Our June 2026 report explores the world of CAKE token supply management on PancakeSwap. Learn how PancakeSwap reduces the total supply of CAKE through strategic burns and the pursuit of ultrasound CAKE.

**CAKE Total Supply Reduction:**

As of July 6, 2026, PancakeSwap has successfully burned -0.521% of the CAKE total supply for June  2026. To calculate this percentage, we divided the total net mint of -1,749,587 CAKE by the initial total CAKE supply on July 6th, 2026. This marks the 34th consecutive month of CAKE total supply reduction, with a cumulative -52,795,610 CAKE since September 2023.

**Achieving CAKE Total Supply Reduction through Net Minting:**

In June 2026, PancakeSwap achieved a net mint of -1,749,587 CAKE. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

**June Mint Breakdown**

- Farms: 236,919
- Other Product Usage: 119,961
- Ecosystem Growth: 295,684
- Total June Mint: 652,564

*Please note that we have excluded CAKE mints that directly contribute to burning, calculating the mint based on raw CAKE/block emission (including emission changes over the months) for a precise monthly mint estimate.*

**June Burn Categories**

- Swaps and Perpetual Trading Fees: 2,164,502
- Prediction: 119,516
- Lottery, NFT Market, Profile & Factory, CAKE Domain, CAKE Pad: 118,133
- Total June Burn: 2,402,150

*Note: To ensure accuracy, we pro-rate weekly CAKE burns over two months. For example, burns occurring at the end of July and stretching into* September *receive a proportionate allocation between the two months.*

June CAKE Burn Report

Moving from a centralized exchange (CEX) to a decentralized exchange (DEX) doesn’t need to feel complicated. This guide is the quick version: get a wallet, add funds, connect to PancakeSwap, and make your first onchain swap with ease.

If you already know how to buy, sell, and withdraw on a centralized exchange (CEX), you're closer to using PancakeSwap than you think. The whole move comes down to four steps: get a wallet, send your funds over, connect, and swap. This guide walks through each one, plus what's worth knowing before you start.

---

**Why Bother Moving at All**

On a CEX, the exchange holds your crypto for you. That's simple, but it also means you're trusting someone else to hold your funds, follow your withdrawal request, and more.

On PancakeSwap, a DEX, you hold your own funds in your own wallet. You connect your wallet directly and trade, earn, or explore new tokens with nothing in between you and the chain. This is self-custody: you hold the keys, you hold the funds, and you hold the responsibility that comes with that.

**Step 1: Set up a self custody wallet**

Install a trusted wallet, create or import your wallet, and store your recovery phrase somewhere secure. PancakeSwap currently supports all the industry-leading wallets, includingMetaMask, Trust Wallet, Binance Wallet, Coinbase Wallet, OKX Wallet, and more so you can use what you already have or grab a new one in a couple of taps.

Your wallet is what you’ll use to hold funds and connect to PancakeSwap.

**Step 2: Move funds from your CEX**

Go to your exchange's Withdraw page, paste your wallet address, and **select the matching network** (e.g. BNB Smart Chain / BEP-20). Start with a small test transfer if you're new to moving funds onchain. Withdrawals usually land within a few minutes once the network confirms.

*Always double check the network and the first few characters of your address before sending. Onchain transfers can't be reversed.*

**Step 3: Connect to PancakeSwap**

**Head to**  PancakeSwap (pancakeswap.finance), connect your wallet, and choose the network where your funds arrived. Once connected, you can swap tokens directly from your wallet - no account, no sign-up, no waiting

**Step 4: Explore DeFi at your own pace**

**Once you're set up, there's a lot more than swapping on offer at PancakeSwap**

- **Swap** thousands of tokens directly onchain, with MEV protection available to guard your trades
- **Earn** by staking CAKE or providing liquidity to earn a share of trading fees and extra incentives
- **Explore** the wider menu - perpetuals, tokenized equities and new launches on CAKE.PAD

#### **A few habits worth keeping**

Self-custody puts you in control, and it's worth protecting that control with a few simple habits: never share your recovery phrase with anyone, reach PancakeSwap through the official address, or a saved a bookmark, or by typing the URL yourself rather than clicking links from DMs or ads, and test new addresses or apps with a small amount before committing more.

A note for EU users: Under the EU’s MiCA framework, some centralized platforms are adjusting or pausing certain services for users in the region. As a non-custodial DEX, PancakeSwap lets you keep trading onchain from your own wallet — no regional account needed. The steps above work the same wherever you are.

*This guide is for educational purposes only and is not financial advice. Onchain activity carries risk, always do your own research. You are responsible for verifying every link, address, and contract you interact with.* 

Thanks for reading! Follow us on X for the latest updates, and join the conversation on Telegram and Discord.

Stack'em,

The Chefs 🥞

A fast and easy guide to self-custody DeFi

How to Move from a Centralized Exchange to PancakeSwap

***Disclaimer and Risk Warning:** This content is for general information and educational purposes only, without representation or warranty. It should not be construed as financial, legal, or other professional advice, nor intended to recommend purchasing any specific product or service. You should seek advice from appropriate professional advisors.*

---


We're excited to launch a **263,158 ARX trading competition in collaboration with ARX (Arcium)**. Trade ARX to compete for prizes while trading on the PancakeSwap Swap Page, on both mobile and web interfaces.

## What is Arcium?

Arcium is a fast, flexible, and low-cost infrastructure for accessing confidential computing via the blockchain. As the Confidential Supercomputer, Arcium enables confidential computing at scale for developers, applications, and entire industries — a trustless, verifiable, and efficient framework to compute over fully confidential data. Powered by secure Multi-Party Computation (MPC), Arcium delivers scalable, secure confidentiality solutions for Web2 or Web3 projects, running on decentralized networks.

By the numbers, Arcium has:

- **Executed 1.5M+ computations** on mainnet
- **Processed 5.5M+ transactions**
- **12+ apps** live and powered by Arcium

Learn more at arcium.com.

## Campaign Duration

Start: 23 June 2026, 1:00 PM UTC
End: 07 July 2026, 1:00 PM UTC

ARX Official Contract Address: 0xd5f6ef5dEabE61E6d5CDB49BFB6f156F2c1cA715
ARX Contract on BSCScan: https://bscscan.com/address/0xd5f6ef5dEabE61E6d5CDB49BFB6f156F2c1cA715

## How to Participate & Win

To qualify for the random draw, trade at least $500 in ARX pairs on BNB Chain on the PancakeSwap Swap Page during the campaign period. The minimum volume can be achieved through a single trade or multiple trades in ARX pairs. Only trades made on the PancakeSwap Swap Page (Web or Mobile interface) are eligible.

### Tiers & Rewards

-Tier 1: Trade $500+ → 200 lucky winners get 493.42 ARX each (Total: 98,684 ARX)

-Tier 2: Trade $2,000+ → 100 lucky winners get 986.84 ARX each (Total: 98,684 ARX)

-Tier 3: Trade $5,000+ → 40 lucky winners get 1,644.75 ARX each (Total: 65,790 ARX)

**Grand total: 263,158 ARX up for grabs**

### Important Note

Each wallet address can only win one prize across all three tiers.

- **Tier 3 Qualifiers:** If you qualify for Tier 3, your wallet will first be drawn for Tier 3. If you don't win, your wallet will be considered for the Tier 2 draw, then Tier 1.
- **Tier 2 Qualifiers:** If you qualify for Tier 2 but not Tier 3, your wallet will first be drawn for Tier 2. If you don't win, you will be considered for Tier 1.

*Example*: If you trade over $5,000, your wallet is drawn for Tier 3 first; if not selected, it cascades to Tier 2, then Tier 1.

## Terms & Conditions

- All qualifying trades must involve ARX tokens. Only trades in ARX trading pairs will be considered. Trades in pairs that do not include ARX will not count toward any part of this campaign.
- Only trades made on the PancakeSwap Swap Page (Web & Mobile Version) (including Infinity, V2 and V3 interfaces) qualify. Trades made through external aggregators or platforms (e.g., 1inch, or other decentralized exchanges) will not count towards this campaign.
- The PancakeSwap Swap Page (Web interface & Mobile) refers to trades made through the PancakeSwap FE. Trades made through external aggregators or platforms (e.g., 1inch, or other decentralized exchanges) will not count towards this campaign.
- Each wallet address can win a maximum of one reward.
- All the rewards will be distributed in ARX tokens within 4 weeks after the campaign ends.
- In PancakeSwap's absolute opinion, any trades executed through bad trading practices, including, but not limited to, wash trades, false trading, self-dealing, or trades that display any attributes of market manipulation ("Disqualified Trades"), will not be counted toward this campaign.
- PancakeSwap reserves the right to cancel, suspend, or postpone the Campaign or amend the Campaign rules at our sole discretion without notice to you.
- PancakeSwap will disqualify any entry from participants who do not meet the eligibility requirements as solely and absolutely determined by PancakeSwap.
- In the event of any dispute, PancakeSwap reserves the right to make all final decisions regarding the Giveaway.

The information provided here is not intended as financial advice. It does not constitute a solicitation, recommendation, endorsement, or offer by PancakeSwap to buy, sell, or invest in any digital assets. Cryptocurrencies carry significant risks, including the potential loss of your entire investment. We strongly recommend seeking professional advice before making any financial, investment, or trading decisions.

## Start Trading Now!

Trade ARX on PancakeSwap now.
 

https://pancakeswap.finance/swap?chain=bsc&inputCurrency=0x55d398326f99059fF775485246999027B3197955&outputCurrency=0xd5f6ef5dEabE61E6d5CDB49BFB6f156F2c1cA715

Good luck, and may the best traders win! 🥞

Trade ARX to compete for prizes while trading on the PancakeSwap Swap Page to win from a prize pool of 263,158 ARX.

PancakeSwap x Arcium Trading Competition | 263,158 ARX in Rewards

# Meet Your AI Copilot for PancakeSwap Perps

Trading perps comes with homework: read the chart across timeframes, pick a direction, size the position, set leverage, calculate a sensible TP and SL. The hard part was less the decision and more everything before it. Al Copilot turns a vague intent like “I want a quick scalp” into a fully formed order in seconds.

Your Al Copilot is a new way to trade on PancakeSwap Perps. Choose, tap once, and the AI reads the market, finds a setup, and pre-fills the whole position - direction, leverage, size, take-profit, and stop-loss. It comes back as a clean, editable proposal. You review it, tweak it, and confirm. Al Copilot does the analysis and the math. You make the call.

Al Copilot is for new traders who find the blank order ticket intimidating, busy traders
with no time for multi-timeframe analysis, and active scalpers who want to move faster without skipping the structure work.

![111.png](https://sgp1.digitaloceanspaces.com/strapi.space/7791e01c23cfc91021b629729b18e028.png)

## Important to note:

- Nothing executes automatically. Every trade is a proposal that only goes live when you confirm.
- Everything is editable - direction, size, leverage, TP, SL.
- The risk is visible first. Entry, TP, and SL are plotted against price, with your estimated liquidation price up front. Tap the tooltip to see the market context behind any setup.

## As a user, you make two choices:

1. Margin: Select the initial margin to trade.

![2p.png](https://sgp1.digitaloceanspaces.com/strapi.space/21f8e5a2964d5a0fb20098fbcbd2d7ff.png)

2. Style: The Style tells AI Copilot which timeframe to analyse and how long the trade should live for. Three options, mapped to how different traders think.
**Important. At launch, we will only support ‘Swing’.

![3p.png](https://sgp1.digitaloceanspaces.com/strapi.space/0b8a6cee9ef5b50c24fbb1e9bb33d951.png)

| Style | Timeframe | What it means |
| --- | --- | --- |
| Scalping | 3–15 min | Quick in-and-out for small, frequent moves. |
| Day | Intraday | Short-term trends on intraday volatility. |
| Swing (only Swing will be live at launch) | Days to weeks | Holds positions for days, riding short- to medium-term trends. |

## Strategy Generation:

The Strategy sets what to optimize for. At launch there’s Max Gain - high reward-to-risk setups. Fewer trades, bigger moves. More are coming soon.

Every generated trade comes back as a clean summary with the entry, take-profit and stop-loss plotted against price - so the risk is visible before a single click to confirm.

## Example: a Swing trade / Max Gain long on BTC

| Field | Value |
| --- | --- |
| Action | Long |
| Order type | Market |
| Size | 265 USDT |
| Leverage | 53× ⋅ Cross |
| Mark price (entry) | $69,781.9 |
| Take profit | $70,015.9 |
| Stop loss | $69,549.7 |

![4pp.png](https://sgp1.digitaloceanspaces.com/strapi.space/53b86fe29cb98e4a628a16868dcdfcc8.png)

*Quick tip: If you click on tooltip - you can view the context of the trade as shown below!*

![5p.png](https://sgp1.digitaloceanspaces.com/strapi.space/f436bcf4842e1306b5d1a64ed39718b6.png)

## Get started with AI Copilot

1. Connect your wallet to PancakeSwap Perps.
2. Deposit collateral.
3. Generate - open the Al Copilot tab, pick margin and style, tap Ask Al: Long / Short. Al Copilot builds the position.
4. Review the entry, TP, SL, and liquidation price.
5. Confirm - tap Confirm Long. Position goes live.

![6p.png](https://sgp1.digitaloceanspaces.com/strapi.space/35ac291a94a79a5ee39df759f93c3add.png)

## How does AI Copilot Work?

AI Copilot isn’t guessing. It reads live price and volatility, funding, and open interest, then runs multi-timeframe analysis tuned to your style.

Pick your margin, pick your style, tap once, and review a complete setup with the risk laid out in front of you. Al Copilot is live on PancakeSwap Perps now.

Connect, deposit, and let AI Copilot find your first setup.

Try PancakeSwap Perps now.
https://pancakeswap.finance/perps/BTCUSDT?mode=pro

## Disclaimer

Al Copilot generates trade proposals for informational purposes only and does not constitute financial or investment advice. Nothing executes automatically; all trades require your manual confirmation, and you are solely responsible for any positions you open. Perpetual futures are high-risk, leveraged products - you can lose more than your initial margin, and high leverage increases liquidation risk. Al generated setups draw on historical and current data; past performance is not indicative of future results, and no setup is guaranteed to be profitable. Never risk more than you can afford to lose. Availability may be subject to regional restrictions.

Thanks for reading! Follow us on [X](https://x.com/PancakeSwap), and join the conversation on Telegram and Discord.

Stack’em,
The Chefs

Your Al Copilot is a new way to trade on PancakeSwap Perps. Choose, tap once, and the AI reads the market, finds a setup, and pre-fills the whole position.

Meet Your AI Copilot for PancakeSwap Perps

# **Try Perps. Win? It’s yours. Lose? We’ve got you covered.**

We've made perps simple. And if your first trade goes south, it's on us.

Ever been curious about perpetual trading but haven’t ever tried it out? We get it - nobody likes losing out, especially on their very first trade. That's why we're making it so you’ve got **nothing to lose: if your first perps order on PancakeSwap ends in a loss, we'll reimburse it.** No tricks, no complicated sign-ups. Just a safety net for your first step into perps.

Starting today, every perps trader on PancakeSwap gets their first realized loss reimbursed - up to 10 CAKE. No application, no waitlist. You trade, and if it doesn't go your way, we pick up the tab.

## **Campaign Dates**

**Campaign Round 1: Tuesday May 19th at 14:00 UTC through Tuesday, May 26th at 14:00 UTC.**

**Campaign Round 2: Tuesday June 2nd at 11:00am UTC through Tuesday, June 9th at 11:00am UTC.**

## **How “Your First Loss On Us” Works**

Here's the deal: open your first perpetual trade on **PancakeSwap Perpetuals [New]**, https://pancakeswap.finance/perps, and we’ll reimburse your first order loss in CAKE if you meet the requirements. Simple as that.

## **Here's what qualifies:**

1. **Your order must have a minimum notional value of $100.**
Notional value is simply your collateral multiplied by your leverage - think of it as the total size of your position. On PancakeSwap UI: Notional Value = “My Bet” x “Leverage”. E.g. if your "My Bet" placed is $10, and you use 10x leverage, then your notional is $100 and you meet the requirement. Your maximum loss will be $10 (your entire collateral) as well in this case. 

2. **The maximum reimbursement is 10 CAKE, the minimum required loss is 0.1 CAKE.**
If your loss is less than 10 CAKE, you get your full loss back in CAKE. If your loss is larger - say $250, you get the max of 10 CAKE. The minimum loss required for coverage is 0.1 CAKE. 

3. **Only on your first order with loss.**
This covers your first realized loss only. If your first order wins and your second order  loses, the second order is what gets reimbursed - it's tied to your first loss, not your first trade.

4. **Your order must be filled after the campaign starts and before the campaign ends.** 
The window is Tuesday May 19th 14:00 UTC through next Tuesday May 26th at 14:00 UTC. Anything outside that range doesn't qualify.

## **Examples**

**Example 1:** $5 USD collateral at 100x leverage = $500 notional. If lose 50% = $2.5 USD, reimbursement = $2.5 USD in CAKE. If lose 100% = $5 USD, reimbursement = $5 USD in CAKE

**Example 2:** $500 USD collateral at 1x leverage = $500 notional. If lose 50% = $250 USD, reimbursement = 10 CAKE.

## **TL;DR of campaign mechanics:**

- Minimum notional value: $100 USD (your collateral × leverage, e.g. $10 USD at 10x leverage)
- Maximum reimbursement: 10 CAKE
- Minimum loss : 0.1 CAKE
- Eligibility: One-time per wallet (first loss only)
- Distribution: First come, first served, with a reimbursement pool of 5,000 CAKE per week. Eligible reimbursements will be distributed to your wallet by the week of May 28th. 
- Campaign window: May 19, Tuesday 14:00 UTC → May 26, Tuesday 14:00 UTC

Your trade **must be** filled and closed within the campaign window to qualify.

---

## **Quick FAQs**

**Q: What if my first trade is profitable?**

A: Congratulations! You keep the profit. The reimbursement applies to your first realized loss, not necessarily your first trade. So if trade #1 wins and trade #2 loses, your second trade's loss gets covered — as long as it's your first loss.

**Q: What if I open on PancakeSwap but close somewhere else?**

A: Both the open and the close must happen on PancakeSwap. Trades closed on other platforms won't qualify.

**Q: Do I need to do anything to claim the reimbursement?**

Eligible reimbursements will be distributed to your wallet by the week of May 28th, and not automatically distributed through the perps page.  

*Note: This campaign reimburses your first loss to help you learn the ropes. Your trading decisions and their outcomes are your own responsibility. This content is for educational purposes only and is not financial, investment, or trading advice. DYOR.*

---

## **Ready to Try Perps?**

Your first loss is covered. Simple Mode is live. There's never been a better time to see what PancakeSwap Perps is all about.

Trade now.

👉 [https://pancakeswap.finance/perps/BTCUSDT?mode=simple](https://pancakeswap.finance/perps/BTCUSDT?mode=simple)

Try PancakeSwap Perps — your first loss is on us. Limited time campaign. 

Try Perps. Win? It’s yours. Lose? We’ve got you covered.

New engine. Order book model. Beginner friendly. 

---

Today, PancakeSwap Perps gets its biggest upgrade ever. We've replaced the old LP model with a full **order book**, bringing better capital efficiency, real price discovery, and tighter execution to every trade.

We're also introducing Simple Mode, a first-of-its-kind feature that lets anyone trade perps with a single tap. No setup, no complexity, just pick a direction and go.

Whether you're a seasoned degen or someone who's never touched a perp in your life, the new PancakeSwap Perps is built for you. Here's what changed and why you need to try it.


## **The Big Shift: From LP Model to Full Order Book**

If you've traded perps on PancakeSwap before, you'll remember the previous version ran on a liquidity pool (LP) model. It worked, but it had its limits.

The new PancakeSwap Perps runs on a **full order book model:** 

**More capital efficient.** With an order book, liquidity sits exactly where it's needed, at specific price levels. **The result is tighter spreads and better execution on every trade.**

**No more oracle dependency.** Price discovery now happens directly through the order book. The old model relied on external oracle feeds for pricing. With the move to a full order book, price discovery now happens directly through real bids and asks in the market, enabling tighter spreads and more efficient execution.


## **Simple Mode: Try it, it’s a piece of cake**

Never traded perps before? Intimidated by leverage, margin modes, and order types?

That's why we built **Simple Mode** — and there's nothing else like it on other Perps platforms.

Simple Mode strips away all the complexity and gives you a clean, one-tap experience. No configuring margin modes. No setting up advanced order types. No learning curve. Just pick a direction and go.

Want to scale your position? Tap again. Want to flatten? Tap the opposite direction. It's as intuitive as a swap, and as easy as... well, a piece of cake.


## **Pro Mode: For the Power Traders**

Of course, if you want the full toolkit, **Pro Mode** has everything you'd expect and more:

- **Cross margin and isolated margin**: choose your risk profile per position or across your portfolio
- **Single asset and multi-asset modes**: trade with one collateral type or diversify across multiple
- **Advanced order types**: market, limit, stop, take-profit/stop-loss
- **Full order book view**: see the depth and place orders exactly where you want
- **Complete position management**: track, adjust, and close with full visibility

Switch between Simple and Pro anytime - your open positions won't be affected.


## **But Wait, There’s More**

**Up to 200x leverage** on BTC and major pairs - one of the highest available on any onchain perps platform.

**Deposit flexibility.** Fund your account with BNB, USDT, CAKE, BTC, ETH, USD1, asBNB, lisUSD, WBETH, slisBNB, LISTA, USDF, ASTER, and TWT.

**Unified wallet experience.** Your spot and perps activity live in one place. No bridging, no separate accounts. Just connect your wallet and trade directly on PancakeSwap.

**Easy Access.** Simply connect your wallet and you're ready to go. No account creation, no deposits to a custodial platform.

**Deep liquidity and CEX-grade execution:** Powered by Aster's order book infrastructure, bringing deep liquidity and institutional-grade execution to a fully onchain trading experience.


## **TL;DR**

The new perps run on a full order book - more capital-efficient, better price discovery, and better execution. Plus, Simple Mode means literally anyone can trade perps with a single tap.

Powered by Aster's order book infrastructure, bringing deep liquidity and institutional-grade execution to a fully onchain trading experience.

The PancakeSwap you know. A completely new perps engine. Try it, it's a piece of cake.

**Trade Perpetuals Now →** https://pancakeswap.finance/perps/


Stack'em,

The Chefs 🥞

New engine. Order book model. Beginner friendly.

PancakeSwap Perps, Revamped. And It's a Piece of Cake.

If you've traded perps on PancakeSwap before, the new upgrade is set to redefine your experience. The new PancakeSwap Perps is a completely different engine under the hood - rebuilt from the ground up with an **order book model** replacing the old LP-based system.

Here's what that means for you, and why it matters.

## **The Big Shift: From LP Model to Order Book**

The Legacy Perps product ran on a **liquidity pool (LP) model**. Traders went against a pool of liquidity, and pricing relied on oracle feeds to keep things in check. It worked - but it came with tradeoffs: capital inefficiency, oracle dependency, and the limitations that come with pooled liquidity.

The new PancakeSwap Perps runs on a **full order book model**.

**Why order book wins:**

- **Capital efficiency** - Liquidity is deployed precisely where it's needed at specific price levels, not spread thin across an entire pool. This means tighter spreads and better execution for you.
- **No oracle dependency** - Price discovery happens natively through the order book's bid/ask mechanism, not through external oracle feeds.

Think of it this way: the LP model was like trading against a vending machine. The order book model is like an actual trading floor - real orders, real depth, real price discovery.

## **Simple Mode: Perps, Piece of Cake**

Never traded perps before? We built **Simple Mode** specifically for you.

Simple Mode strips away the complexity and gives you a clean, one-tap experience. Pick a token, go **long** or **short**, choose from preset position sizes - and you're in. No configuring margin modes, no setting up advanced order types, no learning curve required.

It's one of the only features like this in DeFi, and it's designed to make perps as approachable as a swap. Try it - it's literally a piece of cake.

## **📊 Legacy vs. New: Side-by-Side**

| **Feature** | **Legacy Perps** | **New Perps** |
| --- | --- | --- |
| **Model** | LP-based (oracle-dependent) | Full order book |
| **Capital efficiency** | Lower (liquidity spread across pool) | Higher (liquidity at specific price levels) |
| **Simple Mode** | Not available | One-tap long/short with preset sizes |
| **Leverage** | Up to 1001x | Up to **200x** |
| **Margin modes** | Cross margin only | Cross margin + isolated margin |
| **Asset modes** | Single asset | Single asset + multi-asset |
| **Order types** | Market, TP/SL | Market, limit, stop, TP/SL |
| **Deposit assets** | Multiple assets | BNB, USDT, CAKE, BTC, ETH, USD1, asBNB, lisUSD, WBETH, slisBNB, LISTA, USDF, ASTER, TWT |
| **Wallet experience** | Directly on PancakeSwap but a more siloed experience | Directly on PancakeSwap - no bridging, no separate accounts, unified wallet view across spot and perps |

## **Pro Mode: Everything You'd Expect (and More)**

For experienced traders, **Pro Mode** gives you the full toolkit:

- **Cross margin and isolated margin** - Choose your risk profile per position or across your portfolio
- **Single asset and multi-asset modes** - Trade with one collateral type or diversify across multiple
- **Advanced order types** - Limit orders, stop orders, take-profit/stop-loss
- **Full order book view** - See the depth, place your orders exactly where you want them
- **Complete position management** - Track, adjust, and close positions with full visibility

---

*Note: The previous version of PancakeSwap Perps is still available as a legacy product, if you'd like to continue using it. But if you haven't tried Perps [New] yet, we'd recommend giving it a go - the order book model, Simple Mode, and upgraded trading tools make it a smoother experience all around.*

---

## **TL;DR**

The old perps ran on an LP model. The new perps run on a **proper order book** - more capital-efficient, no oracle dependency, and better execution. Plus, **Simple Mode** means anyone can try perps with a single tap.

Same PancakeSwap. Completely different perps engine. Upgrade your trading.

**Trade Perps Now →**

https://pancakeswap.finance/perps/BTCUSD1?mode=pro

---

Stack'em,

The Chefs 🥞

PancakeSwap Perps has been reinvented from the ground up - from an LP model to a full order book. Here's what changed and why it matters for your trades.

PancakeSwap Perps Just Got a Major Upgrade.

PancakeSwap Perps is fully onchain, built on Aster’s orderbook infrastructure. No account creation, no KYC - connect your wallet and you’re in. Here’s how to get started.

## **Getting Started**

**1. Head to the PancakeSwap Perps page**

Navigate via **Trade → Perps** from the main PancakeSwap site - https://pancakeswap.finance/perps/BTCUSDT?mode=pro

**2. Connect your wallet**

Click **Connect Wallet** in the top right corner. No account creation or KYC required - your wallet is your account.

![1.png](https://sgp1.digitaloceanspaces.com/strapi.space/086409e284742a326736895196079113.png)

**3. Pick your mode**

PancakeSwap Perps has two trading modes: **Simple** and **Pro**. You can switch between them at any time without affecting your open positions.

![2.png](https://sgp1.digitaloceanspaces.com/strapi.space/bba51a98f73a72cbb4ee76458034eb7d.png)



## **🟢 Simple Mode - for new traders**

Simple Mode is designed for traders who are new to perps trading. Set your size, pick your leverage, and tap UP or DOWN - that’s it.

### **Choose a trading pair**

Tap the pair name at the top of the page to open the asset selector. A wide variety of token pairs are available.

![3.png](https://sgp1.digitaloceanspaces.com/strapi.space/04a1d4a4123ca4e0699733219fd7953f.png)

### **Set your position size (“My Bet”)**

Enter how much you want to put in, or tap the preset buttons - **25%**, **50%**, or **MAX** - to size your position as a portion of your available perp fund balance.

![4.png](https://sgp1.digitaloceanspaces.com/strapi.space/a0e333bb394fd376196661f8892524a9.png)

### **Set your leverage**

Use the slider or tap a preset - **50x**, **100x**, **150x**, or **200x** - to set your leverage. Your current multiplier is shown in large text above the slider.

When leverage is high enough to carry meaningful liquidation risk, an **Amplified Risk** indicator appears as a reminder.

![missing.png](https://sgp1.digitaloceanspaces.com/strapi.space/33a70c8e9de4193c1d40ca9c84ee70c9.png)

### **Tap to open your position**

Tap **UP** to go long, or **DOWN** to go short. Your position opens immediately at the best available market price.

![5.png](https://sgp1.digitaloceanspaces.com/strapi.space/b8419c4d1eb45e90b3e9f6441da4d033.png)

### **Tapping multiple times**

Simple Mode lets you build or reduce your position with repeated taps - no need to manually adjust size each time.

- Tap **UP twice** - your position doubles. Each tap adds one unit to your existing long.
- Tap **UP then DOWN** - the positions cancel out, returning you to flat.

Think of each tap as adding or subtracting one unit in a direction. It’s a fun way to scale in or out of a trade.

### **Check your order status**

Your order will appear under **Positions** while it waits to be filled.

![6.png](https://sgp1.digitaloceanspaces.com/strapi.space/95ced15fcadd162e66c7846ceb5c39a3.png)

Want to set limit orders, TP/SL, or manage positions in more detail? 

Switch to **Pro Mode** at any time - your open positions are not affected.



## **🧑‍🍳 Pro Mode - Full Control**

Pro Mode gives you full control over your trades - order types, leverage, TP/SL, and position management all in one place.

### **Choose a trading pair**

Same as Simple Mode - tap the pair name at the top to open the asset selector.

![8.png](https://sgp1.digitaloceanspaces.com/strapi.space/7fc34b051969e7ab455c6778329a1a7d.png)

### **Analyze the chart**

The built-in TradingView chart lets you analyze price action before placing your trade. All standard charting tools are available.

![9.png](https://sgp1.digitaloceanspaces.com/strapi.space/212dd1d89ad9c5fb189415dff7b57ddc.png)

### **Set your position parameters**

In the order panel, configure the following:

- **Long or Short** - select the direction of your trade
- **Leverage** - use the slider or type manually to set your leverage (up to 200x on BTC)
- **Order type** - Market (fills immediately) or Limit (fills at your chosen price)
- **Position size** - enter the size of your trade in your preferred reference currency
- **Take Profit and Stop Loss** (optional) - set TP so your position closes automatically when your target gain is reached, and SL so your position closes to limit losses at a set threshold

Once all parameters are set, click **Buy / Long** or **Sell / Short** to submit your order.

### **Check your order status**

Your order will appear under **Positions** while it waits to be filled.

![10.png](https://sgp1.digitaloceanspaces.com/strapi.space/35fa637be18ce72d9a2f8ae771b6e4fb.png)


## **❓ Quick FAQ**

**Do I need to create an account or complete KYC?** No. PancakeSwap Perps is fully onchain. Connect your wallet and you’re ready to trade - no account creation, no KYC, no deposits to a custodial platform.


**What’s the difference between Simple and Pro Mode?** Simple Mode is built for traders who are new to perps - one tap to go long or short with preset sizes. Pro Mode gives you full control with advanced order types, TP/SL, and position management tools. You can switch between modes at any time.

---

*Note: The previous version of PancakeSwap Perps is still available as a legacy product, if you’d like to continue using it. But if you haven’t tried Perps [New] yet, we’d recommend giving it a go - the order book model, Simple Mode, and upgraded trading tools make it a smoother experience all around.*

---

Ready to try it?

Head to https://pancakeswap.finance/perps/BTCUSD1?mode=pro and explore now.

Stack’em,
The Chefs 🥞

A step-by-step guide to trading perpetuals on PancakeSwap Perps - from connecting your wallet to placing your first trade in Simple Mode or Pro Mode.

How to Trade Perps on PancakeSwap

## **April CAKE Burn Recap**

April closed with 32 straight months of net CAKE supply reduction and continued deflationary momentum.

More than -49,087,510 CAKE CAKE has now been permanently burned, reinforcing a healthier, more sustainable token economy powered by real usage across PancakeSwap’s products. This consistency highlights the protocol’s maturity and our long-term approach to emissions and value creation.

Track every burn in real time on the Burn Dashboard **[here.](https://pancakeswap.finance/burn-dashboard)**

## **🥞 Product Updates**

**PancakeSwap’s DEX mini-app launched on the Base App:** the full DeFi menu is now natively available inside the Base app - swap, earn, and explore PancakeSwap without leaving the experience. This is a big step in meeting Base users where they already are, plugging PancakeSwap directly into one of the fastest-growing onchain social experiences. Check it out **[here.](https://base.app/app/https:/pancakeswap.finance)**

**xStocks on BNB Chain, 60+ tokenized stocks and ETFs go LIVE on PancakeSwap:** xStocks are now tradable on BNB Chain through PancakeSwapX, bringing real-world assets fully onchain: 24/5 markets, gasless trading, best-execution routing, and MEV-protected. Welcome to the onchain era of finance - equities, ETFs, and crypto, all from your favorite DEX.

## **🌐 Ecosystem**

**OpenGradient is the first Virtuals titan launch on PancakeSwap Base:** OpenGradient launched $OPG via Virtuals, with the OPG–VIRTUAL pool now live on PancakeSwap Base. A milestone moment for AI-native tokens finding deep liquidity on PancakeSwap.

**CAKE is now live on Mercuryo:** Users can on- and off-ramp $CAKE directly through the Mercuryo widget or selected partner apps, using cards, Apple Pay, Google Pay, bank transfers, and more. Explore it **[here.](exchange.mercuryo.io)**

**apxUSD-USDC & apyUSD-apxUSD are live on PancakeSwap Base:** the first dividend-backed stablecoin powered by Digital Asset Treasury (DAT) preferred equity, like $STRC


## **🌍 Community**

**🇰🇷 PancakeSwap’s South Korea Ambassador** AJ, **[x.com/_solkong](https://x.com/_solkong)**, joins our global ambassadors team! 

**🇭🇰 Our Base CN community event** on April 22 brought together over 300+ builders and traders for an in-person celebration of the Base ecosystem. Check out the recap **[here.](https://x.com/PancakeSwap/status/2046897632262672832)**

**📢 We're looking for ambassadors to join the DeFi mission with us in Japan, Indonesia, Malaysia, Thailand & the Philippines.** If you're passionate about DeFi and want to represent your community, join the mission: Apply **[here.](https://forms.gle/5wXUaHb9xGKUinFz5)** 


## **🌐 Events**
**🧑‍💻 AI Agent Hackathon:** PancakeSwap joined Korea's first Base AI Agent Hackathon on April 25. The hackathon focused on building AI Agents using the Base ecosystem technology along with PancakeSwap AI Skills. Chef Philip served as a judge virtually, and our SK Ambassador AJ repped us on ground. Check out the highlights **[here.](https://x.com/PancakeSwap/status/2049042998957318458)**

**HK Web3Festival:** PancakeSwap took the global stage at one of April’s defining onchain gatherings. Our Head Chef, Chef Kids took the stage with an all-star panel, discussing how AI and RWAs are reshaping DeFi and how DEXs are becoming the new financial rails. We brought the goods to the BNB Super Meetup, where users from across the ecosystem came together to trade alpha and celebrate what's next for DeFi. 


## **🏆 Milestones**

**365 Days of PancakeSwap Infinity:** Infinity launched with a mission to unlock infinite possibilities for traders, LPs, and builders, and raise the ceiling on what DeFi can be. Year one in action: 
$113B+ in volume,
250M+ transactions,
60K+ hooked pools, 
5M+ total users. Check out the full year-one recap **[here.](https://blog.pancakeswap.finance/articles/infinity-one-year)**

**$4T In Total Trading Volumes:** In the last week of April, PancakeSwap crossed a milestone that reflects how far the ecosystem has come, across users, volume, and chains:
$4 trillion in total trading volume, 180M+ users across the ecosystem, 10 chains and counting, led by BNB Chain, Base, and Arbitrum. The job's not done, the DeFi mission continues. 

Thanks for reading! Follow us on **[X](https://x.com/pancakeswap)** for the latest updates, and join the conversation on **[Telegram](https://t.me/PancakeSwapAnn)** and **[Discord](https://discord.gg/pancakeswap)**! 

Stack'em,


The Chefs 🥞