dima0x

71% of tokenless perp DEX volume sits in two venues. the next four are within 5% of each other last 30 days, tokenless perps only, about $225B total: - TradeXYZ $90.65B - Variational $70.08B - Pacifica $11.10B - Nado $11.09B - Arcus $10.80B - QFEX $10.53B - Extended $7.12B - TxFlow $4.82B - RISEx $4.23B which one is the most overpriced by volume, and which is the most underpriced?

RISEx gives slippage back as points Impact Pool in 4 lines: - trade $50k+ size with market (crossing) orders - slippage above 1 bp counts - it comes back as points, on a 50% flip - draws every Thursday size means position, not margin. $1,000 at 50x qualifies, $500 at 20x doesn’t the math weekly pool (week 12): 200,000 points / 6,239 accounts = 32 points per account Impact Pool (round 3): 10,000 points / 180 qualified traders = 55 points each if split evenly so a qualifier’s average slice is 1.7x what the average account earns all week, on top of normal points my example: $500k through market orders fee at 3 bp: $150 slippage at 4 bp: $200 eligible to come back as points: $150 (the part above 1 bp) timing round closes Wednesday 00:00 UTC draw Thursday 14:00 UTC open the Points tab or it just sits there 12.5% points boost on entry: rise.trade/invite/perp

my Variational points cost me about $10 each on average Alea Research reportedly values Variational at an FDV of $2.6 - 5.1B, built from buybacks * the multiples Hyperliquid, Lighter and Aster trade at. with 32% of supply going to points holders and 11.3M points at TGE, that’s $74-145 per point that’s 7-14x my cost before anyone gets carried away, the market isn’t there yet. Polymarket’s median FDV is around $1.15B, which works out to $33 per point. as of Oct 3 it gave 10% to an FDV above $3B and 5% above $5B. points traded OTC at $37.5-44 three numbers, three stories: my cost: $10 the market: $33-44 Alea: $74-145 even the market price is 3-4x my cost. Alea is the bull case, not the base case what I’m watching: Alea has been called early on perp DEX valuations before HYPE, Lighter, per a channel that tracks them. the Variational call is the one still open. TGE is set for Q4, no exact date yet if you’re not in yet: code OMNIDIMA0X (point boost) how many VAR points are you holding, and which of the three numbers are you marking?

My winners in 2027 are QFEX and RiseX

QFEX strengthened funding by 6.25x Example: With a 10 bps premium on a $10,000 position it used to be $0.10 per hour, now it’s $0.625 per hour For arbitrageurs this changes the game: • Receiving funding on QFEX became noticeably more profitable • Paying funding got more expensive • More setups where the funding difference between venues covers fees • Delta-neutral on QFEX can now cover costs better or eat into profits more aggressively Worth rechecking current hedges and looking for new opportunities.

QFEX open interest is up 33% in 30 days and there’s still no points dashboard numbers DefiLlama: open interest: $183M, #8 among tracked onchain perp venues 30d volume: $9B cumulative volume: $45B for RWA perps this stopped being an early experiment a while ago what it is: stocks, indices and commodities as perps, 24/7, no broker the CEO announced Season 0 on Oct 7. it will recognize early trading activity, product feedback and community engagement, and they say activity has been tracked since day one. what doesn’t exist yet: published rules, a dashboard, or a confirmed token from what I see, most of CT’s farming attention is on projects where TGE or points are already announced. that’s why this one is still quiet still early. if RWA perps are on your radar, worth a look Top 56 on Proof of QFEX by @muarmemuar A convenient way to view your @QFEX activity in X 10% fee cashback: (qfex.com/@philarmonia)

$5k margin. $0 net cost Here is what my @risextrade points could be worth The pool is fixed: 200k points a week. Season 1 ends no later than Q2 2027. Call it 12M total with Season 0 and bonuses My setup: $100k open interest on $5k margin. 50 points a week I run it as a fork: the same position hedged on another venue. So far my net cost is $0 34 weeks left. 1,700 points. Less than 0.015% of the total supply Value of one point = FDV * 20% ÷ 12M $300M FDV: $5.00 a point $500M FDV: $8.33 $1B FDV: $16.67 $1.5B FDV: $25.00 What 1,700 points is worth, and the return on $5k: $300M: $8,500 (+170%) $500M: $14,200 (+283%) $1B: $28,300 (+567%) $1.5B: $42,500 (+850%) Per week, 50 points is worth $250 at $300M and $833 at $1B All calculations are approximate, everything can change for the better or for the worse, for me this is one of the most attractive perps right now My ref (10% point boost): rise.trade/invite/perp What FDV are you assuming?

perps space is shifting fast. here is where my focus is right now and what i think is still worth farming points on not saying this is the right take. just what i’m doing Tier 1 QFEX still #1 for me. the risk/reward looks better now than a month ago they launched a loss refund program. every week you have a 20% chance to get refunded on losing trades. the play is pairing it with delta-neutral positions on other perps season 0 points are still running. my guess is it lasts until Variational TGE if you skipped them so far, this is probably the window ref (10% off fees): qfex.com/@philarmonia RISEx no disappointments so far. you don’t need huge volume, holding decent open interest earns points i’m parking size here while i run the QFEX refund play there is chatter they raised a solid round and may move to zero fees. if that happens, farming gets harder. so stack now ref: rise.trade/invite/perp Tier 2 Arcus strong launch, good attention, real metrics. sits around #3 for me pausing it for now while QFEX refund is active. will come back later. holding OI here also prints points without crazy volume TrueNorth still think it has potential. i haven’t touched it much. waiting for them to list the perps i already trade before their points program goes live could pull a Tread-style play where touching multiple projects pays off Dropped Bulk: the shift to gamification usually doesn’t end well N1: garbage point system, no liquidity Watching, not live yet Derpetual, GTE, Blink the list got smaller. fewer projects, more size in each my priorities shifted in one month. won’t be surprised if they shift again before new year what are you seeing in perps right now? am i missing something obvious? Save this. in a month half of this list will look different.

Binance hack Estimates suggest up to $5.9B may have been drained from Binance. If confirmed, it would be the largest CEX hack in history What was stolen: USDT: $1.77B BTC: $1.44B ETH: $875.78M USDC: $823M TRX: $241.11M SOL: $94.24M WBETH: $75.16M These are followed by a long tail of dozens of tokens, including AAVE, LINK, PEPE, ENA, ONDO, ARB, SHIB and more DeFi reaction: Aave V3 has introduced temporary restrictions on a number of assets on Ethereum. The suspected attacker used the stolen tokens as collateral to take out loans. New deposits and borrows for the affected assets are restricted, but withdrawals and debt repayments still work. Kamino has paused lending on the SOL/BTC market as a precaution. The team stresses that the situation with Binance has not affected the protocol so far. Freezes: Tether and Circle have reportedly already frozen about $1.8B

Extended TGE is November 2026. here’s the math before the noise starts 1B genesis supply, 30% community allocation 300M $XTEN going to Points holders. as of Oct 6, they’ve distributed 69.2M out of 70M total points - weekly drops are closed. the last 750K points go out after The Final Arc competition Oct 7 - Nov 3 so the pool is basically set. 300M tokens divided by 70M points = 4.29 $XTEN per point what that’s worth depends entirely on where the token prices: FDV $200M - $0.86 per point FDV $250M - $1.07 per point (current premarket) FDV $500M - $2.15 per point FDV $1B - $4.29 per point tokenomics drop after Oct 31, TGE in November

parked stables on RiseX and I’m literally paying nothing to be here no trading fees this week. no funding costs. just $2,500 sitting delta-neutral on SPY and QQQ earning 24.5 points while I do nothing most yield strategies eat you alive on fees and funding. this one doesn’t. the hedge neutralizes market exposure, the costs net to zero, and the points stack every week on capital that’s just parked if points price anywhere near $5-10, that’s $120-245/week on $2,500. on stables you’d otherwise be getting 4-5% APY somewhere boring fixed pool, 5,700 wallets, 200K points weekly. the denominator grows every week. the numerator doesn’t 10% points boost: rise.trade/invite/perp

QFEX just paid $23,660 to 52 traders for losing money the setup: trade normally on QFEX, hedge the same position on another venue, end the week with a realized loss on the QFEX side. if you’re in the 20% draw, you get 100% of that loss back, up to $2,000. your hedge covers the downside either way 52 people got paid last week just for being in the right place. the ones who didn’t register got nothing, same as if the program didn’t exist Week 4 is open right now QFEX doesn't require an invite code to sign up - use my link or invite code for 10% fee discount: qfex.com/@philarmonia

most perp DEXs are a frontend on someone else’s chain. @TxFlow_L1 built the chain, and the order book runs inside it orders, cancels, matches, liquidations and settlement all happen on TxFlow L1, not on an offchain engine that posts results later. 250K TPS claimed, one-block finality. the perp DEX is only the first Channel on it. spot, prediction markets and more plug into the same liquidity without bridging why I take it seriously: audited by OpenZeppelin, zero critical or high findings, the one medium was fixed. that’s the check I want before I park capital anywhere per their docs: no VCs, no investor allocations, verifiable from genesis DefiLlama: $3.85B 30d volume, $9.5B cumulative, $34M OI, $31M TVL. TVL is up 81% in 30 days and hit an all-time high on Oct 17, five days after Season 1 started Season 1 math: 1,250,000 trader points every week, one fixed pool, ending Q1 2027 at the latest. weekly volume is $1.1B right now, so $100k of weekly volume is about 0.009% of the flow, roughly 110 points if scoring were purely volume. it isn’t (open interest, fees paid, time in the market and capital on the platform all count), so that’s an order of magnitude, not a promise. but TVL and volume are climbing, and that same 1.25M gets cut thinner every week first drop is tomorrow. points are weekly, and the weeks before you show up are pool you can’t get back what I’d do: real positions, held over time, capital left on the platform. not volume through cancel loops. their docs say farming earns fewer points or none, and the cancelled orders earn nothing risks, since I’m not here to sell you a dream: no token is confirmed anywhere in the docs, and no VC cuts both ways link (5% fee discount): app.txflow.com/r/TXDIMA0X code: TXDIMA0X

之前主要在英文圈写 perp DEX,最近认识了不少中文圈的朋友,所以来打个招呼。我的内容很简单:有数据讲数据,有成本讲成本,不吹。平时主要做两件事:跑积分,以及用资金费率差做对冲(两个永续做多空配对,拿 funding 的同时积分照攒) 自我介绍就到这,直接讲我现在最盯的一个:QFEX 10 月 7 日,CEO 官宣了 Season 0:会认可早期交易活动、产品反馈和社区参与,并且他们从第一天起就在追踪交易所内的活动。目前规则没公布,代币也没提 为什么我觉得现在是窗口期: Season 0 往往是投入产出比最高的阶段 Hyperliquid、Lighter、Variational 都是这个规律(Coin Data School 的观察),官宣刚出,榜单还没人围着卷 项目有底 30 天成交量约 $74 亿,累计约 $396 亿,OI 约 $1.4 亿。种子轮只有 $950 万,投资方有 YC、Paul Graham、General Catalyst 产品和别家不一样 199 个永续市场,24/7,USDC 保证金。除了美股,还有恒生、日经、KOSPI、TAIEX,以及 OpenAI、Anthropic 等 pre-IPO 永续 还有 Loss Refunds 每期从符合条件的亏损用户里抽 20%,返还该期已实现亏损,上限 $2,000。要求至少 $10 万 taker 成交量,每周需重新报名 但成本我也得讲实话:新用户 taker 费率 0.05%–0.10%,有人实测纯做市每天 $100 万成交量成本约 $267。所以别硬刷量,CEO 自己也写过,他更愿意奖励真实交易和产品反馈,而不是没价值的成交量 我的打法:几个不同市场做真实交易 + 认真提反馈 + 控制成本 QFEX 不需要邀请码就能注册,用我的链接或邀请码可以享 10% 手续费折扣: qfex.com/@philarmonia 你们最看好哪个 perp? 🤝

one delta-neutral position, three things paying you at once. most people only see one of them the setup: long a perp on QFEX, short the same asset on another perp DEX. I use a funding screener to pick the pair where the spread pays me to hold it. exposure nets out, and the funding comes in while I wait now stack what QFEX just put on top: Loss Refunds: 20% of eligible losing traders get 100% of their realized loss back, up to $2,000. you need $100k of taker volume in the reward period, and you re-register every week so the same fork does three jobs: the funding spread pays you Season 0 sees real trading activity from your account you hold a ticket in a 1-in-5 draw that refunds the QFEX leg’s realized loss, on top of the gain on your hedge and the same $100k of volume also unlocks your first 5 invite codes on QFEX (rolling 14 days, awarded once) honest math, because the replies will do it anyway. 80% of the time the draw gives you nothing, so what you’re really doing is paying fees on both venues to hold a funding-positive hedge, and the refund is a bonus. at ~3 bps taker, $100k of volume costs about $30 per venue. check your own tier. only realized loss gets refunded, so which leg you close first matters. and one account only, I’m not touching anything that looks like a second wallet worth it if the funding spread pays for the fees on its own. if it doesn’t, skip it if you need 10% fee discount my ref code: philarmonia

24.5 points this week on @risextrade My approach to points farming is simple: minimize costs, neutralize market exposure, and let the points compound - $2,500 in capital -$0 trading costs - Delta-neutral SPY / QQQ strategy - 24.5 points earned this week If points eventually price at $5-10 each, that’s $122.5–245 per week at the current rate That translates to a theoretical 255–510% annualized return on deployed capital - assuming consistent weekly distributions and point valuations There are also rumors of a fundraise at a $500M FDV Stay market-neutral. Keep costs low. Farm intelligently rise.trade/invite/perp (10% point boost on entry)