Augmented Reality (AR) provides real-time information by superimposing virtual information onto users' view of the real world. Our work is the first to explore how peripheral vision, instead of central vision, can be used to read text on AR and smart glasses. We present Peritext, a multiword reading interface using rapid serial visual presentation (RSVP). This enables users to observe the real world using central vision, while using peripheral vision to read virtual information. We first conducted a lab-based study to determine the effect of different text transformation by comparing reading efficiency among 3 capitalization schemes, 2 font faces, 2 text animation methods, and 3 different numbers of words for RSVP paradigm. We found that title case capitalization, sans-serif font and word-wise typewriter animation with multiword RSVP display resulted in better reading efficiency, which together formed our Peritext design. Another lab-based study followed, investigating the performance of the Peritext against control text, and the results showed significant better performance. Finally, we conducted a field study to collect user feedback while using Peritext in real-world walking scenarios, and all users reported a preference of 5° eccentricity over 8°.