Liriano will make $5.5 million this season to lead the rotation, up from $4.3 million in 2011. Perkins will get $1.55 million this year to be the primary setup man, a raise from the $700,000 he made last season.
The deals were done on Tuesday, when teams exchanged proposed 2012 salaries with their arbitration-eligible players.
Twins second baseman Alexi Casilla is also eligible for arbitration, but the two sides can continue to negotiate a contract before the case goes to a hearing next month. The Twins offered $1,065,000 and Casilla asked for $1.75 million. He was paid $865,000 last year.