NFTPerp is a decentralized exchange that allows traders to engage in perpetual futures trading for NFT collections. In November 2022, the platform launched its beta version on Arbitrum One, offering traders the ability to take long or short positions on NFTs with up to 5x leverage. This feature enables small investors to access popular collections like BAYC and CryptoPunks, even if their floor prices are high, or to hedge against NFT exposure by shorting them or expressing bearish views.

The platform has maintained a daily active trader count of over 200 through March, possibly due to the Odeshi Airdrop campaign. This initiative rewards active users based on their trades and overall volume, with monthly airdrops of vNFTP tokens. These tokens will be convertible to NFTP tokens upon the mainnet launch. Each month, a total of 1.5M vNFTP tokens (0.15% of token supply) are released, and the reward duration is currently indefinite, subject to the governance of the NFTPerp DAO.