EVERYTHING IS A PERP

Summary from the TLDR Crypto newsletter

This post goes over the concept of power perpetuals, assets that target an index price's power, in relation to three types of DeFi primitives, including crypto-collateralized stablecoins, margined futures, and products like Uniswap. Stablecoins are analogous to 0-perps, margined futures are 1-perps, and Uniswap-like products act as a replicating portfolio for 0.5-perps. This uncovers a compact design space across these central primitives in DeFi.