How I Evaluate a Perpetual DEX Before I Risk Real Capital

Before risking real capital on any perpetual DEX, I evaluate five things first: custody, admin powers, liquidation rules, funding behavior, and oracle design. A polished UI and audit logos are not enough. The real question is whether the protocol makes its risks easy to verify through clear docs, transparent rules, and visible trust boundaries. Newer platforms can still be worth considering, but only after they pass this checklist and only with small test trades first.