According to Avery Ching, decentralized perpetuals trading is making progress in the US under a proposal that mandates fully on-chain execution with autonomous, permissionless, credibly neutral, and non-custodial design, source: Avery Ching on X, Dec 17, 2025, x.com/AveryChing/status/2001176118527775074. The same proposal sets a practical requirement that decentralized perps must match or exceed centralized exchange user experience, establishing a high performance bar for latency, liquidity, and reliability, source: Avery Ching on X, Dec 17, 2025, x.com/AveryChing/status/2001176118527775074. For traders, this indicates that any US-compliant decentralized perps venue will need on-chain matching and settlement while preserving user custody, source: Avery Ching on X, Dec 17, 2025, x.com/AveryChing/status/2001176118527775074. The update referenced DecibelTrade in the context of this on-chain perps proposal, signaling ecosystem engagement around these requirements, source: Avery Ching on X, Dec 17, 2025, x.com/AveryChing/status/2001176118527775074.