Since 2020, the rise of AMMs in the spot market, represented by Uniswap, has driven the rapid development of decentralized finance (DeFi). However, while the trading volume in centralized exchanges for perpetual contracts is much larger than that of spot markets, three years later, there still hasn't been an equivalent surge of AMMs for perpetuals. We believe the core reason is the fundamental difference between the perpetual contract market and the spot market, and directly applying the...