New engine. Order book model. Beginner friendly.

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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 🥞