Missed the Hyperliquid airdrop? Here are 20 unsold perpetual contract DEXs

Author: FLB; Compiler: Tim, PANews

1. Panoramic Analysis of Perpetual Contract DEX Airdrop

I regard the current perpetual contract DEX airdrop pattern as consistent with my view of all airdrop projects: we are deeply trapped in choice difficulties and have no choice when faced with various mining activities such as the points plan and SocialFi. The information noise on crypto Twitter is almost impossible to filter. I still insist on focusing on specific projects while participating widely.

2. Opportunities to participate in perpetual DEX

Over the past few months, I have observed that the popularity of perpetual contract DEXs is unprecedented. This is likely due to two factors: one is that market participants are trying to replicate Hyperliquid's successful model, and the other is major breakthroughs in areas such as RWA trading.

Here is a brief description of the perpetual contract DEX project I am participating in, including specific participation methods, corresponding project links (click on the title to access), and current progress:

Hyperliquid

• It is undisputed that Hyperliquid is the leader in this field, and there are still huge incentives that have not been issued.

• If you trade on Hyperliquid, be sure to use Okto to achieve trading + wallet for two-in-one operation.

• HyperEVM currently has low user activity but the prospects are particularly impressive. We have seen considerable airdrop rewards from projects such as Kittenswap.

My current ranking: unknown

My strategy: provide 100,000+ USD perpetual contract trading volume and 15,000+ USD spot trading volume every week, allocate part of the funds to HLP, and participate in HyperEVM ecological projects such as Liminal and Unit.

Avantis

• A high-quality project built on Base, which has received 12 million USD in financing from well-known institutions such as Pantera.

• Continue to launch new feature updates, such as RWA asset tokenization, zero-fee perpetual contracts, etc.

• Get rich returns in the income vault

My current ranking: Season 1 trading ranking 1060th, Season 1 liquidity ranking 9251st, Season 2 trading ranking 847th, Season 2 liquidity ranking 765th

My strategy: I am quite satisfied with the current ranking, so I plan to maintain a monthly trading volume of 100,000-200,000 US dollars until the token is officially issued, and continue to lock the funds in the income vault.

Paradex

• I am building an aggregated trading platform called SuperDEX: relying on Paradex's Starknet L2 architecture to achieve high efficiency. Low-fee transactions, deep liquidity pools, and privacy with zero-knowledge proofs.

• Season 1 was severely under-participated, and Season 2 will end in a few weeks, hopefully DIME tokens will be launched soon after.

• Recent analysis shows that participation in this space is still severely under-participated, and it is relatively easy to get on the list.

• You can also deposit funds into the LP Profit Vault to earn points.

My current ranking: 1501st in pre-season, 1179th in Season 1, 1348th in Season 2

My strategy: Allocate a small amount of funds in Gigavault's huge profit vault (there is still $3 million of quota to the upper limit), and provide $100,000-250,000 in trading volume on this platform every week.

Hibachi

• may be the most promising perpetual contract DEX I have ever seen. It has multiple positive narratives. Its core advantage lies in the zero-knowledge proof technology alignment solution built with infrastructure such as Succinct and Boundless.

• Completed $5 million in financing.

• Be sure to pay attention to the ongoing incentive activities to get extra points

My current ranking: 48th, achieved with only $600,000 in trading volume

My strategy: complete the highest level tasks every week (for example: $135,000 in trading volume)

Perennial

• Base-based perpetual contract Rollup project has received $12.6 million in financing.

• According to the Perennial browser, the current number of wallets is less than 5,000. The total locked value of its main income vault is less than $90,000.

My current ranking: 145,000 Petals points, top 2% of users

My strategy: provide $50,000-200,000 in trading volume per week

Vest

• has completed $5 million in financing and is currently in the early stages of development: using zk-Risk risk engine technology, it aims to achieve tradability of almost all assets. For detailed analysis, please refer to: link here

• The points plan has been officially launched, and as the trading volume grows, the difficulty of obtaining points will gradually increase

My current ranking: 12205 points (not sure what the level is yet)

My strategy: I am not actively trading on this platform, but I can get 750-1000 points per week by providing liquidity.

Ostium

• Innovative perpetual contract DEX, supporting real-world financial asset transactions such as the S&P 500, and need to be vigilant about liquidity risks and funding rate fluctuations in some markets

• Has completed US$3.5 million in financing, and its current competitiveness is significantly stronger than before.

My current ranking: 394 points

My strategy: provide $100,000 in trading volume per week and allocate $1,000 to the profit vault.

Extended

• We are building a perpetual contract DEX, using the ZK-Rollup technology route (aimed at building an EVM-compatible network based on Starknet). The current points plan is still in its early stages

• $6.5 million in financing has been completed, and the excellent user interface design has been endorsed by well-known KOLs such as katexbt

• Although it is not the top priority, it is recommended to execute a small number of transactions before others intervene.

My current ranking: 711th with 1339 points

My strategy: I have deposited $350 into the income treasury. I am not actively trading on this platform at present, but I should start to provide $50,000-100,000 in trading volume per week.

Lighter

• A perpetual contract DEX driven by zero-knowledge proof technology, it is still in the private beta stage and has received investment support from a16z.

• If you can get an invitation, you must do your best to achieve high trading volume on this platform, because the interactive experience is very smooth and there is no handling fee.

My current ranking: 12645th, holding 44 points (need to improve participation)

My strategy: provide 1 million to 2 million US dollars of trading volume per week, and turn to trading non-mainstream currencies (it is rumored that this strategy can get higher points)

Variational

• Has completed 10.3 million US dollars of financing, using a zero-fee model, and the current market potential has not been fully tapped.

• It is still in the testing stage, but it is a potential project worthy of attention, testing and continuous observation. Be sure to remain highly vigilant against liquidity risks (I have suffered heavy losses here).

My current ranking: 430

My strategy: I have been frustrated by heavy losses and have stopped participating for a while, but based on the current ranking, fund size and fee structure, I may consider restarting the liquidity mining strategy with a weekly trading volume of 10,000-50,000 US dollars.

Aster

• Hyperliquid, a competitor created by Binance, may usher in a huge incentive injection.

My current ranking: None (due to current points suspension)

My strategy: Convert 500 USD into asUSDF and conduct low-frequency transactions

Backpack

• Backpack is a well-known exchange project in the market, which stands out with its strong technical team and huge financial support.

• The exchange provides spot trading, derivatives trading and lending services.

• The second season points plan has been officially launched, but the participation rate is low due to the real-name authentication requirements

My current ranking: None

My strategy: I have not participated yet due to the real-name authentication threshold, but as far as I know, some users highly recognize it, similar to Arkham.

Helix

• Injective ecosystem core perpetual contract DEX (and other DeFi layout opportunities such as derivatives).

• I have recently come into contact with this field and plan to start in-depth exploration to obtain opportunities to participate in the Cosmos ecosystem.

My current ranking: None

My strategy: I own Injective's native token INJ (from the staking period), which I will use to launch the trading plan.

Reya

• Using $16 million in financing to build an independent network, it aims to solve the problems of liquidity fragmentation, front-running and performance bottlenecks.

My current ranking: None

My strategy: I started late on this project and may only conduct a small number of sporadic transactions, but I have established a significant early advantage on other protocols.

Byreal

• A perpetual contract DEX based on Solana, built by Bybit.

• Currently in the public beta stage: you need to join the waiting list to participate.

No rankings or strategies yet, as project access has not yet been obtained.

Ethereal

• The perpetual contract DEX built by Ethena will have extremely abundant liquidity since its launch

• The Ethereal test network is now officially open for testing, and the pre-deposit channel is open

My current ranking: None

My strategy: I am gradually withdrawing from the project. The $700 million pre-deposit funds remind me of the Berachain incident (excessive participation leading to dilution of airdrop rewards), because excessive market attention will significantly reduce the profit weight of a single participant.

GTE (testnet)

• A CLOB order book perpetual contract DEX built on MegaEth, which has completed $25.94 million in financing.

• In addition, the project is simultaneously developing spot trading functions and token issuance platforms.

My current ranking: None

My strategy: A small number of sporadic transactions, I am not actively involved in the test network

Perpl (testnet)

• Zeta Markets' upgraded project, a perpetual contract DEX based on the CLOB order book architecture, deployed on Solana.

• Use zero-knowledge proof technology (such as Risc Zero's flagship product Boundless), which has received $52 million in financing.

My current ranking: None

My strategy: execute one transaction per week.

Noise (testnet)

• Partnered with Kaito to build a perpetual contract DEX for mind share trading. The operation logic is extremely simple and can achieve efficient trading.

• My current ranking: None, but I have accumulated $40,000 in testnet trading volume through trading

My strategy: provide $20,000 in trading volume in different markets every week, and try to improve the ranking of the leaderboard in a single market.

01 DEX (testnet)

• The perpetual contract DEX built on the N1 Layer1 testnet has completed US$7 million in financing.

• Currently in the private beta stage, an invitation code is required to access.

My current ranking: None

My strategy: I had completely forgotten about this project and now plan to execute a transaction every week

Finally

I tried to make profitable trades, but if you want to take a lower risk strategy, you can use Delta neutral trading:

• Establish a long position on any perpetual contract DEX

• Establish a short position on another perpetual contract DEX

This operation will not make you lose money, but at the same time you can also eat the fee rate.