Top Upcoming Perp DEX Airdrops to Farm in 2025

Perpetual decentralized exchanges (perp DEXs) have consistently delivered some of the most lucrative airdrops in crypto history. From Hyperliquid's massive distribution to the recent Lighter airdrop, traders who farmed these protocols early have been handsomely rewarded.

In this guide, we'll break down the most promising upcoming perp DEX airdrops, categorized by farming intensity and potential. Whether you're going all-in or just dipping your toes, there's an opportunity for everyone.

Why Perp DEX Airdrops Are So Lucrative

Before diving into specific protocols, let's understand why perp DEXs tend to have generous airdrops:

• High Trading Volume - Perp DEXs generate significant fees, giving them substantial treasuries to distribute
• User Acquisition - These protocols need active traders, so they reward early users generously
• VC Backing - Most are well-funded, enabling large token allocations for community airdrops
• Competition - The perp DEX space is competitive, pushing protocols to offer better rewards

Past Perp DEX Airdrops That Delivered Big

Let's look at some recent perp DEX airdrops that rewarded farmers handsomely:

Hyperliquid

Perhaps the most talked-about airdrop in recent memory. Hyperliquid distributed tokens to early traders based on their trading volume and activity. Some users received five to six-figure airdrops, making it one of the most profitable farms of the cycle.

Avantis

Built on Base, Avantis rewarded early traders with a solid airdrop. The protocol focused on providing leveraged trading with deep liquidity, and early users who accumulated points through trading were well compensated.

Aster

The Aster DEX airdrop was another win for perp farmers. Users who traded on the platform during the points program received allocations based on their activity and trading volume.

Lighter

The most recent success story. Lighter distributed tokens to users who participated in their trading program. Early farmers saw impressive returns on their time investment.

Top Tier: Farming Hard

Backpack

Backpack is not just a perp DEX but a comprehensive crypto ecosystem including an exchange, wallet, and more. Founded by former FTX and Solana developers, Backpack has significant backing and a strong user base.

Why it's promising:

• Founded by experienced team with strong track record
• Already has a functioning exchange with good volume
• Backpack Wallet is widely used in the Solana ecosystem
• Multiple products mean potential for generous token distribution
• Strong VC backing

How to farm: Trade on Backpack Exchange, use the wallet regularly, and participate in any promotional campaigns they run.

Mid Tier: Farming Normally

Ethereal

Ethereal is building a next-generation perp DEX with innovative features. The protocol has a points system in place, rewarding users for trading activity.

Why it's promising:

• Active points program
• Solid technical architecture
• Growing trading volume

Liquid

Liquid offers perpetual trading with competitive fees and good liquidity. Their points program rewards consistent traders.

Why it's promising:

• Established points system
• Competitive trading experience
• Active development

Pacifica

Pacifica is another emerging perp DEX with a focus on user experience and capital efficiency.

Why it's promising:

• Novel approach to perpetuals
• Active community engagement
• Points accumulation ongoing

Nado

Nado offers leveraged trading with a clean interface and competitive rates. Early users are accumulating points for a future airdrop.

Cascade

Cascade is building infrastructure for decentralized derivatives trading with an emphasis on composability.

Sleeper Picks: Not Farming Hard, But Could Pay Off

These protocols might not be on everyone's radar, but they could surprise with solid airdrops:

Extended

Extended offers a unique take on perpetual trading. While not as hyped, early users could be rewarded if the protocol gains traction.

Variational

A newer entrant focusing on innovative derivatives products. Worth keeping on your watchlist.

Paradex

Built on StarkNet, Paradex benefits from the growing StarkNet ecosystem. Could see increased attention as the L2 matures.

Ostium

Ostium focuses on real-world asset perpetuals, offering exposure to commodities and forex. A unique angle that could attract significant interest.

Low Effort Farms

These require minimal effort but could still yield rewards:

Rails

Rails is building trading infrastructure with potential airdrop plans. Low commitment, potential upside.

Hibachi

Hibachi offers perpetual trading with a focus on specific markets. Worth a small allocation of time.

StandX

StandX is another emerging perp platform. Minimal farming required, could pay off.

Key Farming Strategies

To maximize your chances of receiving substantial airdrops:

1. Consistency matters - Regular activity often weighs more than a single large trade
2. Diversify your farms - Don't put all eggs in one basket
3. Track your points - Most protocols have dashboards showing your accumulated points
4. Engage with the community - Discord activity and social engagement sometimes factor into distributions
5. Use referrals - Many protocols offer bonus points for referrals

Risk Considerations

While perp DEX airdrops can be lucrative, keep these risks in mind:

• Trading losses - You can lose money trading, even while farming
• Smart contract risk - These are often newer, less battle-tested protocols
• No guaranteed airdrop - Protocols can change their plans
• Time investment - Farming takes time that could be spent elsewhere

Conclusion

The perp DEX sector continues to be one of the most rewarding areas for airdrop farmers. With protocols like Backpack leading the pack and numerous mid-tier opportunities available, there's never been a better time to get involved.

Remember to farm responsibly, manage your risk, and stay updated on each protocol's requirements. The next Hyperliquid-level airdrop could be just around the corner.

Start tracking these airdrops and more on Alpha Drops. Never miss another opportunity.