BlockBeats news, on May 15, PancakeSwap announced a major upgrade to its Perps perpetual contracts product, fully replacing the previous LP liquidity pool-based trading model with a full order book architecture to enhance capital efficiency, price discovery, and trade execution quality.
In this upgrade, the platform has introduced Simple Mode, allowing users to open and close positions with a single click, without needing to set margin modes, order types, or complex trading parameters—significantly lowering the barrier to trading perpetual contracts and enhancing the experience for new users.
At the same time, PancakeSwap retains Pro Mode, supporting cross and isolated margin, multi-asset collateral, and advanced order types such as limit, market, stop-loss, and take-profit orders, along with a full order book depth view and position management features to meet the needs of high-frequency and professional traders.
The new system supports up to 200x leverage (for BTC and major trading pairs) and expands support for multiple collateral assets, including BNB, USDT, BTC, ETH, and various derivative assets. Additionally, spot and futures assets are unified under a single wallet system, allowing users to trade without needing cross-chain transfers or separate accounts.
The official statement says the new Perps system is powered by Aster’s order book infrastructure, designed to deliver execution quality approaching that of centralized exchanges (CEXs), while maintaining on-chain transparency and a non-custodial trading structure.