# Everything is a Perp

Source: https://research.opyn.co/everything-is-a-perp
Kiwi News: https://news.kiwistand.com/stories/Everything-is-a-Perp?index=0x65e9d6f4f6e6df76e9895eb23a22be52ea503b0b148eca4611fb7234d9ba9091e40a137e
Submitted by 0xf9f9...736D on 2024-03-07 UTC, 1 upvote, 0 comments

## Summary

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.