Perpetual DEXs offer non-expiring leveraged positions but suffer from critical transparency flaws that allow liquidation sniping and front-running due to real-time visibility of user positions.

Quotes that support claims

The problem is worse on a perp DEX where there are liquidations

Perp DEXs are decentralized exchanges that offer perpetual futures contracts, enabling users to place highly leveraged bets on asset prices without expiration

In the case of perpetual DEXs, which let you trade leveraged contracts, this means that every trader can also see all positions and liquidation points happening in real-time