{"id":1001,"date":"2026-06-14T20:05:57","date_gmt":"2026-06-14T20:05:57","guid":{"rendered":"https:\/\/blokulture.com\/?p=1001"},"modified":"2026-06-14T20:05:58","modified_gmt":"2026-06-14T20:05:58","slug":"un-perp-dex-cest-quoi","status":"publish","type":"post","link":"https:\/\/blokulture.com\/index.php\/2026\/06\/14\/un-perp-dex-cest-quoi\/","title":{"rendered":"Un perp DEX c&#8217;est quoi ?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/blokulture.com\/wp-content\/uploads\/2026\/04\/perp-DEX-1024x640.png\" alt=\"\" class=\"wp-image-1005\" srcset=\"https:\/\/blokulture.com\/wp-content\/uploads\/2026\/04\/perp-DEX-1024x640.png 1024w, https:\/\/blokulture.com\/wp-content\/uploads\/2026\/04\/perp-DEX-300x188.png 300w, https:\/\/blokulture.com\/wp-content\/uploads\/2026\/04\/perp-DEX-768x480.png 768w, https:\/\/blokulture.com\/wp-content\/uploads\/2026\/04\/perp-DEX.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Introduction<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le <strong>trading d\u00e9centralis\u00e9<\/strong> entre dans une nouvelle phase avec l\u2019\u00e9mergence des <strong>Perp DEX<\/strong>, des plateformes innovantes qui permettent d\u2019\u00e9changer des <strong>contrats perp\u00e9tuels (perpetual futures)<\/strong> directement sur la blockchain, sans passer par un interm\u00e9diaire. Longtemps domin\u00e9 par des exchanges centralis\u00e9s, ce march\u00e9 attire d\u00e9sormais une nouvelle g\u00e9n\u00e9ration d\u2019investisseurs en qu\u00eate de <strong>transparence, de s\u00e9curit\u00e9 et de contr\u00f4le total de leurs fonds<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais tous les Perp DEX ne se valent pas. Derri\u00e8re cette cat\u00e9gorie se cachent deux mod\u00e8les d\u2019infrastructure. D\u2019un c\u00f4t\u00e9, les mod\u00e8les historiques de la DeFi bas\u00e9s sur les <strong>AMM (Automated Market Makers)<\/strong>, simples mais parfois limit\u00e9s en termes de liquidit\u00e9 et de pr\u00e9cision d\u2019ex\u00e9cution. De l\u2019autre, une approche plus proche des march\u00e9s traditionnels : le <strong>CLOB (Central Limit Order Book)<\/strong>, ou carnet d&#8217;ordre centralis\u00e9, qui permet une meilleure <strong>d\u00e9couverte des prix<\/strong> et une ex\u00e9cution plus efficace des ordres.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cette \u00e9volution marque un tournant majeur pour le <strong>trading crypto<\/strong>. En combinant la puissance des <strong>contrats perp\u00e9tuels<\/strong> avec des infrastructures de type CLOB, les nouveaux <strong>Perp DEX<\/strong> promettent une exp\u00e9rience proche des plateformes professionnelles, tout en conservant les avantages cl\u00e9s de la <strong>finance d\u00e9centralis\u00e9e (DeFi)<\/strong> : <strong>self-custody, transparence et accessibilit\u00e9 mondiale<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Qu&#8217;est-ce qu&#8217;un Perp DEX ?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Un <strong>Perp DEX<\/strong> (Perpetual Decentralized Exchange) est une plateforme de <strong>trading d\u00e9centralis\u00e9<\/strong> permettant d\u2019\u00e9changer des <strong>contrats perp\u00e9tuels<\/strong> directement sur la blockchain, sans interm\u00e9diaire centralis\u00e9. Ces produits d\u00e9riv\u00e9s n\u2019ont pas de date d\u2019expiration et permettent aux traders de sp\u00e9culer \u00e0 la hausse ou \u00e0 la baisse avec effet de levier, tout en conservant la garde de leurs fonds via leur wallet. Les transactions, la gestion du risque et les liquidations sont automatis\u00e9es par des smart contract, avec des m\u00e9canismes comme le <strong>funding rate<\/strong>. De cette fa\u00e7on, le prix du contrat reste proche du march\u00e9 spot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Orient\u00e9s vers la transparence et la <strong>self-custody<\/strong>, les Perp DEX reproduisent l\u2019infrastructure du trading de d\u00e9riv\u00e9s sur une architecture on-chain. En utilisant des carnets d\u2019ordre (CLOB), afin d\u2019assurer l\u2019ex\u00e9cution des ordres et la d\u00e9couverte des prix dans un <strong>environnement d\u00e9centralis\u00e9<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Qu&#8217;est-ce que le m\u00e9canisme&nbsp;CLOB&nbsp;?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Voici ton texte optimis\u00e9 avec les <strong>mots-cl\u00e9s strat\u00e9giques en gras<\/strong> pour am\u00e9liorer le SEO (sans sur-optimisation, pour rester naturel et lisible) \ud83d\udc47<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Un <strong>carnet d\u2019ordre centralis\u00e9 (CLOB)<\/strong> recense l\u2019ensemble des intentions d\u2019achat et de vente en les classant par niveaux de prix. Il met en \u00e9vidence en temps r\u00e9el la meilleure offre d\u2019achat disponible (<strong>bid<\/strong>) ainsi que la meilleure offre de vente (<strong>ask<\/strong>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019ex\u00e9cution des transactions repose g\u00e9n\u00e9ralement sur une logique de priorit\u00e9 combinant le <strong>prix<\/strong> et le moment de soumission : les ordres les plus avantageux sont trait\u00e9s en premier, et \u00e0 prix \u00e9gal, ceux plac\u00e9s en amont sont servis avant les plus r\u00e9cents.<br>Un <strong>CLOB<\/strong> permet diff\u00e9rents types d\u2019ordres, notamment :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ordre au march\u00e9<\/strong> : ex\u00e9cut\u00e9 imm\u00e9diatement au meilleur prix disponible.<\/li>\n\n\n\n<li><strong>Ordre limite<\/strong> : permet de d\u00e9finir un prix pr\u00e9cis auquel le trader souhaite acheter ou vendre.<\/li>\n\n\n\n<li><strong>Ordre stop<\/strong> : d\u00e9clench\u00e9 lorsque le march\u00e9 atteint un prix sp\u00e9cifique, utilis\u00e9 pour g\u00e9rer le <strong>risque<\/strong> ou entrer\/sortir automatiquement d\u2019une position.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pour comprendre les alternatives au CLOB, notamment les mod\u00e8les bas\u00e9s sur la liquidit\u00e9 automatis\u00e9e, consulte cet article sur <a href=\"https:\/\/blokulture.com\/index.php\/2024\/03\/17\/les-bribes-illustre-par-le-protocole-curve-finance\/?utm_source=chatgpt.com\">les AMM et Curve Finance<\/a>, qui explique le fonctionnement des DEX sans carnet d\u2019ordres.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment fonctionne un <strong>Perp DEX<\/strong> ? M\u00e9canismes cl\u00e9s expliqu\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Un <strong>Perp DEX (exchange d\u00e9centralis\u00e9 de contrats perp\u00e9tuels)<\/strong> repose sur une s\u00e9rie de m\u00e9canismes techniques.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Gestion du collat\u00e9ral et effet de levier<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pour ouvrir une position, les utilisateurs doivent d\u00e9poser des <strong>stablecoins<\/strong> en garantie. Ce capital sert \u00e0 s\u00e9curiser les positions et \u00e0 d\u00e9finir le niveau d\u2019<strong>effet de levier<\/strong>, en fonction du <strong>risque<\/strong> pris.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Ex\u00e9cution des ordres sur la blockchain<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Selon le protocole, deux approches architecturales principales existent :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Certains utilisent des mod\u00e8les algorithmiques comme les <strong>vAMM (Automated Market Makers)<\/strong> qui simulent la <strong>liquidit\u00e9<\/strong> via des formules math\u00e9matiques.<\/li>\n\n\n\n<li>D\u2019autres reposent sur un <strong>carnet d\u2019ordres on-chain (CLOB)<\/strong>, o\u00f9 acheteurs et vendeurs sont directement appari\u00e9s.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. D\u00e9termination du prix de r\u00e9f\u00e9rence<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les <strong>Perp DEX<\/strong> s\u2019appuient sur des <strong>oracles blockchain<\/strong> pour r\u00e9cup\u00e9rer les prix du march\u00e9. Ces donn\u00e9es servent \u00e0 calculer les <strong>profits<\/strong>, les <strong>pertes (PnL)<\/strong> et les <strong>liquidations<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. M\u00e9canisme des taux de financement<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Contrairement aux <strong>contrats \u00e0 terme classiques<\/strong>, les <strong>contrats perp\u00e9tuels<\/strong> sont sans date d\u2019expiration. Pour maintenir leur prix proche du march\u00e9 r\u00e9el, un syst\u00e8me de <strong>taux de financement (funding rate)<\/strong> est utilis\u00e9 :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lorsque le prix du perp d\u00e9passe le spot, les positions longues r\u00e9mun\u00e8rent les positions courtes.<\/li>\n\n\n\n<li>\u00c0 l\u2019inverse, si le perp est sous le prix du march\u00e9, les vendeurs \u00e0 d\u00e9couvert paient les acheteurs.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. Gestion du risque et liquidations automatiques<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les <strong>smart contracts<\/strong> surveillent constamment le niveau de <strong>marge<\/strong> des traders. Si celui-ci devient insuffisant, la position est automatiquement ferm\u00e9e (<strong>liquidation<\/strong>). En cas de volatilit\u00e9 extr\u00eame, des <strong>fonds d\u2019assurance<\/strong> peuvent absorber les d\u00e9ficits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Calcul des gains et pertes (PnL)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Lorsqu\u2019une position est cl\u00f4tur\u00e9e, le protocole calcule le <strong>PnL (Profit and Loss)<\/strong> en consid\u00e9rant plusieurs \u00e9l\u00e9ments :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La diff\u00e9rence entre le prix d\u2019entr\u00e9e et de sortie<\/li>\n\n\n\n<li>La taille de la position<\/li>\n\n\n\n<li>Les paiements de financement<\/li>\n\n\n\n<li>Les frais de transaction<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Le solde final est ensuite actualis\u00e9 en temps r\u00e9el, directement dans le <strong>wallet crypto<\/strong> de l\u2019utilisateur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment utiliser un <strong>exchange d\u00e9centralis\u00e9 perp\u00e9tuel (Perp DEX)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Commencer avec un <strong>DEX perp<\/strong> est simple, mais les traders doivent comprendre chaque \u00e9tape avant d\u2019engager des capitaux.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Configuration d\u2019un portefeuille<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Installez un <strong>wallet non-custodial<\/strong> comme <strong>MetaMask<\/strong>, <strong>Phantom<\/strong> ou <strong>Rabbit wallet<\/strong>. Financez-le avec des <strong>stablecoins (USDT, USDC)<\/strong> ou d\u2019autres garanties accept\u00e9es.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Connexion au Perp DEX<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Connectez votre <strong>portefeuille crypto<\/strong> au <strong>DEX<\/strong>. V\u00e9rifiez toujours l\u2019URL pour \u00e9viter le <strong>phishing<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">D\u00e9p\u00f4t de collat\u00e9ral<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e9posez vos actifs dans un <strong>smart contract<\/strong> servant de <strong>marge<\/strong> pour le trading \u00e0 effet de levier.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Choisir le march\u00e9 et la position<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">S\u00e9lectionnez un <strong>contrat perp\u00e9tuel<\/strong> (ex : BTC-PERP, ETH-PERP) et choisissez une position :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Long (achat)<\/strong> : vous anticipez une hausse<\/li>\n\n\n\n<li><strong>Short (vente \u00e0 d\u00e9couvert)<\/strong> : vous anticipez une baisse<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">D\u00e9finir l\u2019effet de levier<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ajustez votre <strong>levier<\/strong> selon votre tol\u00e9rance au risque. Plus il est \u00e9lev\u00e9, plus le potentiel de gain et de <strong>liquidation<\/strong> augmente.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Passer un ordre<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ordre au march\u00e9<\/strong> : ex\u00e9cution imm\u00e9diate<\/li>\n\n\n\n<li><strong>Ordre limite<\/strong> : ex\u00e9cution \u00e0 un prix d\u00e9fini<\/li>\n\n\n\n<li><strong>Stop-loss \/ Take-profit<\/strong> : gestion automatis\u00e9e du <strong>risque<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Suivi de la position<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Surveillez votre <strong>marge<\/strong>, votre <strong>PnL<\/strong> et les <strong>taux de financement<\/strong>. Une marge trop faible entra\u00eene une <strong>liquidation<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cl\u00f4ture de la position<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Fermez votre position \u00e0 tout moment. Le protocole calcule automatiquement le <strong>PnL<\/strong>, d\u00e9duit les frais et renvoie les fonds dans votre <strong>wallet<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Avantages des <strong>Perp DEX<\/strong> et du <strong>trading d\u00e9centralis\u00e9<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>S\u00e9curit\u00e9 non-custodial<\/strong> : contr\u00f4le total des fonds via un <strong>wallet crypto<\/strong><\/li>\n\n\n\n<li><strong>Acc\u00e8s global et sans KYC<\/strong> : trading sans interm\u00e9diaire (selon r\u00e9glementation locale)<\/li>\n\n\n\n<li><strong>Transparence blockchain<\/strong> : transactions v\u00e9rifiables on-chain<\/li>\n\n\n\n<li><strong>Contrats perp\u00e9tuels sans expiration<\/strong> : flexibilit\u00e9 de trading long terme<\/li>\n\n\n\n<li><strong>Interop\u00e9rabilit\u00e9 DeFi<\/strong> : interaction avec <strong>staking<\/strong>, <strong>lending<\/strong> et <strong>yield farming<\/strong><\/li>\n\n\n\n<li><strong>R\u00e9sistance \u00e0 la censure<\/strong> : infrastructure d\u00e9centralis\u00e9e robuste<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Les principaux perps DEX<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Perp DEX<\/th><th>Type d\u2019infrastructure<\/th><th>Mod\u00e8le de liquidit\u00e9<\/th><th>Blockchain \/ Infra<\/th><th>Points forts<\/th><th>Limites<\/th><\/tr><\/thead><tbody><tr><td><strong>Hyperliquid<\/strong><\/td><td><strong>CLOB (order book on-chain)<\/strong><\/td><td>Matching direct acheteurs\/vendeurs + vault (HLP)<\/td><td>L1 propri\u00e9taire<\/td><td>Ex\u00e9cution rapide, faible latence, exp\u00e9rience proche CEX<\/td><td>Complexit\u00e9 technique, d\u00e9pendance \u00e0 une infra d\u00e9di\u00e9e<\/td><\/tr><tr><td><strong>dYdX<\/strong><\/td><td><strong>CLOB (off-chain \/ appchain)<\/strong><\/td><td>Carnet d\u2019ordres + market makers<\/td><td>Cosmos (appchain)<\/td><td>Historique solide, bonne liquidit\u00e9, large choix d\u2019actifs<\/td><td>Partiellement off-chain, UX variable<\/td><\/tr><tr><td><strong>GMX<\/strong><\/td><td><strong>AMM \/ Oracle-based<\/strong><\/td><td>Pool de liquidit\u00e9 (GLP \/ GM)<\/td><td>Arbitrum \/ Avalanche<\/td><td>Simplicit\u00e9, z\u00e9ro slippage sur petites positions<\/td><td>Mauvaise d\u00e9couverte des prix, limites sur gros trades<\/td><\/tr><tr><td><strong>Gains Network<\/strong><\/td><td><strong>AMM \/ Oracle-based<\/strong><\/td><td>Pool synth\u00e9tique (DAI vault)<\/td><td>Polygon \/ Arbitrum<\/td><td>Large choix d\u2019actifs (forex, indices), effet de levier \u00e9lev\u00e9<\/td><td>D\u00e9pendance aux oracles, liquidit\u00e9 indirecte<\/td><\/tr><tr><td><strong>Drift Protocol<\/strong><\/td><td><strong>Hybride (AMM + orderbook)<\/strong><\/td><td>vAMM + matching partiel<\/td><td>Solana<\/td><td>Tr\u00e8s rapide, faible co\u00fbt, hybride performant<\/td><td>Complexit\u00e9, d\u00e9pendance Solana<\/td><\/tr><tr><td><strong>Vertex Protocol<\/strong><\/td><td><strong>Hybride (orderbook + AMM)<\/strong><\/td><td>Orderbook + pool de liquidit\u00e9<\/td><td>Arbitrum<\/td><td>Bonne efficacit\u00e9 du capital, UX avanc\u00e9e<\/td><td>Moins de volume que leaders<\/td><\/tr><tr><td><strong>ApeX Protocol<\/strong><\/td><td><strong>CLOB (off-chain)<\/strong><\/td><td>Carnet d\u2019ordres + StarkEx<\/td><td>StarkNet \/ Ethereum<\/td><td>Scalabilit\u00e9, frais r\u00e9duits<\/td><td>Moins d\u00e9centralis\u00e9<\/td><\/tr><tr><td><strong>Paradex<\/strong><\/td><td><strong>CLOB (off-chain)<\/strong><\/td><td>Market makers<\/td><td>StarkNet<\/td><td>Performance \u00e9lev\u00e9e, proche CEX<\/td><td>Centralisation partielle<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">En d\u00e9finitive, les <strong>Perp DEX<\/strong> s\u2019imposent progressivement comme une \u00e9volution naturelle du <strong>trading de produits d\u00e9riv\u00e9s<\/strong>, en combinant la puissance des <strong>contrats perp\u00e9tuels<\/strong> avec les principes fondamentaux de la <strong>finance d\u00e9centralis\u00e9e (DeFi)<\/strong> : <strong>transparence, self-custody et accessibilit\u00e9 globale<\/strong>. Gr\u00e2ce aux <strong>smart contracts<\/strong>, aux <strong>oracles<\/strong> et aux m\u00e9canismes comme le <strong>funding rate<\/strong>, ces plateformes reproduisent l\u2019infrastructure des march\u00e9s traditionnels tout en \u00e9liminant les interm\u00e9diaires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais au-del\u00e0 de leur fonctionnement, c\u2019est surtout leur \u00e9volution qui marque un tournant. Comme le souligne l\u2019analyse des \u201c<strong>CLOB wars<\/strong>\u201d, le march\u00e9 entre dans une nouvelle phase : celle d\u2019une comp\u00e9tition entre diff\u00e9rentes architectures (AMM, CLOB, hybrides), o\u00f9 la performance, la liquidit\u00e9 et l\u2019exp\u00e9rience utilisateur deviennent des facteurs d\u00e9terminants. Cette dynamique transforme les Perp DEX en v\u00e9ritables <strong>infrastructures de march\u00e9<\/strong>, capables \u00e0 terme de rivaliser avec les exchanges centralis\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Port\u00e9s par une croissance explosive des volumes et une adoption croissante \u2014 y compris par des acteurs plus institutionnels \u2014 les <strong>DEX perp\u00e9tuels<\/strong> ne sont plus une simple exp\u00e9rimentation de la DeFi, mais un pilier \u00e9mergent de l\u2019\u00e9cosyst\u00e8me crypto. Leur capacit\u00e9 \u00e0 offrir un <strong>trading sans interm\u00e9diaire<\/strong>, tout en am\u00e9liorant constamment leurs performances techniques, pourrait bien red\u00e9finir durablement la mani\u00e8re dont les march\u00e9s financiers fonctionnent \u00e0 l\u2019\u00e8re du on-chain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udc49 La v\u00e9ritable question n\u2019est donc plus de savoir si les <strong>Perp DEX<\/strong> vont s\u2019imposer\u2026 mais <strong>quels mod\u00e8les \u2014 CLOB, AMM ou hybrides \u2014 domineront la prochaine g\u00e9n\u00e9ration du trading d\u00e9centralis\u00e9<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Le trading d\u00e9centralis\u00e9 entre dans une nouvelle phase avec l\u2019\u00e9mergence des Perp DEX, des plateformes innovantes qui permettent d\u2019\u00e9changer des contrats perp\u00e9tuels (perpetual futures) directement sur la blockchain, sans passer par un interm\u00e9diaire. Longtemps domin\u00e9 par des exchanges centralis\u00e9s, ce march\u00e9 attire d\u00e9sormais une nouvelle g\u00e9n\u00e9ration d\u2019investisseurs en qu\u00eate de transparence, de s\u00e9curit\u00e9 et<span class=\"post-excerpt-end\">&hellip;<\/span><\/p>\n<p class=\"more-link\"><a href=\"https:\/\/blokulture.com\/index.php\/2026\/06\/14\/un-perp-dex-cest-quoi\/\" class=\"themebutton\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1001","post","type-post","status-publish","format-standard","hentry","category-les-types-de-protocoles-defi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Un perp DEX c&#039;est quoi ? - blokulture<\/title>\n<meta name=\"description\" content=\"Un perp DEX c&#039;est quoi ? 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