Twenty-Six Perp DEX Airdrops, Ranked by Whether a Token Exists Yet
There are more Perp DEX points programmes than anyone can farm. Do all of them and the fees and hours win. Here are twenty-six, in the order worth attacking them.
One thing decides it
Whether the project's own token has launched yet.
Nothing else matters as much. Once a token is trading, the distribution has already happened — however large the raise was. This is why ranking by funding is useless.
| Project | Raised | Reality |
|---|---|---|
| Lighter | $68M | LIGHTER trading (FDV ~$2.07B) |
| Hyperliquid | — | HYPE trading |
| Aster | — | ASTER trading |
| GRVT | $34M | GRVT trading |
All four still run programmes. What is on offer is fee rebates and staking yield — not an airdrop.
Tier A — no token, live programme, credible backing
| Project | Chain | Raised | Programme |
|---|---|---|---|
| Ostium | Arbitrum | $27.8M | Season 2 Points (25M OP cap), weekly Boost Window |
| Ondo Perps | — | $24M | Ondo Points, 5M weekly, backdated to June |
| Cascade | — | $15M | Invite-only beta. Two-level referrals (20% + 20%) |
| Perpl | Monad | $9M | Weekly Points / mPoints. Guaranteed pool raised $600K → $900K |
| RISEx | RISE Chain | $8M | Season 1: Ignite, plus a Genesis Pool for Season 0 users |
Ostium is clear of the rest. Perpetuals on real-world assets — equities, commodities, FX — with $17.84M TVL measured on DeFiLlama. It closed a $20M Series A co-led by General Catalyst and Jump Crypto in December 2025, taking the total to $27.8M.
Ondo Perps and Cascade each have two tier-1 funds behind them, which matters for how much there is to distribute.
Tier B — no token, but a weaker case
Worth the free and cheap entry points, not much more.
| Project | Chain | Programme |
|---|---|---|
| Phoenix | Solana | Flight Club — 15,000 USDC daily for 28 days |
| Extended (X10) | Starknet | 600K points weekly, Tuesdays 00:00 UTC |
| Pacifica | Solana | Print campaign, 1M points weekly |
| Nado | Ink | $100K weekly in cash rewards from 3 August 2026 |
| Decibel | Aptos | Season 1 Amps, weekly |
| Paradex | Starknet | Season 3 XP, 4M weekly on Wednesdays |
| Ethereal | Ethereum | Season Zero, with loyalty boosts |
| Monday Trade | Monad | Voyage Points, 2M weekly |
| Arcus | Robinhood Chain | Referrals and 50% off taker fees during Beta |
| Hotstuff | Hotstuff L1 | Five standing programmes |
| StandX | BNB, Solana | Community Vault Manager Challenge |
| JTX | Solana | Referrals only — no points programme announced |
Running, but not worth entering now
This is the part other lists leave out. A programme being live is not the same as it being worth your money.
| Project | Why |
|---|---|
| Derivio | $0.06M TVL on DeFiLlama — sixty thousand dollars — against tasks costing around $50 |
| Phoenix | No perp-side TVL reported, $0.92M on spot. Free entry points only |
| GTE | $25M raised on MegaETH, but no official points programme can be found. It appears on third-party lists and nowhere else |
| trade.xyz | A waitlist and a referral discount. No season programme announced |
| TxFlow | Referrals only. An airdrop is described as done, but no official terms exist |
| Variational | $62M and two tier-1 funds, but nothing you can join right now |
A $40–$50 trading task turns negative easily when the distribution rate is unknown. The fee leaves your account for certain; the reward does not.
Not actually perps
These get swept into "perp airdrop" lists but belong elsewhere.
| Project | What it is |
|---|---|
| Ithaca Protocol | Options — and ITHACA already launched (KuCoin, December 2024) |
| CVEX | Their own post is titled CVEX Is Not a Perpetual DEX. Expiring futures and options |
| Monaco | A prediction market (Monaco Protocol, Solana) |
| Sumex | A CeFi/DeFi SuperApp |
| Derivio | An AI trading terminal |
Order of work
- Clear every free entry point first — waitlists, Discord roles, testnets
- Keep points accruing where no token exists yet — the five in Tier A
- Spend only on Tier A — small amounts, repeated
Finish what costs nothing before you fund anything.
Risks
| Risk | What to do |
|---|---|
| Points never convert | Don't fund projects with no announced conversion |
| Sybil flags zero the reward | One natural history beats many wallets |
| Fees exceed the return | Tasks over $30 only for Tier A |
| Dilution from crowding | Start early, stay consistent |
Notes
This ranking is our own relative assessment, built from:
- each project's official docs, blog and X account (programme names and terms)
- DeFiLlama's protocol dataset (TVL, chain, category — measured 8 August 2026)
- published raise figures and investors
These are not expected payouts. Distribution ratios, conversion rates, FDV at TGE and sybil rules are all unsettled. Read it as guidance on where to spend your hours.
Decisions are yours. We do not give investment advice — see our disclaimer.