diff --git a/package.json b/package.json
index 6965875baa..eceaa33a5e 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/core-monorepo",
-  "version": "1197.0.0",
+  "version": "1198.0.0",
   "private": true,
   "description": "Monorepo for packages shared between MetaMask clients",
   "repository": {
diff --git a/packages/perps-controller/CHANGELOG.md b/packages/perps-controller/CHANGELOG.md
index 20a6b08251..bec8b6a9dd 100644
--- a/packages/perps-controller/CHANGELOG.md
+++ b/packages/perps-controller/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [12.1.0]
+
 ### Added
 
 - Add the optional `PerpsPerformance.onControllerConstructed` post-hydration timestamp hook ([#9906](https://github.com/MetaMask/core/pull/9906))
@@ -730,7 +732,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Bump `@metamask/controller-utils` from `^11.18.0` to `^11.19.0` ([#7995](https://github.com/MetaMask/core/pull/7995))
 
-[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@12.0.0...HEAD
+[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@12.1.0...HEAD
+[12.1.0]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@12.0.0...@metamask/perps-controller@12.1.0
 [12.0.0]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@11.0.0...@metamask/perps-controller@12.0.0
 [11.0.0]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@10.0.0...@metamask/perps-controller@11.0.0
 [10.0.0]: https://github.com/MetaMask/core/compare/@metamask/perps-controller@9.3.0...@metamask/perps-controller@10.0.0
diff --git a/packages/perps-controller/package.json b/packages/perps-controller/package.json
index dc784f8847..d2e099144d 100644
--- a/packages/perps-controller/package.json
+++ b/packages/perps-controller/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/perps-controller",
-  "version": "12.0.0",
+  "version": "12.1.0",
   "description": "Controller for perpetual trading functionality in MetaMask",
   "keywords": [
     "Ethereum",