🚨 PERPS 2026

🗺️ The definitive map of the perpetual DEXs we’re farming 🚀

The year has just started, and this update was already overdue.

A few months ago I published the first version of this map, but the market was different, the context was different, and many of today’s most relevant perpetual DEXs didn’t even exist yet. Since then, a lot has changed and several very serious perps platforms have emerged that are absolutely worth tracking.

🎯 The goal of this article is simple:
To update which perps we’re farming right now, explain what each platform does, who it makes sense for, and what we can realistically expect in terms of points and airdrops.

I’m not here to argue which one is “the best”.
In upcoming articles, I’ll break down the strategies I use, how I combine them, and do deep dives on individual platforms.

Let’s go step by step 👇

---

🧱 THE CORE ONES (THE PILLARS)

🔹 Hyperliquid – @HyperliquidX

Hyperliquid is currently the most established and dominant perpetual DEX in the market.
Ultra-fast CEX-like execution on its own L1, very deep liquidity in perps and spot, massive volumes, and an ecosystem that keeps expanding.

✅ Ideal for serious traders
✅ Very strong for organic farming
✅ Solid base for Delta Neutral strategies

⚠️ Downsides:

• Low fees, but not zero
• Increasing competition
• Standard trading risks

🎁 Airdrop:
After the historic first airdrop, part of the community believes a “silent” organic season may be forming. Nothing is confirmed, but trading genuinely here still makes sense.

🔗 https://app.hyperliquid.xyz/join/CONCO

---

🔹 Lighter – @Lighter_xyz

Lighter is one of the most successful perps DEXs of this cycle.

True zero trading fees, very fast execution, deep liquidity across crypto and equities (24/5), top-tier investors, and a $LIT airdrop that rewarded early farmers with millions.

✅ Ideal for real traders
✅ Organic farming
✅ Very strong for Delta Neutral

⚠️ Downsides:

• Seasons 1 and 2 already finished
• Recent TGE with high valuation
• Invite-only beta
• Standard trading risks

📌 Key insight:
Around ~25% of the supply is reserved for future seasons in 2026. Staying active could still be rewarded.

🔗 https://app.lighter.xyz/?referral=CONCO

---

⏳ THE ONES WE’VE BEEN FARMING FOR MONTHS

🔹 Paradex – @paradex

Paradex is one of the strongest perps DEXs right now with significant upside.

True zero fees (no rebates, no tricks), full ZK privacy, ultra-fast execution, deep liquidity, and explosive growth in open interest. It’s already a top 5 perps DEX by OI.

✅ Ideal for real traders
✅ Organic and sustainable farming
✅ Rewards consistency, not spam

⚠️ Downsides:

• Requires continuous activity
• Season 2 ending soon (possible dilution)
• Standard trading risks

🎁 Airdrop:
$DIME confirmed, with 20% of total supply allocated to the community.

📊 Speculative point valuation (not official):

• Realistic: $0.5 – $1.5
• Bull case: $2 – $5 (estimated FDV $1–5B+)

🔗 https://app.paradex.trade/r/conco

---

🔹 BasedOneX – @BasedOneX

BasedOneX is a true superapp inside the Hyperliquid ecosystem.
Perps, prediction markets, mobile wallet, crypto card, and one of the highest real-revenue projects in the sector.

✅ All-in-one experience
✅ Real usage-based farming
✅ Strong organic traction

⚠️ Downsides:

• Not a pure DEX
• Points farming already closed

📌 $BASED token expected in Q1 2026 (genesis event approaching)

📊 Speculative historical point valuation:

• Realistic: $10 – $30
• Bull case: $40 – $60

🔗 https://app.based.one/r/CONCO

---

🔹 Pacifica – @pacifica_fi

Pacifica is one of the most powerful perps platforms on Solana right now.
CEX-like speed, solid liquidity, and a points system designed for consistent traders.

✅ Ideal for serious grinding
✅ Sustainable farming
✅ Organic growth

⚠️ Downsides:

• Invite-only
• Still early-stage
• Potential future dilution

📊 Speculative point valuation:

• Realistic: $0.5 – $0.7
• Bull case: $1 – $2

🔗 https://app.pacifica.fi?referral=conco

---

🔹 Extended – @extendedapp

Extended stands out thanks to its XVS vault, which generates yield while your deposit is used as trading collateral. Built by former Revolut team members.

✅ Sustainable farming
✅ Extra rewards
✅ Strong risk/reward balance

⚠️ Downsides:

• Slightly higher taker fees
• Invite-only
• Standard trading risks

📊 Speculative point valuation:

• Realistic: $2 – $5
• Bull case: $15 – $25

🔗 https://app.extended.exchange/join/CONCO

---

🔹 Backpack – @Backpack

Backpack combines wallet, spot, perps, and lending on Solana.
High volumes and a very strong community.

✅ Ideal for real traders
✅ Final farming phase
✅ Full ecosystem approach

⚠️ Downsides:

• Requires KYC
• Not a pure DEX
• Low but non-zero fees

📌 TGE expected Q1 2026

📊 Speculative point valuation:

• Realistic: $0.4 – $0.8
• Bull case: $1.5 – $3

🔗 https://backpack.exchange/join/conco

---

🧪 THE NEW ONES (EARLY BUT VERY INTERESTING)

🔹 Variational – @variational_io

Commission-free trading, partial loss rebates, and a wide range of markets.

✅ Very attractive for farming
✅ Suitable for real traders
✅ Clean and intuitive design

⚠️ Downsides:

• Invite-only (🔢 Code: OMNIVJTK6BRG)
• Fast point dilution
• Requires a clear strategy

📊 Speculative point valuation:

• Realistic: $20 – $40
• Bull case: $50 – $70

🔗 https://omni.variational.io/?ref=OMNIVJTK6BRG 🔢 Code: OMNIVJTK6BRG

---

🔹 Nado – @nadoHQ

A project from the Kraken team with CEX-like speed and unified margin.

✅ Very early
✅ Solid infrastructure
✅ Asymmetric upside

⚠️ Downsides:

• Invite-only
• No official points yet
• Low fees

🎁 Expected airdrop linked to $INK (no figures announced yet)

---

🔹 Ethereal – @etherealdex

Backed by Ethena, using USDe as yield-bearing collateral.

✅ Earn while you trade
✅ Efficient farming
✅ Strong financial design

⚠️ Downsides:

• Invite-only
• Some slippage on large orders
• Standard trading risks

---

🔹 Cascade – @cascade_xyz

Multi-asset trading: crypto, US equities, and private assets.

✅ Strong funding
✅ Massive demand
✅ Heavy hype

⚠️ Downsides:

• Trading not live yet
• Invite-only
• Extremely competitive pre-deposits

---

🧠 CONCLUSION

This is the most complete and up-to-date overview of the perpetual DEXs we are farming right now and the ones I actively use in my Delta Neutral strategies (except Cascade, which is not live yet).

⚠️ Important:
All point price estimates are speculative, based on CT discussions and community calculations. They are not official or guaranteed, but they help decide where time and capital might be best allocated.

💬 Want a deep dive on any specific platform?
📈 Or should I explain how I combine these into real, executable strategies?

Let me know 👇