Perpl is a decentralized perpetual futures exchange on Monad EVM that matches and settles trades on chain using a central limit order book. The protocol includes on-chain components for order matching, margin checks, liquidation, funding, and price indexing. Liquidations trigger when positions fall below maintenance margin and close at the mark price, with insurance fund and ADL components described. Fees use a maker taker schedule with tiered rates based on 14 day volume.