Part 3 — Module 9: Capstone — Perpetual Exchange

Difficulty: Advanced

Estimated reading time: TBD | Exercises: TBD

💡 Capstone Overview

Capstone choice: Perpetual Exchange. Design and build a simplified perpetual futures exchange from scratch. Portfolio-ready project integrating concepts across all three parts.

Why a perp exchange: Perps are the highest-volume DeFi vertical. Building one demonstrates understanding of trading mechanics, funding rates, margin/liquidation, oracle design, MEV-aware liquidation, and L2 optimization — all in a single project.

Key Part 3 concepts to integrate:

• M1 (Liquid Staking): LSTs as collateral (wstETH margin)
• M2 (Perpetuals): Core mechanics — funding rates, mark/index price, PnL, margin, liquidation
• M3 (Yield Tokenization): Yield-bearing collateral implications
• M4 (DEX Aggregation): Liquidation routing
• M5 (MEV): MEV-resistant liquidation design
• M6 (Cross-Chain): Multi-chain deployment considerations, bridge risk for cross-chain collateral
• M7 (L2 DeFi): L2-native design (low latency, sequencer awareness)
• M8 (Governance): Parameter governance (fees, margin requirements, market listings)

Connection to Part 2 Capstone: Your P2 stablecoin could serve as the settlement asset for this exchange.

Full curriculum to be written after M1-M8 are complete.

Navigation: ← Module 8: Governance & DAOs | Part 3 Overview