Everything is a Perp

Power perpetuals are assets that track an index raised to a power, and the article argues that stablecoins, margined futures and Uniswap-style AMMs are all forms of power perpetual. It claims crypto-collateralized stablecoins like DAI or RAI are 0-perps, margined futures like dYdX are 1-perps, and constant product AMMs like Uniswap replicate a 0.5-perp. The article notes that Squeeth, the first quadratic power perpetual, is a 2-perp, and that Taylor-series combinations of power perps could approximate many payoffs.