my live, my perp
Kepler-22b
Joined February 2024
- Tweets2.6K
- Following233
- Followers376
- Likes6.2K
MY PERP DEX FOCUS LIST
HIGH FOCUS
These are the perps where I allocate the most capital and time, trading almost every day.
My high-focus list is mostly made up of early protocols without a public points program. If these protocols launch points later, early activity should have the best upside.
→ First is @TxFlow_L1.
An early RWA-focused perp protocol with around 8,100 traders. I’m expecting a points program around October–November, so this is the window to build activity before it goes live.
TxFlow also runs frequent trading competitions with real prizes. With a properly structured delta-neutral strategy, these campaigns can make the activity close to free or even profitable when the rewards cover the trading costs.
→ Second is @entropyIO.
Entropy is a HIP-3 perp deployer on Hyperliquid, focused on equities and pre-IPO markets.
The interesting part is its pricing mechanism. Entropy uses a liquidity-weighted oracle that combines the local order book with external reference prices. The weight changes depending on executable market depth, which is especially important for assets that do not have a normal 24/7 spot market.
It is still extremely early. The latest public tracker shows around 8.3K unique traders over 30 days and only a handful of live markets.
I have no idea whether Entropy will launch a token. But if they introduce points later, early users should have a meaningful advantage.
→ Third is @QFEX.
QFEX is TradFi-only. No crypto markets, no public points program and still a very early product.
And it is already ranked #8 by open interest on DeFiLlama, with $221.86M in OI.
QFEX is tracking retroactive activity, so getting in early matters.
→ The fourth is @get_truenorth.
TrueNorth is a trading agent with one of the most successful calls around the disruption of giants like Anthropic and OpenAI.
It is still super early, and retroactive activity will be taken into account.
Right now, there are only two perps available through the agent: Hyperliquid and Ondo Perps. More perp venues should be integrated in the future.
I mainly use the agent for my own strategies and to open positions on other perp DEXs. That way, I can build activity on TrueNorth while farming the perp DEX at the same time.
Recently, TrueNorth ran a three-week competition together with Ondo Perps with $50,000 in prizes. Traders also made another $150,000 in PnL during the competition.
That shows the advantage an agent like TrueNorth can give you.
Not using an agent for trading is like digging a hole with a shovel when you could be using an excavator.
MID FOCUS
These are protocols where I trade less often and allocate a smaller part of my capital. The goal is mostly to maintain organic activity.
→ First is @tradexyz.
It is currently the #1 perp venue in the TradFi sector.
No public points program. No clear token signal. There were some community rumours about future rewards, but nothing concrete about the format or timing.
So for now, I’m only maintaining organic activity there.
→ Next is @Poly_Perps.
I’m not very active on Polymarket Perps, but I still keep some activity because of the company behind it.
A valuation around $21B, major investors and the upcoming LeBron James partnership make it difficult to ignore.
Polymarket Perps already has around 21,000 traders.
I don’t expect a token in 2026 or early 2027. Maybe the second half of 2027 will be a better time to think about it.
→ Third is @variational_io.
Some people may ask why Variational is only third in my Mid Focus list.
The answer is simple: the later you enter a perp, the fewer points you can farm.
The Variational points program ends in roughly a week and a half. At current farming efficiency, one point costs around $12 to farm, which is roughly 2x the current OTC value.
I still maintain organic activity on Variational, but I see higher upside in earlier perps.
And don’t forget about the upcoming Sybil filter. If you have a large farm, I would think twice before putting all your eggs in one basket.
LOW FOCUS
These are protocols I barely farm, but I still keep an eye on them.
→ First is @Lighter_xyz RH.
There is already a Season 2 points program, with around 28,115 traders.
You can ask: why wait if the longer I wait, the fewer points I can earn?
Because more people will eventually understand the best way to farm it, competition will increase and the farm will become less efficient.
Honestly, I don’t believe much in second seasons from perp DEXs.
Name me one perp that distributed a second drop at the same level as the first one.
→ Next is @risextrade.
I only have 300.5 points from the retroactive period after doing around $130,000 in volume.
I’m barely farming RISEx now because I didn’t like the percentage distributed through the retroactive program or the overall points economics.
This is where my perp activity is concentrated right now.
Everything else is either a skip or simply not worth my time at the moment.
MY PERP DEX TIER LIST - Q3 2026
S TIER
@variational_io
@tradexyz
@QFEX
@get_truenorth
A TIER
@TxFlow_L1
@entropyIO
@Lighter_xyz
@Poly_Perps
@risextrade
WAIT TGE
@hibachi_xyz
@nadoHQ
@pacifica_fi
@meridiandotxyz
@N1Chain
@tradehotstuff
@reya_xyz
Wait TGE means I’m no longer active on these projects. I’m just waiting for the TGE.
I didn’t farm points on @reya_xyz. I was earning badges on Voltz before the transition to Reya.
This is my personal ranking of the projects I’m active on in Q3 2026. I skip everything else.
I’ll explain later which projects I’m focusing on most right now and why.
Which projects would you move between tiers?
devilon retweeted
.@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.
devilon retweeted
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.
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.
holding OI positions definitely matters more than volume. this week i did half the volume and doubled my holding time compared to last week, but got only 15% fewer points.