Learn
How perpetual futures work, one question at a time, with worked examples and links to the N1 docs.
A perp DEX is an exchange where perpetual futures trade onchain. Here is what that means, one step at a time.
A perp never expires, so something else has to keep its price near the underlying. That job belongs to funding.
The question is simple: when one position loses money, which collateral pays for it?
The fee is the number most traders look at. It is one of four costs, and often not the largest.