disclaims all liability and/or responsibility whatsoever and/or howsoever caused, arising out of any actions, or omissions taken, or made by any authorized and/or other recipient of this Report in reliance on, or arising out of, or in connection with any or all content of this Report. Any authorized and/or other recipient of this Report acknowledges, accepts and agrees that they carry out their own independent research and act in their own sole risk in reading or using any or all information contained in this Report. In any event, recipients of this Report are urged to seek professional advice before making any potential investment decision in relation to the project described herein. Any authorized and/or other recipient of this Report accepts this Disclaimer in full. For the avoidance of doubt, this Disclaimer is binding against any recipient of this Report whatsoever.


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