I only water from a misting spray bottle that I shake vigorously before watering. That way I know that the water is aerated as well as I can reasonably expect. I also water using water from my fish tank, when I'm not feeding. That way the water has already been continuously aerated, is well filtered, is pH balanced, and also contains beneficial things like fish poop and trace levels of nitrites, nitrates, and ammonia.
Seems to work well enough. Or at least, I've never really had issues with root rot. I, too, use copious amounts of pearlite in my soil mixes.