QFEX is next? https://nitter.gq/t.co/z70L3ImJUc
Joined July 2022
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A lot of people I trust keep asking me why I'm SO bullish on @QFEX when, for them, it's a massive RED FLAG.
Fair question, frendos. Let's talk about it.
First, the elephant in the room: the Bermuda situation.
Back in November 2025, Bermuda's financial regulator issued a warning after QFEX's website incorrectly claimed the company held a licence it didn't have.
QFEX took the website offline after being contacted.
Was it a mistake? Absolutely. Should it be ignored? No.
But does that automatically mean the team is building a scam? I don't think so.
For me, there's a big difference between a regulatory screw-up and evidence that an exchange is fundamentally fraudulent.
And I think this story has become much bigger on CT than its actual relevance to evaluating the product today.
Now, why am I so bullish?
1. The numbers.
In September, @QFEX averaged:
- $217.6M in open interest
- $182.4M in daily volume
- Just 0.84x daily volume/OI turnover
Now compare that with October 20:
- $280.5M in open interest (+28.9%)
- $372.8M in daily volume (+104.4%)
October's figures are a snapshot rather than monthly averages, but the difference is still impressive.
And here's what I find particularly interesting.
QFEX is currently the #2 tokenless perp DEX by OI in the ranking I'm looking at, behind only Variational.
Ahead of @arcus_xyz , @extendedapp , @risextrade and many others.
Everyone loves posting massive trading volumes, but volume alone tells you very little in an industry full of points farming and wash trading.
Open interest matters because it shows how much exposure traders are actually keeping open.
It doesn't prove that all activity is organic, but combined with volume and liquidity, it gives you a much better picture.
And QFEX is putting up these numbers without the kind of public points farming campaign driving activity on many competing DEXs.
That's what caught my attention.
⬇️⬇️⬇️
To all @HyperliquidX chads, please don’t fall for this ASTER lover’s engagement farming.
Don’t engage with the post. Just report and block this retard. Don’t waste your time on accounts like this, they bring absolutely zero value.
You wanted to farm engagement? Well, you’re about to get 2,000 blocks and reports for LARPing instead.
Yesterday, ICE (NYSE's parent company) confirmed its partnership with TradeXYZ to bring Hyperliquid-based perpetual markets to the US.
Today, these chads list it.
236 live RWA markets. More than anyone else.
TradFi tokenization is the next winning horse. What are you waiting for?
And the rumors about @QFEX points coming soon are knocking louder and louder at my door.
qfex.com/@MrButler
After yesterday’s two headlines about HL making its way to the NYSE and CZ getting Binance hacked, I hope people finally realize that:
- The only thing you should HODL is $HYPE.
- And points from DEXs focused on RWA assets while farming DN
Every week I push harder, yet I keep dropping in the @arcus_xyz rankings. I like it.
83 points with $260k in volume.
Volume and OI keep growing exponentially on the platform, despite there still being no referral program.
It's coming soon though, and I hope the point boosts will be tier-based hehe.
Points breakdown by @PointsGoblin in the next post.
You didn't think I'd sneak my referral link in there? lmao
app.arcus.xyz/ref/MRBUTLER
While people are busy arguing about trivial stuff that shouldn't even be up for debate because of how obvious it is, the boss has spoken.
He just dedicated an entire article to something most people probably don't even know exists (I literally just learned about it myself, ngl): the internal state of an order.
This is what I like about @QFEX . An engineering-first mindset focused on reliability and getting the fundamentals right, rather than flashy features or aggressive marketing campaigns.
Sometimes you don't need to reinvent the wheel. You just need to solve the real problems that production exchanges face.
And do it properly.
Desired Orders Are Not Live Orders
In the next part of my series on building an HFT system, I talk about order tracking and some of the hidden race conditions that can bring an automated system to its knees. A must read!
open.substack.com/pub/crosst…
They hit $400M in OI today. Are you waiting for 500M or what?
qfex.com/@MrButler
It's funny how we're seeing the exact same pattern as last year with @variational_io .
People who spent their time farming all sorts of random projects like Pacifica, Hibachi, GRVT and Nado last year (none of which has over $70M in OI today) are now fading the Big Three, where the winning horse might actually be:
@QFEX , @risextrade and @arcus_xyz .
Especially QFEX and Arcus, which are being heavily faded despite both having over $200M in OI.
Will history repeat itself?
Will these same people eventually show up to farm them when they're sitting at $500M in OI?
Some probably will, just late.
Others won't, simply because their ego won't let them.
A lot of people I trust keep asking me why I'm SO bullish on @QFEX when, for them, it's a massive RED FLAG.
Fair question, frendos. Let's talk about it.
First, the elephant in the room: the Bermuda situation.
Back in November 2025, Bermuda's financial regulator issued a warning after QFEX's website incorrectly claimed the company held a licence it didn't have.
QFEX took the website offline after being contacted.
Was it a mistake? Absolutely. Should it be ignored? No.
But does that automatically mean the team is building a scam? I don't think so.
For me, there's a big difference between a regulatory screw-up and evidence that an exchange is fundamentally fraudulent.
And I think this story has become much bigger on CT than its actual relevance to evaluating the product today.
Now, why am I so bullish?
1. The numbers.
In September, @QFEX averaged:
- $217.6M in open interest
- $182.4M in daily volume
- Just 0.84x daily volume/OI turnover
Now compare that with October 20:
- $280.5M in open interest (+28.9%)
- $372.8M in daily volume (+104.4%)
October's figures are a snapshot rather than monthly averages, but the difference is still impressive.
And here's what I find particularly interesting.
QFEX is currently the #2 tokenless perp DEX by OI in the ranking I'm looking at, behind only Variational.
Ahead of @arcus_xyz , @extendedapp , @risextrade and many others.
Everyone loves posting massive trading volumes, but volume alone tells you very little in an industry full of points farming and wash trading.
Open interest matters because it shows how much exposure traders are actually keeping open.
It doesn't prove that all activity is organic, but combined with volume and liquidity, it gives you a much better picture.
And QFEX is putting up these numbers without the kind of public points farming campaign driving activity on many competing DEXs.
That's what caught my attention.
⬇️⬇️⬇️
Well, I asked my friend @ChatGPT what it thinks about the @TxFlow_L1 team's response, since I'm not technical enough to fully understand this stuff.
And this is the most important takeaway:
"The team is defending itself against accusations of copying @HyperliquidX while completely ignoring the most serious concerns: security and centralization"
Who actually controls the validators? Who holds the privileged keys? How independent are the emergency mechanisms? What prevents a compromised validator quorum from authorizing arbitrary withdrawals?
These are the questions that actually matter when users' funds are at stake.
And somehow, none of them were addressed.
I couldn't care less whether you copied Hyperliquid's code, although it does make me wonder why I'd farm a copy of something that already exists if you can't even improve on it.
But if you're asking people to trust you with their money, maybe explaining who can actually control that money should be a priority.
Just my two cents.
Seen a few posts claiming TXFlow is a Hyperliquid fork. Here’s exactly what we did and didn’t do:
Bridge(10%): Yes. We use Hyperliquid’s bridge contract. It’s held billions in user funds and has been battle-tested in production for years. We weren’t going to re-invent custody code when a proven contract already exists.
API(3%): Yes, by design. Our API mirrors Hyperliquid’s so builders already integrated there can plug into TXFlow with minimal changes. That’s a compatibility decision, not a copy of their system.
Core(80%): No. Hyperliquid’s consensus and matching engine are closed-source. There is nothing to fork. Our consensus layer and trading engine are built in-house from the ground up.
Happy to go deeper on any of this.
Nice, after asking for it several times, they finally listened.
30 days still seems excessive to me, @arcus_xyz . 7 days should be more than enough.
Invite codes now have a 30-day activation window.
Redeem a code for provisional access to perps. To maintain access, deposit or trade perps within 30 days. Spot doesn’t count.
If provisional access expires, the issuer is credited a replacement code.
Full details ↓
arcus.xyz/blog/arcus-invite-…
Are we already at the stage where everyone who's been throwing shade at @DrProfitCrypto and @KillaXBT all October is starting to get nervous, or not yet?
$BTC: I’m now long with $36M USD
I continue to accumulate longs at the box, now is another great opportunity to add more! Bringing my average long entry to $80,400 and a position size of $36M USD
Without a doubt, the biggest mistake airdrop farmers make if they want to survive in this space long term is focusing exclusively on farming.
Farming, farming, farming.
Points, points, points.
In my opinion, what will separate you from the herd of monkeys is learning how to actually trade and finding real opportunities while you're farming.
Farming should help you build capital (or grow it if you're already well capitalized), but it shouldn't be your final goal.
The idea is simple: use farming to capitalize yourself, ideally through DN strategies combined with occasional organic trading, keeping costs and risks as low as possible.
Then, once you've received a good airdrop, you can use that capital to trade on the very platform that rewarded you, assuming you're happy with the product.
And this is precisely why I believe a good airdrop is so important for a platform. It's not just about rewarding early users, it's about attracting traders and giving them enough capital to become long-term users.
@annanay understands this, and I'm confident he'll deliver.
Now, take a look at this week's @QFEX earnings calendar.
Over 50 tradable markets reporting earnings this week.
Maybe you look at this calendar and have absolutely no idea where to start.
But you need to understand that these are potentially 50 opportunities to make money.
Not 50 guaranteed winning trades, obviously. But 50 opportunities to research companies, understand expectations and find setups worth trading.
And that's exactly what you should be learning while farming.
Think about what a good airdrop could mean for your capital.
If you farm efficiently, combining DN with selective organic trading, a really good airdrop could potentially give you a 5–10x return on the capital you've been using.
That means someone farming with $10k could theoretically end up with $50k–100k.
Of course, this isn't guaranteed, but it's the kind of opportunity we're looking for.
Now imagine you've managed to build a $100k trading account and, more importantly, you've learned how to trade along the way.
A 3–4% monthly return would represent $3k–4k per month before costs and taxes. That's a very decent income in many countries.
Consistently achieving those returns is far from easy, and there will obviously be losing months. But with enough capital, discipline and trading knowledge, you have the foundations to potentially make a living from it.
And that should be your real farming goal.
Well, @TxFlow_L1 points have been distributed.
Didn't do much volume or farm it too heavily. Just around $400k in volume back in late June.
Did you cook?
gm frendos,
I think this is pretty relevant for those already using @get_truenorth , and especially for those who've been considering it but still have some doubts. Maybe this will help you finally make up your mind before it's too late haha
Had a pretty interesting conversation with @WillyChuang this morning about the future of @get_truenorth and perp DEX integrations.
They're looking into adding platforms like @arcus_xyz , @QFEX , @risextrade and others, which could be particularly interesting for those of us farming multiple perp DEXs through delta-neutral strategies.
A few things I found particularly interesting:
1. No additional fees: Their plan is to move towards a builder rebate model, where exchanges share part of their trading fees with builders instead of users paying extra bps to the frontend.
2. No automated bot farming penalties: This is probably the most interesting part for points farmers. Since trades would be executed manually through a builder integration rather than an automated trading bot, the idea is that you wouldn't face the reduced points that some platforms apply to bot activity. Of course, this ultimately depends on each exchange's points rules.
3. Full control over your trades: Their hedging tool would prepare the opportunities for you, but you'd still review, approve and execute each trade manually. No need to delegate your positions to a bot.
4. Multi-DEX farming: Imagine managing your DN positions across Arcus, QFEX, Risex and other platforms from a single interface, without having to constantly switch between tabs.
Willy also shared an interesting perspective: he believes traditional referral-code models aren't sustainable long term and that perp DEXs will increasingly adopt builder rebates, similar to what happened with CEXs.
Nothing is guaranteed yet, and these integrations still need to happen, but I really like the direction they're taking.
For someone like me, who spends a lot of time manually managing DN positions to farm points, this could be genuinely useful.
Don't be the last one to join the party. Two badges have already dropped and you still don't have one. Don't miss the next one, they'll act as points multipliers: app.truenorth.xyz/ref/BUTLER
Que esta gente estuviera celebrando la semana pasada los 300M de OI, que una semana más tarde vayan a celebrar los 400M de OI y que nadie de CT hispano este hablando de ellos es sinónimo de éxito imo
Pero no os preocupéis ya sacaron el afiliado, en breves lo escucháis 🤣
Funding update on @arcus_xyz vs @QFEX after keeping my DNs open all Friday and throughout the weekend.
Looks like they're all still paying, so these DNs won't just be practically free anymore, they'll actually be profitable.
I'll add a few more to the rotation today to generate some volume and might close the ones paying the least funding.
Let's see how many Arcus points we get this week, and still waiting for that QFEX announcement 👀
Yesterday was pretty wild for farming funding between @arcus_xyz and @QFEX .
Following the same strategy as last week, these trades will stay open all weekend unless something weird happens. Free +$70K OI farming, free points.
Also, having all my green positions on @arcus_xyz and the red ones on @QFEX gives me another shot at getting selected for the weekly loss refund.
Yes, DN is boring and time-consuming. But once you get the hang of it, it's pretty effective and allows you to maintain way more OI than you could with directional trading using the same margin.
These kinds of strategies let you farm with very little risk, so I can farm a more established Perp DEX with active points like Arcus while taking a bigger bet on something riskier with no announced points program like QFEX.
I have full conviction in QFEX anyway: qfex.com/@MrButler
Get in before it's too late. I don't think these juicy funding rates on Arcus will last forever: app.arcus.xyz/ref/MRBUTLER