AshPerp Review 2026: Perpetual Trading on MultiversX

AshPerp is a decentralized perpetual trading protocol on MultiversX. It comes from the team behind AshSwap, a DEX and aggregator on the same chain, and its documentation sits within the AshSwap docs. The protocol has been tracked since April 2024.

The documentation names several components: perpetual trading, a Perpetual Vault, One-click Trading, a referral program and AshGuard NFTs. Earlier project updates mention a paper-trading competition called Battle of Perps, which suggests the team tested the product with the community before a wider launch.

Total value locked is about $38,000 and unchanged over the past week. That is small for a derivatives venue, where deep liquidity matters for pricing and for traders' ability to exit. The protocol lists no audits and no token of its own. Team details, licensing and fee schedules are not published in the material available.

A perpetual future is a derivative that tracks an asset's price with no expiry date. A trader picks a market, chooses a direction (long or short) and a leverage level, and posts collateral. If the price moves against the position far enough, it is liquidated. If it moves in favour, the trader earns a profit.

On a decentralized perps protocol, these positions are managed by smart contracts. AshPerp lists a Perpetual Vault in its documentation, which suggests a pooled-liquidity design. Public sources do not describe the vault's payoffs, so how it works in detail is not confirmed.

The documentation also names One-click Trading, a referral system and AshGuard NFTs. Testnet notes mention limits such as three trades per pair per wallet, so the exact rules depend on which version is live. Readers should confirm current parameters in the docs.

AshPerp's trading fees, funding rates and any vault fees are not published. The documentation for the related AshSwap project has a separate fees page for swaps, but that does not tell users what perpetual trades cost.

On any perpetuals venue, expect to pay opening and closing fees plus funding payments, and to bear network gas costs on MultiversX. Check the protocol's documentation and the order screen before confirming a trade.

No audits are listed for AshPerp, and the protocol does not publish team, licence or regulatory details. Smart-contract risk is therefore unquantified. Vault funds and open positions depend entirely on the code working as intended.

Leveraged trading carries a high risk of losing your whole margin, and low TVL can mean wider price impact and difficulty closing positions. No hacks or incidents are reported. That is not evidence of safety, given the lack of audits. Perpetual trading may be restricted in some jurisdictions, so check local rules before using it.

AshPerp is aimed at experienced traders already using MultiversX who understand leverage, liquidation and funding. It is a poor fit for beginners and for anyone who needs audited contracts, deep liquidity or clear published fees before trading.