
I get my dopamine from green candles and airdrops | Without a $BTC investment plan you are going nowhere | @Union_Labs_ @LaFamilia_so | DMs open for collabs
Joined February 2022
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- Followers2.8K
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My points update in perps
@nadoHQ - 909
@kinetiq_xyz - 618
@01Exchange - 75
@pacifica_fi - 5500
@etherealdex - 6338
@tread_fi - 176
@ventuals - 136
@variational_io - 50
TreadFi keeps on launching campaigns 🔥
They dont just incentivize us with a 5x boost on our @tread_fi points, but they also make sure we are exposed to the best airdrops around.
First Ventuals, now Dreamcash
Easiest 3x1, where is the fucking camera, it cant be this good!
Dreamcash (@Dreamcash) x @tread_fi
> tread.fi users are eligible for 1 Dreamcash XP per $2 notional value of executed trades on cash USDT HIP-3 pairs
> Volume on cash USDT HIP-3 pairs are eligiible for the Season 1 200,000 USDT weekly rewards
To kick it off, a 5x TREAD boost campaign will be live for the week of February 25, 2026
Don't wake up, keep dreaming
So which PerpDEXs am I actually using/farming right now?
🟢Early bets / Underfarmed
These feel genuinely early. Low competition → easier points.
@01Exchange
@kinetiq_xyz Markets
@nadoHQ
🔵 Conviction plays
High volume already, but strong teams + solid positioning.
@pacifica_fi
@tradexyz
🟡 Organic trades / Delta Neutral
I use these strictly for organic flow + DN strategies.
Zero fees = points optimization
@variational_io
@Lighter_xyz
All organic profits are converted to BTC for accumulation.
Lets talk about PerpDexs
bc apparently… every single one of them is “early” and “will have a great airdrop.”
Let me tell you a few things most KOLs won’t:
•Anything doing $500M+ volume isn’t early anymore.
• Most KOLs don’t even trade. They don’t need to.
They earn points + fee rebates from referred inexperienced traders.
• A large chunk of volume isn’t retail, it’s market makers recycling flow.
• Trading fees accumulate fast, Spread + slippage eat into PnL, Funding rates can flip against you.
You are wasting months trading for a $2k airdrop that might not even turn EV+
We are entering the copycat Death Spiral:
"Its the next Hyperliquid"
"Early points program"
"It going to build a really cool L1"
"Roadmap and team is stacked!"
When in reality there is no innovation at all, we dont know distribution and allocation until tokenomics are shared and who even knows if perpdexs will still be a thing a year from now.
Hyperliquid cooked
Aster cooked (bc of manipulation)
Lighter cooked, but it could have gone better
And you think these new copy-paste DEXs are going to cook… in a bear market?
There is only a few worth farming rn: @01Exchange @nadoHQ @markets_xyz @pacifica_fi
8K volume btw
This shows that despite all the shilling, @01Exchange is still not diluted
> Points Distributed Per Week
· Private Alpha: 375
· Public Alpha: 297k (−20% vs Private Alpha)
· Public Beta: 156k (−58.4% vs Private Alpha)
> That’s why being early is more important now than ever, it’s not just that there are fewer wallets (making points easier to earn), but also that more points are distributed per wallet each week.
I never gatekeep, access code in the comments below 👇
Kinetiq just distributed points for week 14
+208 pts this week
Mainly traded $USTECH, $USBOND and $NVDA using @tread_fi so it was an easy 2x1
+
@KevinWSHPod just released his podcast with @chameleon_jeff
Jump to 1:14:39 to hear what Jeff has to say about @Kinetiq_xyz & why does It matter to HL eco.
I didnt understand much but he said lots of technical shit, so I guess that´s bullish!
Heavily kinetiq coded
E159: @Hyperliquidx: Housing all of Finance
@chameleon_jeff came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space
Hyperliquid
Timestamps
0:00 Intro
2:01 Singapore
2:27 Reminiscing on the Token Launch
5:00 Was This Scale Of Wealth Expected?
6:28 Doing The Right Thing In Crypto
9:07 The Responsibility that comes with Billions of $
11:10 @JupiterExchange @KASTxyz
11:51 Bringing Hyperliquid to the masses
15:21 Pre TGE and Post TGE: Operational difference
20:13 Choices on what to build Internally vs Externally
22:05 How to build a reliable team
24:51 Did the Team celebrate the HYPE wealth Generation event?
26:45 How to test talents for High Integrity
28:31 How much does the Hyperliquid team sleep?
30:05 Employee Vesting Fears
31:41 Dealing with FUD
32:28 How Does Jeff Personally Handle FUD
35:02 Token "Buybacks" critics
37:20 Why Hyperliquid can't have Discretionary "Buybacks"
39:04 HyperEVM, explained Simply
40:00 @paradex @zodl_app
40:41 HyperEVM: Success so Far?
44:05 HIP-3, explained Simply
47:44 What makes Hyperliquid's approach different
48:19 Why Should People Care?
51:33 Bring All Finance On Chain
52:08 Why Is The Hyperliquid Approach Better?
53:47 Key Numbers showing that Hyperliquid Is Doing it right
59:01 What Has the @unitxyz team demonstrated with spot trading on Hyperliquid in 2025
1:03:29 HIP-4: Outcome Markets
1:08:01 @Trezor @bitwise @SuiNetwork
1:08:58 What does "Housing All Of Finance" mean?
1:10:51 Why Hyperliquid is not a crypto company
1:12:23 Why Does Hyperliquid have A Stablecoin USDH (@nativemarkets)
1:14:39 What Is @Kinetiq_xyz & Why Does It Matter?
1:16:15 Why Is What @Hyperlendx Is Building Important For HyperLiquid
1:23:39 Where did Fairness cost the most?
1:24:47 What should Hyperliquid be Remembered for?
1:25:24 Why should people stay in Crypto when there's an AI brain drain?
1:28:10 Closing Thoughts
Lets talk about PerpDexs
bc apparently… every single one of them is “early” and “will have a great airdrop.”
Let me tell you a few things most KOLs won’t:
•Anything doing $500M+ volume isn’t early anymore.
• Most KOLs don’t even trade. They don’t need to.
They earn points + fee rebates from referred inexperienced traders.
• A large chunk of volume isn’t retail, it’s market makers recycling flow.
• Trading fees accumulate fast, Spread + slippage eat into PnL, Funding rates can flip against you.
You are wasting months trading for a $2k airdrop that might not even turn EV+
We are entering the copycat Death Spiral:
"Its the next Hyperliquid"
"Early points program"
"It going to build a really cool L1"
"Roadmap and team is stacked!"
When in reality there is no innovation at all, we dont know distribution and allocation until tokenomics are shared and who even knows if perpdexs will still be a thing a year from now.
Hyperliquid cooked
Aster cooked (bc of manipulation)
Lighter cooked, but it could have gone better
And you think these new copy-paste DEXs are going to cook… in a bear market?
There is only a few worth farming rn: @01Exchange @nadoHQ @markets_xyz @pacifica_fi
I expected the @arc announcement to pump Hibachi metrics…
but that hasn’t really happened.
Meanwhile, DEXs like @01Exchange are pulling more attention and volume.
If these PerpDEXs make most of their revenue from fees…
wouldn’t higher sustained volume = better airdrop potential?
Whats the bullcase for @hibachi_xyz now?
01 feels like the best perp dex worth farming rn based on R:R
In just one month, @01Exchange has already better metrics than many other dexs taking into account its on private mainnet
· 6k wallets
· 50M volume daily
· Private access
· Few codes around
· Bear market shakeout
· 2x1 farm
This is exactly when you want to position
By September, when the campaign ends, points will be harder to get and competition will spike
Early > size. Always
FCFS invite codes below! 👇
Having said that…
Today I’m a bit happier.
Some douchebag at @Bankless reached out with a marketing role, we rescheduled an interview due to “technical issues”…
I wake up, say “gm”…
Blocked. No warning. No explanation.
Anyway… still climbed 28 spots on @tread_fi
W
Wednesdays = @tread_fi + @01Exchange
Thursdays = @etherealdex + @pacifica_fi + @kinetiq_xyz
Fridays = @variational_io + @nadoHQ
My week is basically structured around points distribution at this point
Now I need something strong for Mondays & Tuesdays
In case anyone wants to move smarter
app.tread.fi/referral/7LENVR…
but this is the sad reality of refs
Wednesdays = @tread_fi + @01Exchange
Thursdays = @etherealdex + @pacifica_fi + @kinetiq_xyz
Fridays = @variational_io + @nadoHQ
My week is basically structured around points distribution at this point
Now I need something strong for Mondays & Tuesdays
Everything that happened in CT the last 3 days
Shit is soooo boring right now, we need new stuff new apps, new features.
• @BasedOneX TGE announcement: tokenomics underwhelming, heavy farmers are probably cooked
• @circle leaning @edgeX_exchange (@hibachi_xyz still lurking? or did they bait us hard?)
• @Backpack tokenomics actually solid for once (wouldnt have it any other way, @armaniferrante is goated)
• @RelayProtocol token coming, lowkey bullish as its the only bridge I use
• @megaeth mainnet live, TGE soon, premarket fading hard. Idk fam doesnt look good for depositors
• $HYPE still doesn’t care about the dip
• @JupiterExchange airdrop this month
Anything I missed?
What’s actually worth attention right now?
BTC going from 125k → 60k in 3 months washed out a massive amount of traders and farmers
You can feel it on the TL
It’s quiet.
It’s repetitive.
It’s just… PerpDEX farming.
And this meta doesn’t look like it’s going away anytime soon.
Meanwhile, a wave of new projects from questionable teams is launching
A lot of them will be EV-
That creates fear
That fear spills into other TGEs
We’ve already seen how tokenomics can kill momentum (hey @BasedOneX) but if returns are negative, the market reacts
Until something like Hyperliquid S2 shifts the energy again…
All that’s left is risk management and hoping tokenomics aren’t designed to extract





















