Leveraged longs on a bonding curve.
PerpLand is a single Uniswap v4 hook that lets users open up to 5× leveraged longs on a built-in bonding-curve token — rebuilt from the ground up to close the flash-loan attack class that drained Uniperp in 2026.
One pool. One hook. One thousand and three hundred bands of concentrated liquidity.
PerpLand is implemented as a single Uniswap v4 hook that owns 100% of the PERP/ETH pool's liquidity. The bonding curve realPERP × (V + E) = K is realized as 300 stacked v4 LP positions of 5 ETH width each. Leveraged opens borrow ETH from already-traversed bands to amplify the user's collateral — no external lender needed.
Deposit collateral
You deposit ETH as collateral. Pick a leverage between 2× and 5×. The hook calculates the borrow amount as collateral × (L − 1).
Hook borrows from bands
The hook walks the already-traversed bands (each capped at 40% utilization) and pulls borrowed ETH out as single-sided liquidity removals — no spot price impact.
Leveraged buy + hold
Combined collateral + borrowed ETH buys PERP through the same pool. The hook holds the PERP as your position collateral and tracks the debt.
Ten defenses, named and tested. Not “trust me.”
read all ten →pre-open price gate
Reject opens where spot diverges from TWAP — kills single-tx flash-pumps at the door.
TWAP observes everything
Internal hook swaps write observations too. A pump can't hide from its own TWAP.
symmetric liquidation cooldown
A position freshly opened can't be self-liquidated. No same-tx exit.
post-open price gate
The open's own swap must leave spot inside TWAP bounds. Chains opens against each other.
per-block curve-advance cap
5 ETH/block max curve push (direct + open). Multi-block attacks now take hours of risk.
absolute borrow ceiling
Total band borrow can't exceed 200 ETH. Caps the absolute capital exposed to abandonment.
auto-pause on bad debt
Past 5 ETH of bad debt, new opens halt until owner heals via donateAndRefillBands.
50% APR funding rate
Effective debt grows over time. Abandoned positions become liquidatable even without price movement.
liquidation sandwich defer
If spot drifts from TWAP, the liq scan exits early. MEV bots can't sandwich forced sells.
The protocol Uniperp tried to be — without the exit hole.
In May 2026, attacker 0xB0A019…5104 flash-loaned 120 WETH from Morpho and drained ~21 ETH from Uniperp in a single transaction (0xb45cc4d9…). The protocol never recovered.
The bug wasn't the curve. It was policy: a mismatch between spot price at open and TWAP at liquidation that let an attacker open + self-liquidate in the same block.
PerpLand keeps the curve. We replaced the policy.