MUX is unusual in this list: as well as running its own pool-backed perps, it aggregates other venues and routes a trade to whichever offers the best net cost, much as a spot DEX aggregator does.
Its own markets trade against a shared liquidity pool at an oracle price. The aggregator layer compares fees, price impact and funding across integrated venues and routes accordingly.
Aggregated positions inherit the risk of the venue they land on, which is not always obvious from the MUX interface. The native pool carries the usual LP-versus-trader exposure.
Deepest first.
Its public API is unreachable from our servers right now, so we're showing the profile without live figures. The rest of the page is still accurate.