LP-Free Perps: How the Architecture Actually Works | LeverUp Podcast

Most perp DEXes route trades through LP pools that act as counterparty capital. LeverUp's architecture does something different — and the structural consequences go deeper than the marketing language suggests.In this episode, we break down exactly how the LP pool model works and where its friction points are (open interest caps, fee splitting, LP exit risk), then explain what LeverUp's Virtual Market Making Vault actually changes: how fees are routed, how open interest capacity is determined, and where execution and settlement responsibility sits.Includes the full fee schedule, position sizing math, and an honest look at what tradeoffs come with protocol-level settlement.Figures mentioned (fees, thresholds) reflect data at time of recording — check app.leverup.xyz for current rates.Links:- Trade on LeverUp: app.leverup.xyz- Full architecture overview: What is LeverUp? (link in show notes)