devilon

MY PERP DEX FOCUS LIST HIGH FOCUS These are the perps where I allocate the most capital and time, trading almost every day. My high-focus list is mostly made up of early protocols without a public points program. If these protocols launch points later, early activity should have the best upside. → First is @TxFlow_L1. An early RWA-focused perp protocol with around 8,100 traders. I’m expecting a points program around October–November, so this is the window to build activity before it goes live. TxFlow also runs frequent trading competitions with real prizes. With a properly structured delta-neutral strategy, these campaigns can make the activity close to free or even profitable when the rewards cover the trading costs. → Second is @entropyIO. Entropy is a HIP-3 perp deployer on Hyperliquid, focused on equities and pre-IPO markets. The interesting part is its pricing mechanism. Entropy uses a liquidity-weighted oracle that combines the local order book with external reference prices. The weight changes depending on executable market depth, which is especially important for assets that do not have a normal 24/7 spot market. It is still extremely early. The latest public tracker shows around 8.3K unique traders over 30 days and only a handful of live markets. I have no idea whether Entropy will launch a token. But if they introduce points later, early users should have a meaningful advantage. → Third is @QFEX. QFEX is TradFi-only. No crypto markets, no public points program and still a very early product. And it is already ranked #8 by open interest on DeFiLlama, with $221.86M in OI. QFEX is tracking retroactive activity, so getting in early matters. → The fourth is @get_truenorth. TrueNorth is a trading agent with one of the most successful calls around the disruption of giants like Anthropic and OpenAI. It is still super early, and retroactive activity will be taken into account. Right now, there are only two perps available through the agent: Hyperliquid and Ondo Perps. More perp venues should be integrated in the future. I mainly use the agent for my own strategies and to open positions on other perp DEXs. That way, I can build activity on TrueNorth while farming the perp DEX at the same time. Recently, TrueNorth ran a three-week competition together with Ondo Perps with $50,000 in prizes. Traders also made another $150,000 in PnL during the competition. That shows the advantage an agent like TrueNorth can give you. Not using an agent for trading is like digging a hole with a shovel when you could be using an excavator. MID FOCUS These are protocols where I trade less often and allocate a smaller part of my capital. The goal is mostly to maintain organic activity. → First is @tradexyz. It is currently the #1 perp venue in the TradFi sector. No public points program. No clear token signal. There were some community rumours about future rewards, but nothing concrete about the format or timing. So for now, I’m only maintaining organic activity there. → Next is @Poly_Perps. I’m not very active on Polymarket Perps, but I still keep some activity because of the company behind it. A valuation around $21B, major investors and the upcoming LeBron James partnership make it difficult to ignore. Polymarket Perps already has around 21,000 traders. I don’t expect a token in 2026 or early 2027. Maybe the second half of 2027 will be a better time to think about it. → Third is @variational_io. Some people may ask why Variational is only third in my Mid Focus list. The answer is simple: the later you enter a perp, the fewer points you can farm. The Variational points program ends in roughly a week and a half. At current farming efficiency, one point costs around $12 to farm, which is roughly 2x the current OTC value. I still maintain organic activity on Variational, but I see higher upside in earlier perps. And don’t forget about the upcoming Sybil filter. If you have a large farm, I would think twice before putting all your eggs in one basket. LOW FOCUS These are protocols I barely farm, but I still keep an eye on them. → First is @Lighter_xyz RH. There is already a Season 2 points program, with around 28,115 traders. You can ask: why wait if the longer I wait, the fewer points I can earn? Because more people will eventually understand the best way to farm it, competition will increase and the farm will become less efficient. Honestly, I don’t believe much in second seasons from perp DEXs. Name me one perp that distributed a second drop at the same level as the first one. → Next is @risextrade. I only have 300.5 points from the retroactive period after doing around $130,000 in volume. I’m barely farming RISEx now because I didn’t like the percentage distributed through the retroactive program or the overall points economics. This is where my perp activity is concentrated right now. Everything else is either a skip or simply not worth my time at the moment.

Again, not the API. 3 weeks of silence, and the team finally shipped one of the remaining items before the TGE: public mainnet. For traders it changes nothing, it's just another box ticked on the roadmap. But everyone was waiting for something else. The API. And as usual, the team delayed it again, like it has been doing all year. On Polymarket, the odds of a TGE this year dropped 24 points in the last month, from 92% to 68%. In their $VAR tokenomics post, the team listed 5 things to deliver before the TGE: > A new major partnership, the biggest one > Public mainnet > Swaps expansion > The trading API > Details on $VAR buybacks and token utility Only public mainnet is clearly done. Swaps are expanding, but it's not clear what the team counts as finished. There's 1.5 months left in the year, and the TGE itself still needs to be prepared. If at least 2 more of these ship this month, and I'd want them to be the big partnership and the API, I'd be confident in a TGE this year. If not, I wouldn't expect it.

Where did the unpeg on ANT between Entropy and Binance come from? You can see ANT at ~1,850 on Entropy and Lighter and ~1,400 on Variational and Binance. Looks like a huge unpeg you can trade, and that the price has to converge. It doesn't work like that. Nobody knows the final share count yet, so every venue makes its own assumption and draws its own FDV price. tradeXYZ doesn't even use FDV, it quotes the real per-share price ($105.9), which honestly makes pre-IPO hard to trade. Entropy and Lighter assume one share count, Binance, MEXC and the other CEXs assume another. Put everything on a per-share basis and it's the same ~$106. The CEX side implies about 13.3B shares, close to the shares outstanding in the S-1/A. Entropy and Lighter imply about 17.4B, which is the fully diluted count with options, RSUs and notes. Variational is basically an aggregator. It has no order book and no clear rule of its own for the share count. Trades go through RFQ quotes from OLP, which hedges against existing liquidity, and it looks like it mostly leans on CEX prices. In practice its price sits right on Binance and the other CEXs. So there's no unpeg to trade, just two different share counts. And the fully diluted one, like on @entropyIO, is the more honest FDV, because it counts everyone who can own a share, not only today's holders. Also, ANTH OI on Entropy is now above $200M.

Anthropic could list as soon as Nov 16. Nvidia reports earnings on Nov 17. @entropyIO just turned on cross margin for ANTH, NVDA, SNDK, NBIS and OAI, so a pre-IPO market and public stocks can now sit in one account on the same USDC balance. That matters for a week like this. You can hold ANTH into the IPO window and run it against NVDA into earnings, and profits on one leg count toward margin for the other. Just keep leverage sane, because the risks are higher too: a liquidation on one cross position can pull collateral from the rest. NVDA goes up to 25x and ANTH to 15x on Entropy. Hyperliquid OG users will feel at home with this. btw, Entropy's total OI is already $210M. Could we see half a billion by the new year?

.@Galxe is shutting down, and it's personal for me. Honestly, I put so much time and effort into these quests and I hated doing them. But thanks to Galxe I got my first airdrop. I was farming a completely different project on Arbitrum, I don't even remember which one. Back then I thought, "God, who actually expects an Arbitrum airdrop when everyone is talking about it from every corner, they just won't have enough money, I'd better do Optimism quests instead" lol. That was my first life-changing moment in crypto, 2 years into the space. I can't even put into words what I felt. Thank you for that. An era is over.

.@entropyIO's OI doubled in just 6 days. Most of it comes from the huge interest in pre-IPO ANTH, with the Anthropic IPO expected as soon as November 16. ANTH alone is about $140M of Entropy's ~$170M total OI. My feed is full of posts saying Entropy has more ANTH OI than Binance. I made one myself when I first noticed it. But that's wrong, and here's why. Binance shows one side of each contract. Entropy shows both sides. So Binance's full OI on the same basis is about $180M, not $90M. Even the most popular tools everyone uses get this wrong. On perpdexlist, loris tools and vooi you'll see ANTH OI at $140M on Entropy vs $90M on Binance. It looks like Entropy is $50M ahead. It's not. DefiLlama converts every venue to one side, so the comparison is clean: Binance $91M Entropy $71M trade[XYZ] $36M Total ANTH OI across all venues is $235.5M on DefiLlama, or $471M counted both sides. Even the best-known platforms and tools can be wrong, so check how OI is counted before you compare venues.

What happens to your ANTH or OAI position if the IPO never happens? @entropyIO has specific rules for this, and they’re worth knowing if you’re holding either market long term. Each pre-IPO contract has a scheduled end two years after its announcement. If the company still hasn’t listed, it cash-settles at the trailing six-month TWAP of the mark price, not the last traded price. The operator can also announce early settlement if no listing is expected. In that case, the settlement price uses a 30-day TWAP of the mark. An acquisition has a separate rule: settlement at the confirmed acquisition valuation, with a 30-day mark TWAP fallback if that valuation can’t be confirmed. So “I’ll just hold until IPO” isn’t an unlimited timeline. Your exit can depend on months of average pricing rather than the price on the day the market closes. How does that compare? tradeXYZ: a significant IPO delay beyond the market-specific grace period can trigger settlement, using full-life TWAP by default, with exceptions. Lighter: delayed or withdrawn IPOs leave the market trading under pre-IPO rules. After an IPO, the contract is settled and delisted. Variational: reserves the right to delist and force-settle under adverse conditions, but its pre-IPO docs don’t specify a universal no-IPO deadline or settlement formula. For me, Entropy stands out for having a clearly defined no-IPO outcome while letting the market continue trading if the company does list. That makes it easier to plan a longer-term position, even though clearer settlement rules don’t guarantee a better exit price.

$500K gone from a Variational points OTC. The escrow wallet shown in the screenshots went from roughly $500K to almost zero. @Vargan0x X account is gone, and the Telegram group is inaccessible. Variational points are trading around $35 on OTC right now. If someone DMs you claiming they sold at $50 and sends you a link to an unfamiliar OTC group, don’t send them anything. That $50 screenshot is bait. Don’t use an unverified OTC just because its quoted price looks better. Check who controls the escrow before you trust it with your money.

Last chance to take advantage of @QFEX Loss Refunds before the pause. This is the final week. Around 4 days left until the current round ends on November 9 at 00:00 UTC. The team says the program will pause for the next few weeks, but there’s no confirmed restart date. I wouldn’t take its return for granted. For comparison, Variational’s Loss Refunds ran for about 6 months before being discontinued. QFEX launched its program on September 22, so it will have been running for almost 7 weeks when this round ends. But rewards aren’t stopping completely. The Daily Auction campaign launches on November 9 at 14:00 UTC: > Prize pools start at $2,000 per round and grow with trading activity > Odd ranks within the top 20 win: #1, #3, #5, through #19 > Higher winning ranks receive a larger share > Register again for each round through the Rewards Hub Rounds open Monday through Thursday and close the following day at 14:00 UTC. So the incentives are changing, not disappearing. But if you want to trade while Loss Refunds are still available, this is the last round before the pause. My link gets you a 10% trading fee discount: qfex.com/@r7701d09 We’re still in Season 0, with both trading and social activity being tracked. I’m expecting Season 1 and public points very soon. And remember, retro points are the biggest.