devilon

Anthropic Open Interest went up by $20M this weekend. Time and time again, securitized solutions to accessing pre-IPO equities have failed. Perps, by providing derivative access, finally allow true economic exposure to pre-IPO equities. Excited to see where this market goes as IPO approaches

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 has surpassed $100,000,000 in Open Interest.

New raise for @QFEX ? The founder recently hinted in Discord that another funding round could be coming. QFEX raised $9.5M in its seed round led by General Catalyst. Variational raised $10.3M in seed funding, then announced another $1.5M strategic round around eight months later. If QFEX announces a new raise at the end of October, the timelines line up almost perfectly. At the time of writing, QFEX ranks #9 on DefiLlama with $142.3M in open interest and $40.8B in cumulative volume. There are still no public points announced, but they should be coming very soon. QFEX tracks more than just trading activity too. Social activity and feedback are tracked as well, and the team actually values both. A new raise could become another catalyst for new users. You can get ahead of that wave by starting to trade now. P.S. If you do decide to spend the new raise on an ad campaign, choose Sabrina Carpenter. “QFEX is... just stocks”

dear @variational_io, you currently have the most active community on X after Hyperliquid rewarded campaigns for traders and for PnL cards are cool, but look at these guys - they’ve been with you for almost a year and regularly post about your project on X you can check the most active ones on @muarmemuar site - ogvar.xyz I think everyone would be happy if there was at least a separate rewarded campaign for X or even a separate allocation at TGE, who knows I think these guys have earned it - they’re doing great work @givenoxbt @muarmemuar @VictorTopDefiG @onchainmonk @Airdrop_Guard @linenmito @Ryuzaki_SEI @cryptolfggo @deTEfabulaNar_ @corgil and further down the list there are also many people who contributed to Var gVar

.@hibachi_xyz TGE is next month. The points program ends in a few weeks and TGE comes right after. Polymarket hasn't reacted at all, and the odds of a launch this year are still sitting around 50%. Makes sense, Hibachi loves to drag things out. Their points program has been running for 1.5 years, which is way too long. A lot of people have already given up on this project and are bashing it. There's some truth in that, but let's look at it from the other side. If you had farmed it at a super early stage, your cost per point could have been $0.005-0.01, which you have to admit is extremely cheap. Now let's estimate the TGE price per point. Today there are 75.5M points in total. Three more 1M distributions are coming before the end of October, so that adds 3M. Let's round up to 80M for any extra distributions. Let's say FDV is $30M in a bearish case and 25% goes to the airdrop. That comes out to about $0.094 per point at TGE, almost 10-19x on cost if you farmed early. You can say almost nobody farmed like that, but I personally know several people whose cost per point is exactly that. Projects at that stage right now are @entropyIO, @QFEX, @TxFlow_L1 and @get_truenorth. Even if they turn out differently than I think, farming activity at this stage will most likely still make you money.

New listing: Nvidia ($NVDA) at 25x Leverage.

The Pre-IPO Perpetual (IPOP) Market for Anthropic is now live.

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.

Tomorrow we could finally get the details of @AnthropicAI IPO, with its S-1 expected as soon as Friday. Pre-IPO markets currently price it at around $2T. Polymarket gives 73% that it lists by the end of November. I’m not expecting anything super bullish from this, I’m expecting a drop. Look at Meta in 2012 and SpaceX in 2026: both topped right around the IPO and then fell hard. If Anthropic follows the same pattern, that’s not great news for crypto either, especially with so many token launches coming soon. I don’t know for sure, this is just my thinking. @entropyIO is the most liquid pre-IPO market for Anthropic. ANTH has $45M of open interest and $8.6M in 24h volume, at an implied valuation of $1.95T. It’s the only HIP-3 deployer on Hyperliquid with Anthropic and OpenAI, so you can trade the IPO valuation 24/7 before it lists.

Digging through the wallets of HYPE airdrop whales, I found something interesting about @entropyIO. Many of them trade io markets, but most aren’t on the leaderboard and have no linked X. Only 6 are public: @NMTD8, @punk2498_, @bizyugo, @RaccoonHKG, @Wanyewest69 and @delucinator. Besides the 6 public whales, I found at least 44 more wallets that traded on Entropy. 29 of these 50 aren’t on its leaderboard. Most just trade without drawing attention. This concentration of whales makes you think, maybe they know something. The easiest way to get rich is to follow big capital.

One of the simplest and most effective strategies for farming two early projects at once. Bookmark it so you don’t forget. 1. Open a short on $AAPL on @TxFlow_L1 with a limit order 2. Once the limit order fills, open a long on $AAPL on @QFEX at market for the same size 3. Wait 2-4 hours 4. Close on TxFlow with a limit order 5. Once it fills, close on QFEX at market The best outcome is a loss on QFEX and a profit on TxFlow. QFEX has a Loss Refunds program: if you trade at least $100k in taker volume during the reward period and finish it with a realized loss, you have a 20% chance of getting that loss back, up to $2,000. That can cover your trading costs, and if the loss was big enough you could even come out ahead. If you’re not in the 20%, you’ve still farmed two super early projects, which is a pretty good deal. Don’t wait, the Loss Refunds program on QFEX is limited. 10% fee discount: qfex.com/@r7701d09 TxFlow also has a campaign running that gives you $10 in fee credits, which cuts your trading costs even more. 5% fee discount: app.txflow.com/campaign/squa… code: TXDEVILON The campaign has 4 more days, so hurry up and farm points. QFEX is in Season 0 where all activity counts, and retro points for it will be given out in Season 1. TxFlow is already in week 2 of Season 1. Week 1 went very well and week 2 should be the same. On the 27th you’ll already see the retro points for Season 0.