Hyperliquid revived all the attention in Perps
dYdX, GMX, Gains were the winners of the last cycle
Now we're seeing HL, Aster, Avantis & more...
The coming few months will see launch of series of Perps owing to the super sonic success of the space!
But as yk we already went through a perps cycle...
The Qs is whether we'll see Big Bang perp launches or CT will fade away the narrative?
The rise of Perpetual Exchanges will be the most talk of the town in this cycle.
As I mentioned several times before, CEXs are big but the concern is they’re too centralized, especially with the collapse of #FTX still fresh in our minds.
Perpetual trading volume reached $1.05 trillion in September alone, accounting for up to 87.8% of CEX futures volume.
If you missed the $ASTER or $HYPE trains, here’s my curated list of top 5 Perp DEXs to watch next (excluding those two):
1/ @Lighter_xyz
Airdrop opportunity: High (via points program)
TVL: $1.08B | 30D perp volume: $176.98B
Currently distributing 250K points weekly, each trading around $80/point OTC.
2/ @edgeX_exchange
Airdrop opportunity: High (via points program)
Points distributed weekly based on trading volume. 18 weeks passed, TGE could be close.
$100B+ all-time trading volume, $1B+ open interest, 100K+ addresses, $49M cumulative revenue.
3/ @extendedapp
Airdrop opportunity: High (via points program)
1.2M points distributed weekly to traders (estimated $7–9 per point).
TVL: $59.34M | 30D perp volume: $9.28B | Backed by $6.5M funding.
4/ @pacifica_fi
Airdrop opportunity: High (via points program)
Built by ex-FTX members, currently in beta (invite-only).
TVL: $33.5M | 30D perp volume: $16.39B | Distributing 500K points weekly.
5/ @tradeparadex
Airdrop opportunity: High (via XP points)
Backed by Paradigm.
TVL: $95.03M | 30D perp volume: $22.7B | Distributing 4M XP every Friday.
The Perp DEX narrative is just getting started, liquidity, rewards, and airdrop plays are converging fast.
This is where the next wave of cashflow will likely come from.
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