perpland documentation
PerpLand is a single Uniswap v4 hook that lets users open leveraged longs on a built-in bonding-curve token. It is a ground-up rewrite of the policy layer that drained Uniperp in 2026 — the curve math is identical; the security model is not.
These docs cover three things: what the protocol does, how it works, and why it doesn't get drained the same way Uniperp did. If you're a trader, start with getting started. If you're here for the security model, jump to the ten defenses.
at a glance
| property | value |
|---|---|
| type | leveraged longs on bonding-curve token |
| built on | uniswap v4 hooks |
| max leverage | 5× |
| curve | realPERP × (V + E) = K · V=10, K=7M (post-supply-split) |
| bands | 300 LP positions, 5 ETH width each |
| liquidation oracle | 5-minute TWAP + spot-deviation gate |
| defenses | 12 named, all tested (66 tests pass) |
| liquidity lock | 70% by code (immutable) · 30% at UNCX |
| audit status | unaudited · pre-audit hardening complete |
structure of these docs
- Getting started — how to open a position, what the fields mean.
- The bonding curve — the math, the bands, why it's shaped the way it is.
- How leverage works — borrow walks, band utilization, what the protocol owes you.
- Liquidation & funding — the health check, the funding rate, when positions auto-close.
- The ten defenses — D1 through D10 plus M-01, what each one rejects.
- Threat model — every attack class we've thought about and the defense that closes it.
- Invariants — the accounting ledger that must always balance.
- Parameters — every constant in the contract and what it does.
- Audit status — what's shipped, what isn't, what we're still waiting on.
These docs assume you've read at least a brief on bonding curves. If not, skim that first — we're not going to re-derive constant-product AMMs here.