DipCoin Perps Review 2026: Guided Perpetuals on Sui

DipCoin Perps is a decentralized derivatives exchange built on Sui. Its homepage tagline calls it the simplest DEX on Sui, and its pitch is a mix of centralized-exchange speed with on-chain transparency and self-custody.

The product centers on guided perpetual futures trading. A perpetuals testnet opened in October 2025, and DefiLlama lists the protocol from November 2025. At the time of the data, total value locked was about 1.85 million USD, roughly flat over the prior week.

The project has since changed shape. It announced that its Swap and Liquidity Pool services would be discontinued on July 13, 2026, and has published system upgrade notes about restructuring its on-chain capital design and simplifying its interface. DipCoin does not appear to have its own token listed on DefiLlama.

A perpetual futures contract lets you bet on an asset's price rising or falling without owning it and without an expiry date. You post collateral as margin, choose a position size and leverage, and your profit or loss follows the price move. If losses approach your margin, the position is liquidated.

DipCoin runs this on Sui, a fast Layer 1 blockchain. The project says orders execute in under a second and that users keep self-custody, so trades are made from your own wallet and settled through on-chain contracts rather than an exchange-held account.

The project has also moved away from spot swaps and liquidity pools, announcing their discontinuation on July 13, 2026. A system upgrade described on the project's blog talks about redesigning its on-chain capital structure, though the details beyond that summary are not in its homepage.

DipCoin does not publish a fee schedule in its homepage. Perpetual exchanges typically charge maker and taker trading fees and a periodic funding rate between longs and shorts, and you would pay network gas on Sui for on-chain actions. The exact numbers for DipCoin should be checked in the trading interface or the project's documentation before you trade.

Since the platform is small by TVL, also watch slippage and spreads on larger orders, which can cost more than headline fees.

DefiLlama lists two audits for DipCoin, but its homepage does not name the auditors or link reports, so readers should look for them directly. Self-custody removes exchange-custody risk, but smart-contract bugs, oracle problems and wallet compromise remain possible, and a young protocol has little track record. No hacks or incidents appear.

Perpetual trading is high risk: leverage can wipe out a margin balance quickly. Regulation of derivatives varies by country, and the project does not state licensing in the material reviewed, so check that using such a service is permitted where you live. Only trade with money you can afford to lose.

DipCoin Perps is for crypto traders who already use or are willing to set up a Sui wallet and want leveraged perpetual exposure without moving funds to a centralized exchange. It is better suited to people who read the fee and liquidation rules first and keep position sizes modest than to beginners chasing high leverage.