Trace spaces of full free product $C^*$-algebras

We study the space of traces associated with arbitrary full free products of unital, separable $C^*$-algebras. We show that, unless certain basic obstructions (which we fully characterize) occur, the space of traces always results in the same object: the Poulsen simplex, that is, the unique infinite-dimensional metrizable Choquet simplex whose extreme points are dense. Moreover, we show that whenever such a trace space is the Poulsen simplex, the extreme points are dense in the Wasserstein topology. Concretely for the case of groups, we find that, unless the trivial character is isolated in the space of characters, the space of traces of any free product of non-trivial countable groups is the Poulsen simplex. Our main technical contribution is a new perturbation result for pairs of von Neumann subalgebras $(M_{1},M_{2})$ of a tracial von Neumann algebra $M$, providing necessary conditions under which $M_{1}$ and a small unitary perturbation of $M_{2}$ generate a II$_{1}$ factor.