my live, my perp
Kepler-22b
Joined February 2024
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US equity perps are officially legal on regulated US exchanges.
Why does this matter for perp DEXs?
The narrative is shifting from crypto toward TradFi. Leading perp DEXs are adding more stocks, indices and commodities, and open interest is following.
I expect a clearer regulatory path to bring a much bigger pool of traders, market makers and liquidity into TradFi perps. Not just the same crypto capital moving between venues.
For decentralized exchanges, this validates the product they’ve already been building: markets where you can trade these assets around the clock.
And beyond public stocks, pre-IPO markets are already showing how much demand there is.
Entropy only just crossed $100M in total OI. Now Anthropic alone is sitting at $99.6M, with the whole exchange at around $127.5M.
One private company, nearly $100M in open positions before its shares even trade publicly.
As the IPO gets closer, more people will want to trade that valuation. Some will be bullish, others will want to short it. Both need a market.
That’s why I’m watching @entropyIO. It’s already building these markets before a much wider audience arrives.
If this growth continues, $500M in OI on Entropy within the next month doesn’t look crazy to me.
Perp DEX season is coming
Equity perpetual futures in the US are finally legal. Today marks the end of an era of regulatory confusion and inconsistency that restricted the products available to US investors, and marks the beginning of a golden age for financial innovation in the US.
Perps, long available outside the US, enabled overnight and off-hours price discovery and simple leverage for any investor. Cutting through many inefficiencies in other asset classes for trading on margin, they have done hundreds of trillions of notional volume. Entropy has listed some of the most innovative perpetuals to date, with a catalog of many single-name equities but also the most liquid and largest Anthropic and OpenAI markets in the world. But until recently, all of this was totally closed to the US.
We’re excited for the age of financial innovation in the US.
.@QFEX funding update matters if you farm perps.
At the same premium, funding is now 6.25x stronger. Here’s why that matters more than it might seem.
If you’re just farming points, you probably watch trading fees but barely check funding. Some people don’t even know what they’re paying to hold their positions.
But it adds up. Say you spend $35 on fees and spreads, then pay another $5 in funding. That’s $40 in total costs, with funding alone accounting for 12.5%.
So when running a delta-neutral strategy, look for a setup where the combined funding on both legs is positive, or at least cancels out.
You can hedge the same asset across QFEX and venues like TxFlow or Variational. But don’t automatically make QFEX your long or your short. Compare both directions first.
After this update, receiving funding on QFEX could help offset your farming costs. Being on the paying side could make the same setup much more expensive.
The price exposure might be hedged, but your holding costs aren’t. Rates can flip, so keep checking both legs while the positions are open.
I use tools like @LorisTools and @perpdexlist to find funding opportunities.
Exchange Update:
Starting 12:01 PM UTC on 3 November 2026, the denominator in F_final = P/100 will change from 100 to 16.
Please find the exact funding mechanism here:
docs.qfex.com/qfex/funding
The docs will be updated accordingly.
The next wave of traders on @entropyIO might not even be crypto users.
They might just want to trade Anthropic ahead of its IPO.
Anthropic OI grew by $20M this weekend alone. As the IPO gets closer and attracts more attention, I think this market could reach a much bigger audience than CT.
That’s a much bigger opportunity in my view. Build a market around something people outside our bubble already care about, rather than another token only we recognise.
#1 on X for @QFEX posts.
62 posts. 94K views. 789 likes. #7 overall for QFEX content.
And this isn’t fake hype. None of those posts were made for rewards. I’m genuinely very bullish on this perpdex, still farming it and sharing my farming strategies with you.
Attention is shifting from crypto to RWAs. QFEX focuses exclusively on TradFi assets, and that’s exactly what got me interested.
It’s now #8 on DefiLlama by open interest, with $181M OI.
Polymarket already has two markets for it: when the token will launch and its FDV one day after launch.
The second one caught my attention. The $500M FDV outcome is already priced at 38%. There aren’t even points yet, and people are already bullish.
Yes, volume is still tiny, so it’s too early to read much into those odds.
With the Loss Refunds program running, now is a good time to be active. You can run a delta-neutral strategy against venues like TxFlow or Variational, which also offer TradFi markets, by taking equal-sized opposite positions in the same asset.
If you haven’t joined yet, my link gets you 10% off trading fees:
qfex.com/@r7701d09
P.S. This is @muarmemuar’s site. Check your own contribution, link below.
Back in early October, the @QFEX founder announced that QFEX Season 0 was underway, with early trading activity, product feedback, and community engagement being tracked retroactively ahead of the points program launch
That's why I built a second checker called Proof of QFEX, where you can see your contribution to the growth of this perp DEX through X activity - the community engagement part
I'm strongly against perp DEX meta turning into InfoFi, but I do believe there's a positive side to it when traders, airdrop farmers, and other users share the products they actually use publicly (in our case, on X). It benefits the perp DEX itself, its FDV, and the size of its airdrop. No perp DEX has ever succeeded without a community, and none ever will
Disclaimer: This checker does not guarantee you any airdrop or points from QFEX for your activity on X. It's created purely for fun. So please don't start spamming X with QFEX mentions in hopes of getting an airdrop or earning points for it
So feel free to check your stats and share them on X: proofofqfex.fun/
I'm bullish on the RWA meta for 2027-2028. Right now, QFEX is among the top 10 exchanges by RWA perps OI, and there are only three perp DEXs in that ranking: TradeXYZ, Variational, and QFEX. There's not much attention from CT yet since they haven't launched their points program. But once they do, I expect things to play out just like they did with Variational. It had been available for trading throughout 2025, but the real influx of users only came after the points program launched in December 2025
So if you're not trading on QFEX yet, here's a 10% fee discount: qfex.com/@muar
Btw, what other X activity checker would you like to see?
Entropy hit $100M OI.
A little over 2 months. Just 12 markets.
Its biggest market, Anthropic, has $77.6M in open interest, the highest across all exchanges.
For context, OI two months after their initial mainnet beta launches:
Variational: $1M or less
Lighter: ~$20.5M
The numbers speak for themselves.
If you’re not on @entropyIO yet, it’s time to join.
This trader received 367k HYPE in the airdrop.
Today, his main wallet and linked trading subaccount have a combined portfolio value of around $9.8M.
And he’s shorting both Anthropic and OpenAI on @entropyIO.
The interesting part: the airdrop wallet and the trading account are different addresses. I checked the connection. The API confirms it’s his subaccount.
His main wallet has a ~$5.15M portfolio, with open GOLD and JPY positions on xyz markets.
His linked subaccount has another ~$4.66M and holds these positions on Entropy:
> ANTH short: ~$328K, +$58.3K PnL
> OAI short: ~$214K, +$18.9K PnL
Around $542K in pre-IPO shorts, currently at +$77K combined PnL.
A guy who received 367k HYPE and now has nearly $10M across his accounts is worth keeping an eye on. Especially when he’s holding over half a million in pre-IPO shorts on Entropy.
I’ll leave his main wallet and sub wallet profiles below.
A trader with over $8M in perp PnL is holding a $1.78M Anthropic short on @entropyIO.
I found another interesting wallet while digging through Entropy’s Social tab.
It’s labeled Amber Raven, with no linked X. Over $705M in total perp volume, and a sizeable position on io:ANTH.
His average entry implies a ~$2.02T valuation for Anthropic. The short is at +$224K PnL with 1x leverage.
The $8M PnL is across his entire perp account, not just Entropy.
Another large trader taking a position on Entropy’s pre-IPO markets.
