Perp DEX Farming Comparison
Every tracked perp DEX points program in one table — how far each season has run, how many points are emitted per week, and what it costs to farm. Earliest opportunities first.
| Protocol | ||||||
|---|---|---|---|---|---|---|
Arcus Robinhood | No points yet | — | — | $59.1M / $29.9M | — | Join |
PopDEX Morph | No points yet | — | — | — | $30.00M | Join |
Bulk Solana | No points yet | — | — | $762.6M / $595.9M | $8M | Join |
N1 N1 | Early season Season 1 · Week 1/26 | 1.99B total | $350 0.035% / 0.01% | — | — | Join |
QFEX Arbitrum | No points yet | — | — | $14.3M / $137.1M | $9.5M | Join |
TxFlow Arbitrum | No points yet | — | — | — | — | Join |
Quote Hyperliquid | No points yet | — | — | — | — | Join |
Ondo Perps Ethereum | Live points Season 1 · Week 11 | 5M /wk of 50M total | $250 0.025% / 0.01% | $101.3M / $97.7M | — | Join |
Perpl Monad | Mid season Purple Summer · Week 10/16 | 50k /wk of 450k total | $690 0.069% / 0.009% | — | $9.5M | Join |
Fomo Solana · Base | No points yet | — | — | — | $94M | Join |
JTX Solana | No points yet | — | — | — | — | Join |
Polymarket Polygon | No points yet | — | — | — | $2.88B | Join |
Extended Arbitrum · Avalanche | Late season | 1.2M /wk of 65.2M total | $250 0.025% / 0% | $296.2M / $185.6M | $6.5M | Join |
Hibachi Arbitrum · Base | Late season | 500k /wk of 65.5M total | $450 0.045% / 0% | — | — | Join |
Liquid Arbitrum · Hyperliquid | Late season | — | — | — | $7.6M | Join |
Meridian Ethereum | Late season | 8B total | $300 0.03% / 0% | — | — | Join |
Nado Ink | Late season | 28.7M total | $350 0.035% / 0.01% | $90.3M / $76.1M | — | Join |
Ostium Arbitrum | Late season | 500k /wk of 13.5M total | $1,000 0.1% / 0.03% | $1.1M / $141.9M | $3.5M | Join |
Pacifica Solana | Late season | 10M /wk of 480M total | $400 0.04% / 0.015% | $311.6M / $108.1M | Self-funded | Join |
StandX BNBChain · BNB Chain | Late season TGE expected soon | — | — | $235.7M / $72.9M | — | Join |
Variational Multi-chain | Late season | 7.8M total | $0 0% / 0% | $703.6M / $1.50B | — | Join |
Phoenix Solana | Watchlist Points program uncertain | — | — | — | $44M | Join |
Dreamcash Arbitrum · HyperEVM | Watchlist Traction fading | — | — | — | — | Join |
Nansen Ethereum · Hyperliquid | Watchlist Traction fading | — | — | — | $88.2 | Join |
Phase blends announced season schedules with our own read on how far along each program is; protocols without a schedule show as live points, and watchlist rows have a weak or uncertain points outlook. Points totals mix official and estimated figures — click a total to open its source. Fees are the base-tier maker/taker rates from each protocol's docs and can change. 24h volume and open interest come from public CoinGecko derivatives data and aren't available for every venue. Nothing here is financial advice.
Perp DEX farming, explained
Perpetual DEXes reward trading activity with points that typically convert into token airdrops at TGE. The economics of farming come down to three numbers this table puts side by side: how early the points program is (your potential share), what emissions look like per week (how fast latecomers dilute you), and what volume costs in fees on that venue (your real spend). Historically, the best outcomes — Hyperliquid, Lighter, dYdX — went to farmers who showed up early on venues that later allocated 25%+ of supply to their communities.
Common questions
Which perp DEX is earliest to farm right now?
The table ranks protocols by earliness: perp DEXes with no points program yet sit at the top because joining before points exist maximizes your potential share, followed by programs in their first season weeks. Late-season protocols have already emitted most of their points, so a new farmer's share is structurally smaller.
What does 'Cost / $1M vol' mean?
It's the entry-tier taker fee applied to one million dollars of trading volume — the practical cost of generating farming volume on that venue before any maker rebates or volume discounts. For example, a 0.035% taker fee means roughly $350 in fees per $1M traded.
Why does a points season's week number matter?
Most perp DEX points programs emit a fixed number of points per week. If a season runs 26 weeks and you join in week 1, you can still compete for nearly all emissions; joining in week 20 means most points are already distributed. Weekly emissions also dilute idle farmers — if you stop trading, your share of the total shrinks every week.
Are these points totals official?
Where protocols publish totals or expose live data we use that (each total links to its source). Otherwise totals are estimated from announced emission schedules and clearly labeled in the calculator. Final airdrop allocations always depend on each protocol's own rules.
How much have perp DEX airdrops been worth historically?
Hyperliquid's HYPE airdrop was worth roughly $1.2B on day one across ~94k wallets, Lighter's LIT drop about $650M, and dYdX's retro around $750M to ~64k traders. Allocation size and recipient count matter more than headline FDV — see our airdrop history page for the full breakdown.