Exploring 20 Untapped Perpetual Contract DEXs and Strategies for Participation

Author: FLB
Compiled by: Tim, PANews

A Comprehensive Overview of Perpetual Contract DEX Airdrops

The current landscape of airdrops for perpetual contract decentralized exchanges (DEXs) reflects a broader trend in the crypto space: a challenging environment filled with overwhelming choices. As various mining initiatives, including points programs and SocialFi, proliferate, filtering through the noise on platforms like crypto Twitter becomes increasingly difficult. My approach remains focused on specific projects while maintaining a broad participation strategy.

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Identifying Opportunities in Perpetual DEXs

In recent months, the popularity of perpetual contract DEXs has surged, driven by two main factors: traders aiming to emulate Hyperliquid’s success and significant advancements in real-world asset (RWA) trading.

Here’s a summary of the perpetual contract DEX projects I am currently engaged with, including participation methods, project links, and their latest developments:

Hyperliquid

• Overview: A leading player in the market with substantial incentives still available.
• Participation Tip: Utilize Okto for seamless transaction and wallet management.
• Current Activity: Low user engagement on HyperEVM, but potential for significant airdrop rewards from projects like Kittenswap.

My Strategy: Aim for over $100,000 in perpetual trading volume and $15,000 in spot trading weekly, while allocating some funds to HLP and engaging with HyperEVM projects like Liminal and Unit.

Avantis

• Overview: A promising project on Base, backed by $12 million from notable investors like Pantera.
• Features: New updates include RWA asset tokenization and zero-fee perpetual contracts.
• Earnings Potential: High returns available in the income vault.

My Strategy: Maintain a monthly trading volume of $100,000 to $200,000 until the token launch, while locking funds in the profit treasury.

Paradex

• Overview: Developing SuperDEX, an aggregated trading platform leveraging Starknet L2 for efficient transactions.
• Participation Insight: Season 1 saw low participation, but Season 2 is nearing its end, with hopes for a DIME token launch.
• Earnings Strategy: Deposit into the LP Profit Vault to accumulate points.

My Strategy: Invest a small amount in Gigavault’s profit vault and generate $100,000 to $250,000 in weekly trading volume.

Hibachi

• Overview: A highly promising DEX utilizing zero-knowledge proof technology, with $5 million in funding.
• Incentives: Check current incentives for additional point accumulation.

My Strategy: Complete weekly tasks to achieve a trading volume of $135,000.

Perennial

• Overview: A Rollup project on Base with $12.6 million in funding.
• Current Metrics: Fewer than 5,000 wallets and a total locked value under $90,000.

My Strategy: Target $50,000 to $200,000 in weekly trading volume.

Vest

• Overview: Early-stage project with $5 million in funding, utilizing zk-Risk technology for diverse asset trading.
• Points Program: Officially launched, with increasing difficulty in earning points as volume grows.

My Strategy: Currently not trading actively, but can earn 750-1000 credits weekly through liquidity provision.

Ostium

• Overview: An innovative DEX supporting real-world asset trading, with $3.5 million in funding.
• Caution: Be aware of liquidity risks and funding rate fluctuations.

My Strategy: Aim for $100,000 in weekly trading volume and allocate $1,000 to the profit treasury.

Extended

• Overview: A DEX using ZK-Rollup technology, with $6.5 million in funding and a user-friendly interface.
• Recommendation: Execute small trades to avoid competition.

My Strategy: Deposit $350 into the yield treasury and aim for $50,000 to $100,000 in weekly trading volume.

Lighter

• Overview: A zero-knowledge proof DEX currently in private beta, backed by a16z.
• Participation Tip: If invited, maximize trading volume due to a smooth experience and zero fees.

My Strategy: Target $1-2 million in weekly trading volume, focusing on non-mainstream currencies for higher points.

Variational

• Overview: A zero-fee DEX with $10.3 million in funding, still in testing.
• Caution: Remain vigilant against liquidity risks.

My Strategy: After experiencing losses, I may restart liquidity mining with a weekly volume of $10,000 to $50,000.

Aster

• Overview: A competitor to Hyperliquid developed by Binance, potentially offering significant incentives.

My Strategy: Convert $500 into asUSDF and engage in low-frequency trading.

Backpack

• Overview: A notable exchange with a strong technical team and substantial financial backing.
• Participation Insight: Low participation due to real-name authentication requirements.

My Strategy: I have not yet participated but plan to explore it further.

Helix

• Overview: A core perpetual contract DEX within the Injective ecosystem, with additional DeFi opportunities.

My Strategy: Utilize Injective’s native token INJ for trading.

Reya

• Overview: Funded with $16 million to create an independent network addressing liquidity issues and transaction performance.

My Strategy: Start with sporadic transactions to establish an early advantage.

Byreal

• Overview: A perpetual contract DEX on Solana developed by Bybit, currently in public beta.

My Strategy: Await project access for participation.

Ethereal

• Overview: A DEX by Ethena with abundant liquidity at launch, currently in test network phase.

My Strategy: Gradually withdraw from the project due to concerns over excessive participation diluting rewards.

GTE (Testnet)

• Overview: A CLOB order book DEX on MegaEth with $25.94 million in funding, also developing spot trading features.

My Strategy: Engage in sporadic transactions without active participation.

Perpl (Testnet)

• Overview: A rebranded DEX on Solana utilizing zero-knowledge proof technology, with $52 million in funding.

My Strategy: Execute one trade weekly.

Noise (Testnet)

• Overview: Collaborating with Kaito to create a DEX for mind share trading, featuring efficient trading logic.

My Strategy: Aim for $20,000 in weekly trading volume across various markets.

01 DEX (Testnet)

• Overview: A DEX on the N1 Layer1 testnet with $7 million in funding, currently in private beta.

My Strategy: Plan to execute one trade weekly after previously forgetting about the project.

Conclusion

While my goal is to trade profitably, those seeking a lower-risk approach might consider Delta Neutral trading:

• Open a long position on one perpetual contract DEX.
• Open a short position on another DEX.

This strategy minimizes potential losses while still allowing for fee collection.

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Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.