How Does a Perpetual DEX Work? The Infrastructure Behind the Risk

A perpetual DEX can look deceptively simple. Connect a wallet, choose an asset, select long or short, set leverage and open a position.But that interface hides the question that matters most: when you place a trade, who is actually taking the other side?On a centralised exchange, the answer is relatively easy to understand. The exchange operates the trading infrastructure and provides the systems needed to match orders, manage collateral and liquidate positions.
A perpetual DEX has to perform th