The first perpetual swap exchange to use a Dynamic AMM is Drift Protocol (DAMM). A Dynamic AMM is based on a virtual AMM (vAMM), but it adds repegging and adjustable k techniques to modify liquidity in a trading pool based on participant demand. As a result, DAMMs are more flexible than traditional vAMMs and AMMs, resulting in improved capital efficiency and lower slippage.
More information can be found here: https://medium.com/cryptobrosresearch/drift-protocol-a-lightning-fast-scalable-perpetual-futures-dex-f0882dfd7aef