The Perp Dex Airdrop World (20+ projects)
Hunting airdrops across perp dexs in countless ecosystems
Broader View of Perp Dex Airdrops
I view the current perp dex airdrop landscape similar to my broader view of all airdrops where we are faced with option paralysis when it comes to what point programs, SocialFi bribes, and more to choose as our primary farms. It’s almost impossible to cut out the noise on CT. I am still sticking to my spray and pray approach whilst having an increased focus on specific projects.
Perp Dex Opportunities
Over the course of the last few months I feel like we have seen more perp dex prevalence than ever before. This is likely due to people trying to replicate Hyperliquid’s success as well as big moves in areas such as RWA trading.
Here is a quick breakdown of the projects I am interacting with, how I’m interacting, a link to each (click the title), and my current standing:
Self-explanatory, Hyperliquid is the leader in the space and still has a ton of incentives left to distribute
If you are trading on Hyperliquid, make sure to use Okto for a 2-in-1
There is also HyperEVM which is quite bullish due to low user activity and we have already seen decent airdrops with the likes of Kittenswap
My current ranking: N/A
My strategy: Push $100k+ perps volume and $15k+ spot volume weekly, have some funds in HLP as well as interact with HyperEVM projects like Liminal and Unit
Great product built on Base with $12m in funding from strong names like Pantera
Consistently shipping new updates such as RWA assets, zero-fee perpetuals, and more
Can earn great yield on the vaults
My current ranking: Season 1 Trading #1,060 | Season 1 Liquidity #9,251 | Season 2 Trading #847 | Season 2 Liquidity #765
My strategy: I am quite content with my rankings here at the moment so I only plan to trade $100-200k volume a month until TGE and leave my funds parked in the vaults
Building a “SuperDEX” which leverages Paradex’s Starknet L2 for quick/cheap transactions, has deep liquidity, and uses ZK tech for privacy
Season 1 was incredibly underfarmed, Season 2 ends in a month with DIME hopefully having a TGE shortly after
Recently analysed and it seems it is still very underfarmed and quite easy to climb the leaderboard
You can also deposit in the LP vault to earn points
My current ranking: Pre-Season #1,501 | Season 1 #1,179 | Season 2 #1,348
My strategy: I have a few $ dollar in the Gigavault ($3m away from cap) and am trading $100-250k volume a week here
Might be the most underused perp dex I’ve seen. It has a ton of positive narratives going for it, mainly being ZK-alignments through using infra like Succinct and Boundless!!
$5m in funding
Make sure to look at active bonuses they have going on to earn additional points
My current ranking: #48 with only $600k volume
My strategy: Look at the quests and complete the highest tier every week, e.g. $135,000 volume
Perps rollup on Base with $12.6m funding, i.e. it has its own chain
<5,000 wallets according to the Perennial explorer. There is also a main vault which has <$90k TVL
My current ranking: 145,000 petals and top 2% of users
My strategy: Push $50k-$200k volume a week
$5m in funding and very early stage, they are using a zkRisk Engine to try and make pretty much anything tradeable, check out a more detailed post here
There is a points program already live and points will only get harder as volume grows
My current ranking: 12,205 points (not sure how good this is)
My strategy: Not actively trading here at the moment, but earning 750-1,000 points a week by providing liquidity
Unique perp dex as it lets you trade a lot of real world markets such as the S&P 500, be careful with liquidity/funding rates on some markets
$3.5m funding and definitely more competitive than before
My current ranking: 394 points
My strategy: Push $100k volume a week and have $1k deposited into the vault
Building a perp dex with the rollup narrative (want to build an EVM-compatible network on top of Starknet) and points program still fresh
$6.5m funding and strong UI, liked by people like katexbt
Not a top priority but may as well push a trade or two before others get in
My current ranking: Rank #711 with 1,339 points
My strategy: Deposited $350 into the vault and don’t really actively trade here but should start pushing $50k-$100k per week
ZK powered perp dex still in private beta, backed by a16z
If you can get an invite I highly recommend pushing a lot of volume here, insanely smooth UX and ZERO fees!
My current ranking: Rank #12,645 with 44 points (really need to push more)
My strategy: Pushing $1-2m volume per week, pivoting to trading alts as it’s rumoured to give more points
$10.3m in funding, zero fees, and very underused
Still in beta but definitely something to test and keep eyes on, be VERY careful with liquidity as I got wrecked here
My current ranking: #430
My strategy: Got upset after getting wrecked and haven’t used in a while but seeing my ranking, funding, and fees I may start pushing $10-$50k volume here a week
Binance’s attempt to build a Hyperliquid rival so there could be a world where a ton of incentives flow here
My current ranking: N/A as current points are paused
My strategy: Deposited $500 into asUSDF and trade occasionally
Most people know Backpack, strong team with a lot of funding
Their exchange offers spot, perps, and lending
Season 2 points program now live, and not too actively used due to KYC
My current ranking: N/A
My strategy: Personally haven’t used due to KYC requirements but I know some people are quite fond of it, similar to Arkham
Primary perp dex (+ other DeFi opportunities) on Injective
Came across this recently and want to start exploring to get some Cosmos exposure
My current ranking: N/A
My strategy: I have a little INJ leftover from the staking days which I will use to start trading
Using $16m funding for building its own network to address liquidity fragmentation, front-running, and performance issues by optimising specifically for trading needs
My current ranking: N/A
My strategy: I was late here and might push the occasional trade but have got a better head start on other protocols
Bybit’s perp dex product being built on Solana
Currently in public beta, need to sign up for waitlist
Ranking and strategy aren’t applicable as I’ve not got access
Ethena’s own perp dex they are building, will have insanely rich liquidity from day one
Testnet is now live to try out and pre-deposits are still open
My current ranking: N/A
My strategy: Kind of fading this as the $700m in pre-deposits give me Boyco Berachain feels, i.e. too much attention for rewards to be immense
Building a CLOB-based perp dex on MegaEth with $25.94m in funding
Also building spot trading and a token launcher
My current ranking: N/A
My strategy: Push the occasional trade, I’m not too active on testnets
Building a CLOB-based perp dex on Monad with $9.2m in funding
Not yet live so ranking/strategy are not applicable
Rebrand of Zeta Markets to a CLOB-based perp dex on Solana
Also building out lending/borrowing markets and spot trading
Uses ZK technology like Boundless, the flagship product of Risc Zero ($52m funding)
My current ranking: N/A
My strategy: Push one trade per week
Partnered with Kaito to build a perp dex for trading mindshare, seems like a really easy concept to trade well
My current ranking: N/A but traded up to $40k testnet balance
My strategy: Trade $20k volume on different markets per week, try to climb unique market leaderboards
Perp dex building on the N1 Layer1 testnet which has $7m funding
In private beta, i.e. you need a code to access
My current ranking: N/A
My strategy: Forgot about this until writing, will push a transaction a week
I try to trade profitably, but if you want to take a less risky approach you can do delta-neutral trades:
Open a long position on one perp dex
Open a short position on another perp dex
This means you won’t lose money from the trade going the wrong direction but you will also have to eat the fees.
That’s all for now!
Thank you if you’ve read all the way through and if you want to support feel free to subscribe for free or to support with a paid membership:
Let me know on X in my comments or DMs if there is anything you want covered, any projects I missed, and any other feedback you may have!
Love it fam