Wasabi Perps Review 2026: Leverage on Long-Tail Assets

Wasabi Perps is a leverage trading protocol from the Wasabi project. It focuses on long-tail assets such as memecoins and NFTs, letting users go long, short or earn yield. DefiLlama has listed it since April 2023 under Derivatives, and it shows deployments on Base, Solana, Ethereum, Berachain and Blast.

The pitch is asset-backed perps that keep position value close to the underlying asset, plus fast listings of new pairs. Public reporting also describe 10x leverage on assets that are hard to find elsewhere, and real yield from borrow demand rather than emissions.

Total value locked is about $480,937 with a 4.8% drop over seven days, which is small for a derivatives venue. A search result dated May 1, 2026 refers to an April 30, 2026 development involving the protocol, but the snippet is truncated, so the project does not say what it was. Readers should check current news before using the platform.

Wasabi is a perpetual-style leverage protocol. A trader posts collateral and opens a long or short position on an asset, borrowing liquidity to increase exposure. If the position loses enough value, it can be liquidated.

The project describes its perps as asset-backed, meaning the position is tied closely to the real underlying asset instead of a purely synthetic price. It says this lets PnL reflect true price action, and that leveraged buying can move the spot price.

The other side of the market is yield. The description says users can stake a single asset, with returns coming from borrow demand rather than token emissions. Returns depend on traders actually using leverage, and stakers take on smart-contract and market risk.

Trading fees, funding or borrow rates, liquidation penalties and staking yields are not stated publicly available. Users would see the current figures in the trading interface and the protocol documentation before opening a position.

Because perps involve borrowing, expect some form of borrow cost plus network gas on whichever chain you use. Confirm the exact numbers in the app before trading.

DefiLlama lists two audits, but the auditors, dates and findings are not given publicly. Positions are held in smart contracts, so users carry smart-contract risk on top of market risk. Leveraged positions on illiquid assets can be liquidated fast and lose all collateral.

A search result dated May 1, 2026 mentions an April 30, 2026 development involving the protocol, described in a headline that puts 'decentralized' in quotation marks. The snippet is cut off, so we cannot say what occurred. Check the team's official channels and recent news before depositing. Regulatory status is not stated publicly, and derivatives trading is restricted in some jurisdictions.

Wasabi Perps is for experienced DeFi traders who understand liquidation, funding costs and memecoin volatility, and who are comfortable with a smaller protocol. It is not suited to beginners, to anyone seeking stable returns, or to people who cannot afford to lose their entire stake.