devilon

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.

100%

still a thing. it’s gotten harder, but it’s not dead.

yeah, the visual is great. thanks, @muarmemuar

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.

oh man, thank you so much. but i’m just sharing my opinion, not trying to claim that spot

not now please

thanks for the refund. still accumulating $HYPE

thanks bro, appreciate the kind words. i’m trying

@muarmemuar @QFEX

agree

1000%

Check your own contribution: proofofqfex.fun

#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.

entropy is huge, btw, cool visual. how do i make one like this?

playing your favorite game and earning from it, what could be better

oh, love the visual. entropy is huge, but ondo isn’t far behind

👀

yep