Mr. Butler.hl

A lot of people I trust keep asking me why I'm SO bullish on @QFEX when, for them, it's a massive RED FLAG. Fair question, frendos. Let's talk about it. First, the elephant in the room: the Bermuda situation. Back in November 2025, Bermuda's financial regulator issued a warning after QFEX's website incorrectly claimed the company held a licence it didn't have. QFEX took the website offline after being contacted. Was it a mistake? Absolutely. Should it be ignored? No. But does that automatically mean the team is building a scam? I don't think so. For me, there's a big difference between a regulatory screw-up and evidence that an exchange is fundamentally fraudulent. And I think this story has become much bigger on CT than its actual relevance to evaluating the product today. Now, why am I so bullish? 1. The numbers. In September, @QFEX averaged: - $217.6M in open interest - $182.4M in daily volume - Just 0.84x daily volume/OI turnover Now compare that with October 20: - $280.5M in open interest (+28.9%) - $372.8M in daily volume (+104.4%) October's figures are a snapshot rather than monthly averages, but the difference is still impressive. And here's what I find particularly interesting. QFEX is currently the #2 tokenless perp DEX by OI in the ranking I'm looking at, behind only Variational. Ahead of @arcus_xyz , @extendedapp , @risextrade and many others. Everyone loves posting massive trading volumes, but volume alone tells you very little in an industry full of points farming and wash trading. Open interest matters because it shows how much exposure traders are actually keeping open. It doesn't prove that all activity is organic, but combined with volume and liquidity, it gives you a much better picture. And QFEX is putting up these numbers without the kind of public points farming campaign driving activity on many competing DEXs. That's what caught my attention. ⬇️⬇️⬇️

My worst week on Arcus so far. Only 31 points. But there's a reason for that. Last weekend, I moved all my capital from @arcus_xyz to @variational_io after noticing a significant drop in both volume and OI there. I'm giving @variational_io a couple of weeks to see if farming points is actually worth it again. Funny enough, I withdrew everything right before the exploit. Good timing, I guess lmao. But users weren't affected anyway. Now, seeing all the FUD around @arcus_xyz after the exploit, my contrarian side is starting to kick in. I'm seriously considering moving my capital back and going full farm mode again. Because people seem to be forgetting a few things about @arcus_xyz ...It's already the 2nd largest DEX among the new generation of perp DEXs in both OI and volume, despite: - Still being in private beta, with no referral program. - Launching 3–4 months later than most competitors. - Being built on @dYdX , which CT apparently loves to hate lmao. And that's not even counting: - 190+ tokenized spot stocks. More than anyone else. - @RobinhoodCrypto backing. I like betting against the crowd, especially when the fundamentals tell a different story

This is in case the first screenshot didn't make it clear enough

In this post, I'm gonna show you the difference between farming with someone's referral who's just looking to farm you, and farming with someone who's actually trying to farm the protocol. Managed to onboard 21 frendos to @QFEX so far, but they barely trade lmao. Not worried at all tho. I have 100% conviction that @QFEX is THE winning horse for 2027. They'll eventually realize it. As you can see, those 21 frendos have generated $5.13M in volume. Not bad, but still pretty low imo. And the referral earnings? Even lower compared to what I could've made shilling other projects. Just to put things into perspective, assuming $5M in volume, equally split between commodities, indices and stocks, all at Tier 4 fees, with a 30% referral commission: - Commodities (0.04%): $666.67 in fees - Indices (0.04%): $666.67 in fees - Stocks (0.08%): $1,333.33 in fees That's $2,666.67 in total trading fees, or $800 in referral earnings at a 30% commission. Almost 3x what I've actually earned, or around $538 in potential earnings left on the table. But as I said, I'm playing the long game here. From what I've been hearing, points are coming soon, and the preseason should be particularly rewarding for those who got involved early. That's why I'm offering the maximum fee discount currently available on QFEX: 37%. I'm sharing my referral earnings with my frendos so they can farm the hidden season as cheaply as possible. And people really underestimate how much that 37% saves you. Assuming Tier 4 fees and an equal split between stocks, indices and commodities, here's what you save: - $1M volume → $197.33 saved - $5M volume → $986.67 saved - $10M volume → $1,973.33 saved - $25M volume → $4,933.33 saved - $50M volume → $9,866.67 saved And that's before accounting for any other incentives or trading profits. If you're moving serious volume, feel free to DM me. I might be able to offer you even better conditions :) Full conviction on QFEX: qfex.com/@MrButlerhl (Btw, you can also see in the screenshot that whoever onboarded me isn't exactly keen on sharing their referral earnings. If you're reading this, frendo... why not? hehe)

Well, when are we finally going to open Pandora’s box and admit that 99% (if not 100%) of the teams that came to build on HL were just here to extract? @chameleon_jeff must be pulling his hair out. He literally gave them free money, and instead of risking even 1% of what he gave them to actually build something valuable, these greedy fucks just keep extracting. And they can't even do that properly. And then people wonder why we go elsewhere to farm airdrops lmao

Sometimes arbitrage inefficiencies are so good that you don't even need funding to work in your favor. Free farming on @QFEX & @variational_io .

There's going to be A LOT of regret around @QFEX . It's funny how, imo, the strongest perps project heading into 2027 gets so little attention on CT and so much hate. Here are 7 things you're overlooking while wasting time farming tier-4 perps DEXs: 1. Private Orders Yes, the newest and shiniest feature. QFEX is working on private orders, allowing traders to execute without revealing their full intentions to the entire market. Less information leakage, potentially better execution and a serious advantage for larger traders and market makers This is the kind of infrastructure TradFi has been using for years, and QFEX wants to bring it to perps. 2. Loss Refund Program Yes, you're late for this one. QFEX has been running a program that refunds eligible trading losses, with up to $2,000 per selected trader. It's paused this week, but there's a chance we'll see it return. 3. Daily Auction The new campaign replacing Loss Refund this week. Already live. Register daily, trade to climb the leaderboard and compete for a prize pool starting at $2,000, which grows with participation. 4. Managed Account Probably one of the most overlooked things they've built. A systematic, market-neutral long/short strategy using over 200 features to identify opportunities across equity markets. And look at these historical model numbers: - 29.6% annualized return - 3.01 Sharpe ratio - 4.64 Sortino ratio - 0.00 index beta These are historical strategy figures, not audited live returns. Still, pretty damn interesting. 5. $300M+ OI and $400M–$600M+ daily volume Yes, you read that correctly. Over $300M in OI and consistently impressive volume on active trading days, with some sessions exceeding $600M. While CT spends its time farming much smaller protocols, QFEX is already putting up numbers most of them can only dream of. You might think you're late. I see those numbers as evidence that the product is gaining serious traction. 6. A founder who understands early adopters Annanay Kapila has made one thing pretty clear: Reward early adopters and turn them into long-term users. Not just incentivizing meaningless volume, but rewarding the people who helped build the exchange when nobody was paying attention. His research articles on exchange tokens, market microstructure and private orders are worth reading. That's exactly the kind of thinking I want to see from an exchange founder. 7. 37% off trading fees with: qfex.com/@MrButler And yes, you can still get a 37% fee discount through my referral link while we're in this hidden season. If you're already farming, reducing your costs matters. A lot. So yeah, all these features, all these numbers, all these incentives... And we're STILL in the hidden season. You can pay attention now, or you can wait until @QFEX is doing $600M+ OI and $800M+ daily volume and everyone on CT suddenly starts talking about it. You might think I’m just shilling my ref, but as you’ve already seen, I’m sharing all the fees with you. I’m actually doing you a favor for 2027 :)

Look at this frendos. This is what I call 4 perfect DN setups between @QFEX and @arcus_xyz , all closed. And it's not random. Once you spot these opportunities, you can be 99% confident you'll get: - Positive net PnL when prices converge towards the index price. - Positive PnL from funding payments. -Free OI for as long as funding remains favorable. - Free volume & points on two DEXs. I could've kept them open all weekend, but I'm moving some liquidity from @arcus_xyz to @variational_io to see if my suspicions are right and earning points there is easy again

I do a big part of my organic trading on @risextrade and HL. I opened these swing longs during the dip, and I'm down pretty bad on some of them ngl. Still, I think these will turn out to be great entry prices in a month or two. Pray for Butler.

gm frendos, Was checking PerpetualPulse today and noticed that some perp DEXs that were growing pretty fast have seen a significant drop in OI after this market crash. @arcus_xyz ' drop surprised me quite a bit, ngl. And seeing how relatively easy it seems to earn points on @variational_io right now, I'll probably move my liquidity back there to DN with QFEX, as long as it's still worth it. I've seen people getting 6 points with relatively low volume and OI, so I guess doing my usual 400k volume + 60k avg OI on Variational could get me close to double that. Obviously, @QFEX is still putting up some really solid numbers. Goated team. Let's see next week, frendos.

Market nuking, but DN helps you preserve capital while farming points. Choosing the right protocols to farm is just as important. Full conviction in @QFEX . The founder has made it clear: reward early users with a big airdrop and turn them into long-term stock traders. Points are coming soon, and many will probably be late. Already 230+ stocks listed (more than anyone else)

Well frendos, @QFEX is taking away the Loss Refund, but we've got a new campaign instead: Daily Auction, starting Monday, November 9. - $2,000+ daily prize pool, growing with trading activity. - Only odd-numbered positions in the top 20 win (1, 3, 5... 19). - The higher your winning rank, the bigger your share. - You need to register daily through the Rewards Hub and connect your X account. The funny part? Nobody knows exactly how the score is calculated. I asked FLB and apparently figuring out how to stack more score is part of the game So I guess we'll have to experiment a bit and figure out what works best. Another incentive to keep trading on QFEX while farming invisible points. Start here with 37% fee discount: qfex.com/@MrButler The discount will last throughout the entire Hidden Season.

Maybe @arcus_xyz is trying to tell us something: buy spot stocks at the bottom and use them as collateral. Not a bad time to remind everyone that they have 190+ tokenized stocks, and I'm convinced they'll play a major role in the @RobinhoodCrypto Chain, whether as collateral or for future LPs...

Lmao, what a day. Can we call 11/05 the new 10/10, but for the entire market this time? Embrace DN and precious metals... fuck the market.

More details here frendos

Another week of @arcus_xyz points, another week where it’s still relatively easy to farm them. 78 points this week, bringing my total to 414. - Week volume: $461K - Avg OI: $60K Still in the top 500, and I’ll try to keep it that way. Rotation coming soon. More details on the numbers in the replies.

Wall Street telling Trump they hate him and thanks for playing

Well frendos, another thing that makes @QFEX stand out. I think this will also show a lot of KOLs' true colors. @QFEX just added a new feature for affiliates: sharing a percentage of referral fees with their referrals. I've already set mine to the maximum allowed: 37% fee discount for all my referrals. As I've said several times, I'm not really interested in earning referral fees. What I'm actually after is the potential points they might reward affiliates with in the future, as I believe those could end up being worth a lot more. So, if you're already using my referral, enjoy the discount. And if you're not, well, you know what to do. Switch to mine and save yourself some decent money on fees. Almost 40% off trading fees is huge, imo: qfex.com/@MrButler

Attention @QFEX arbitrage farmers, this might interest you. Who am I kidding, it definitely will. QFEX has changed its funding formula from Premium / 100 to Premium / 16, making funding 6.25x stronger at the same premium. What does this mean? - Higher funding payments: Great if you're on the receiving side, much worse if you're paying. - More arbitrage opportunities: Higher funding could make certain DN setups much more profitable. - More pressure on premiums: Stronger funding incentives could help close price gaps faster. - More volatile funding: Holding positions for several days could become significantly more expensive. Until now, finding arbitrage opportunities on QFEX was pretty straightforward. Funding was so neutral that you mostly just had to find another DEX paying decent funding on the opposite leg.

Been waiting for this post from @muarmemuar because, as he rightly points out, the team already made it clear that all activity during Season 0 will be taken into account and rewarded retroactively. Not bad being #23 considering my first post about them was on August 8. This just reinforces my theory that, despite being the largest tokenless perp DEX by the numbers (excluding Variational), @QFEX is still massively under the radar on CT. Huge green flag imo. Don't be late on @QFEX Focus on tangible metrics like open interest and trading volume, and stop making up imaginary scenarios about nonsense investors won't even care about: qfex.com/@MrButler

As expected, it's getting harder and harder to find good funding rate opportunities between @arcus_xyz and @QFEX . It always happens. As protocols grow, these opportunities gradually disappear. Hopefully we still have a few more weeks of free points ahead of us, but it's definitely getting tougher. Closed some weekend positions that no longer had an edge and opened new ones. - $BOT is paying a juicy +1,100% annualized APR on a low OI pair. Current setup: - Arcus OI: $60k - QFEX OI: $75k (some directional trades included) Eagerly waiting for QFEX pre-season points. Reminder: Arcus and QFEX are currently the #1 and #2 tokenless perp DEXs by OI. I still believe that if there's a big winner in 2027, it'll come from these two or Risex. The race is getting interesting, frendos.