Perp DEXs are the hottest airdrop meta. Here's
which ones are worth your gas.
SHyperliquid S3, Extended, Variational, Grvt, Nado
- Hyperliquid S3 — Fully on-chain perp DEX and custom L1 with zero VC funding – largest by OI with 188+ pairs and up to 50x leverage.
- Extended — Perp DEX by ex-Revolut team on Starknet – sub-10ms matching across crypto and TradFi markets.
- Variational — Peer-to-peer derivatives protocol on Arbitrum – multi-venue liquidity sourcing with zero fees.
- Grvt — Hybrid DeFi platform on ZKsync – blends CEX UX and regulatory compliance with DEX self-custody.
- Nado — CLOB DEX on Ink (Kraken's L2) – perps, spot, and unified margin with 5–15ms latency.
AEdgeX, Ethereal, trade.xyz, Paradex, Based, Pacifica, BackPack
- EdgeX — Orderbook perp DEX by Amber Group – sub-ms matching, 4th largest by volume (~14% market share).
- Ethereal — L3 perp DEX on Ethena Network – uses USDe as collateral, part of the Ethena ecosystem.
- trade.xyz — The dominant HIP-3 player by a wide margin – 86.9% of all HIP-3 volume and 85.4% of open interest.
- Paradex — Non-custodial derivatives exchange by Paradigm on StarkNet – 250+ markets, zero fees, $210B+ cumulative volume.
- Based — Alternative front-end for Hyperliquid trading – runs its own points program for users.
- Pacifica — Solana perp DEX co-founded by Constance Wang (ex-FTX COO) – fully self-funded with AI-powered trading features.
- BackPack — Regulated exchange + wallet ecosystem by Anchor creator – Dubai VARA licensed with $400B+ cumulative volume.
BDreamCash, Cascade, Ostium, StandX, Reya Labs, HyENA, Genius, Carbon, Felix, Markets
- DreamCash — Emerging perpetual futures DEX in early stages. Building trading infrastructure with growing community following.
- Cascade — Decentralized 'neo-brokerage' – 24/7 perp markets across crypto, US stocks (incl. pre-IPO), commodities, and FX via unified margin.
- Ostium — Arbitrum-based RWA perp platform – 95%+ of OI is in traditional markets like stocks, commodities, FX, and indices.
- StandX — Perp DEX on Solana/BNB Chain with DUSD yield-bearing stablecoin as margin collateral – founded by ex-Binance Futures Head.
- Reya Labs — High-speed perps exchange on Arbitrum Orbit (formerly Voltz Protocol) – zero-gas, MEV-protected, yield-bearing collateral.
- HyENA — USDe-margined perp DEX built by Based, which is backed by Ethena Foundation.
- Genius — Multi-chain trading terminal with 'Ghost Orders' – splits trades across hundreds of wallets for privacy via MPC.
- Carbon — Formerly IntentX — intent-based perpetual futures DEX. Rebranded to Carbon with upgraded trading infrastructure and cross-chain execution.
- Felix — Decentralized borrowing protocol built on Hyperliquid L1 enabling users to mint feUSD stablecoin against crypto collateral. Authorized fork ...
- Markets — Unable to verify project details. No specific crypto perpetual DEX project named 'Markets' was found in search results.
CVest, Hibachi, Bullpen, Ventuals, Liquid, Onyx, Perps.fun, Euphoria, FlashTrade, Tread.fi
- Vest — Perp futures platform using proprietary zkRisk engine – ZK proofs for transparent risk pricing and consistent liquidity.
- Hibachi — Privacy-first perp DEX using ZK tech for sub-ms execution – off-chain CLOB with Succinct ZK proofs and Celestia DA.
- Bullpen — On-chain trading terminal for perps (Hyperliquid), Solana spot/memes, and Polymarket predictions – co-founded by KOL Ansem.
- Ventuals — HIP-3 DEX focused exclusively on frontier technology markets – trade assets you can't access anywhere else on-chain.
- Liquid — Perpetual futures DEX with leveraged trading. Raised $7.6M in funding with growing user base and points program ahead of potential airdrop.
- Onyx — Layer 3 blockchain built on Arbitrum and secured by Base – designed for financial-grade applications with near-instant confirmations and fee...
- Perps.fun — The first-ever perpetual futures launchpad built on Hyperliquid. Platform enabling new perp markets to launch and gain liquidity.
- Euphoria — Mobile-first derivatives trading app built on MegaETH L2 that gamifies options and perpetuals with 'tap trading' – one-touch speculation wit...
- FlashTrade — Decentralized perpetuals DEX on Solana offering up to 100x leverage with zero slippage – powered by a unique pool-to-peer liquidity model an...
- Tread.fi — Algorithmic trading terminal and OEMS enabling automated execution across CEXs and perp DEXs – founded by ex-Morgan Stanley VP with institut...
DGTE, Bullet, Rails, Helix, RISEx, 01.xyz, HotStuff, Defx, Satori, Legend, Astros, Decibel, Derive, Moonlander, GMTrade
- GTE — Decentralized trading platform on MegaETH – CLOB, AMM, and best-price aggregator at up to 100K TPS.
- Bullet — Solana network extension (L2) for perp futures – evolved from Zeta Markets with ultra-fast 1.2ms latency using Celestia DA.
- Rails — US-focused hybrid perp exchange with self-custody – designed as a regulated FTX alternative.
- Helix — Premier decentralized orderbook exchange on Injective – unlimited cross-chain assets with zero gas fees.
- RISEx — Flagship perp DEX on Rise Chain (high-perf Ethereum L2) – full on-chain orderbook with shared liquidity via MarketCore.
- 01.xyz — Decentralized derivatives exchange on N1 blockchain (formerly Solana) – first fully decentralized orderbook-based power perpetuals.
- HotStuff — Perpetual futures DEX currently in testnet phase. Building leveraged trading platform with growing community interest.
- Defx — Perpetual futures DEX with leveraged trading capabilities. Early stage with $2.5M in funding and growing user base.
- Satori — Decentralized perpetuals platform with off-chain aggregation and on-chain settlement across 12+ chains including Polygon zkEVM, Arbitrum, Ba...
- Legend — No confirmed information found. Search results showed multiple projects named 'Legend' including a DeFi wallet (raised $15M from a16z/Coinba...
- Astros — Perpetual DEX and aggregator built on Sui – directly integrated with NAVI Protocol's $1B lending pool for unified capital efficiency. Launch...
- Decibel — Fully onchain perpetual DEX built on Aptos L1 with sub-second settlement and multi-collateral cross-margin accounts. Launched mainnet Februa...
- Derive — Decentralized options and perpetuals exchange built on an OP Stack rollup settling to Ethereum. Formerly Lyra Finance, rebranded with instit...
- Moonlander — Social perpetual DEX built on Cronos EVM and zkEVM offering up to 1000x leverage on crypto and RWA trading. Features community-driven tools ...
- GMTrade — <cite index="8-1">GMTrade is the leading RWA Perp DEX on Solana</cite> – <cite index="1-7">listing forex majors, global stock names, commodi...
