I am using about 2/3 Perlite and 1/3 vermiculite, and it is working well. I couldn't get the coarse Vermiculite anymore, so needed to adjust the recipe. The Vermic still holds the water, but the Perlite provides the air, by not holding the water, that used to be provided by the gaps between the Vermic particles. Many different aproches and mixes are usable, if you keep the principles in mind: you need moisture, but not too wet, and you need air, but not too dry.