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The recent Perp DEX landscape is rapidly evolving, with leading players like Hyperliquid, Aster, and Lighter competing for the next trillion-dollar market in on-chain derivatives. PancakeSwap itself launched perpetual contracts for US stocks last August, and this upgrade is a continuation of its professional trading pathway.
The most noteworthy detail is that the new system simultaneously introduces a simplified "One-Click Trading" mode and a professional mode supporting 200x leverage. This is not just a product iteration but an attempt by PancakeSwap to capture clear signals from both retail traders and professional traders with a single system—reducing barriers with a minimalist frontend and meeting depth requirements with an order book backend, aiming to replicate the layered experience and user scale of centralized exchanges.
On May 15, PancakeSwap announced a major upgrade to its Perps perpetual contract product, fully replacing the previous LP liquidity pool-based trading model with a complete order book architecture to improve capital efficiency, price discovery, and trade execution quality.
In this upgrade, the platform added Simple Mode, allowing users to open and close positions with "one-click" without setting margin modes, order types, or complex trading parameters, significantly lowering the barrier to perpetual contract trading and optimizing the experience for new users.
At the same time, PancakeSwap retains Pro Mode, a professional trading mode supporting cross/isolated margin, multi-asset collateral, and advanced order types such as limit, market, stop-loss, and take-profit, along with full order book depth view and position management features to meet high-frequency and professional trading needs.
The new system supports up to 200x leverage (for BTC and mainstream trading pairs) and expands to multiple collateral assets, including BNB, USDT, BTC, ETH, and various derivatives. Additionally, spot and contract assets are unified within the same wallet system, allowing users to trade without cross-chain transfers or separate accounts. $CAKE
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