PERPS ATLASPERPETUAL MARKETS INTELLIGENCE
PERP DEX DIRECTORY

Evidence before interpretation.

Four layers

RAW preserves exact source responses and timestamps. NORMALIZED makes units, windows, product scope and day boundaries explicit. VERIFIED adds reconciliation and invariant checks. INTERPRETATION is a dated editorial conclusion that can be withdrawn when evidence changes.

Missing is not zero

An empty provider response, an unavailable venue endpoint and a true zero are different. We preserve a reason code for missing values. A changed source, market set or accounting basis starts a new series; the gap blocks a trend claim.

Changes require history

Current figures can appear before a status is eligible. Direction labels require sufficient comparable days, coverage, freshness and a meaningful base. Incentive campaigns and structural breaks are shown beside the series. The site does not assign a token value from protocol growth.

Supply and money flow

Circulating supply is labelled by source convention. Vesting is not selling. Fees, protocol revenue and holder-directed flow are different stages; parent and child rows are not summed, and a buyback plus its subsequent burn is one economic flow, not two.