Morphex is an up-and-coming decentralized exchange that offers spot and perpetual futures trading with a simple wallet connection. Trading on Morphex is settled against the Morphex Liquidity Pool (MLP), which allows users to provide liquidity using any whitelisted asset. In return, they receive MLP tokens, representing their stake in the diversified liquidity pool. Morphex boasts low transaction fees, eliminates price impact, and protects against 'scam wick' liquidations, all while ensuring traders maintain full control of their assets. The protocol determines pricing by averaging prices from top centralized exchanges and utilizing Chainlink oracles. As the protocol's governance evolves, it will have a greater say in key parameters, including liquidity incentives for specific MLP pools in the future.