Perks

Perks are a type of power-up in MultiVersus that grant various buffs to the Fighter they are attributed to. If the same Perk is selected by both players of the same team, then that Perk will become "Stacked" and its effects will become stronger.

Perks can come in one of the following categories: Offense (symbolized by the color red), Defense (symbolized by the color blue), and Utility (symbolized by the color green).

Most Perks are unlocked by either leveling up Fighters or via Perk Training. During the Offline Mode hiatus, all Perks are currently free.

There are also Fighter-specific Perks, known as Signature Perks, that are symbolized by the color yellow.

Tips
Triple Jump, Coffeezilla, and Aerial Acrobat are, currently, considered to be the best General Perks in the game. These all provide either boost to movement or cooldown reduction for abilities. Having more options for moving around the Map is always a huge bonus in platform fighters. As each Fighter has special abilities that may have cooldowns, reducing this allows you to use your abilities more often.

Removed General Perks
One of the in-game screenshots from the Media section of the official website shows an early version of the Perks tab. Said tab also includes a lot of scrapped Perks that did not make it into the Open Beta.

Additionally, the Wonder Twin Powers, Activate! Defense Perk, which was present in the Closed Alpha, got scrapped at the beginning of the Open Beta release, with its stats being repurposed to Back To Back. Various other General Perks that were present in the two Tech Tests were scrapped from the Closed Alpha and the main game due to balancing issues. Two unused Offense Perks can be seen on the official Perks webpage. The first of the aforementioned unused Offense Perks' icon is currently used for Lumpy Space Punch in the Offline Mode hiatus. It's description is slightly different from the original's, and it instead deals 2% increased knockback when Stacked instead of 10%. Tony Huynh, the CEO and CoFounder of Player First Games, has stated that this glitch will be fixed in a future patch.