MY PERP DEX FOCUS LIST HIGH FOCUS These are the perps where I allocate the most capital and time, trading almost every day. My high-focus list is mostly made up of early protocols without a public points program. If these protocols launch points later, early activity should have the best upside. → First is @TxFlow_L1. An early RWA-focused perp protocol with around 8,100 traders. I’m expecting a points program around October–November, so this is the window to build activity before it goes live. TxFlow also runs frequent trading competitions with real prizes. With a properly structured delta-neutral strategy, these campaigns can make the activity close to free or even profitable when the rewards cover the trading costs. → Second is @entropyIO. Entropy is a HIP-3 perp deployer on Hyperliquid, focused on equities and pre-IPO markets. The interesting part is its pricing mechanism. Entropy uses a liquidity-weighted oracle that combines the local order book with external reference prices. The weight changes depending on executable market depth, which is especially important for assets that do not have a normal 24/7 spot market. It is still extremely early. The latest public tracker shows around 8.3K unique traders over 30 days and only a handful of live markets. I have no idea whether Entropy will launch a token. But if they introduce points later, early users should have a meaningful advantage. → Third is @QFEX. QFEX is TradFi-only. No crypto markets, no public points program and still a very early product. And it is already ranked #8 by open interest on DeFiLlama, with $221.86M in OI. QFEX is tracking retroactive activity, so getting in early matters. → The fourth is @get_truenorth. TrueNorth is a trading agent with one of the most successful calls around the disruption of giants like Anthropic and OpenAI. It is still super early, and retroactive activity will be taken into account. Right now, there are only two perps available through the agent: Hyperliquid and Ondo Perps. More perp venues should be integrated in the future. I mainly use the agent for my own strategies and to open positions on other perp DEXs. That way, I can build activity on TrueNorth while farming the perp DEX at the same time. Recently, TrueNorth ran a three-week competition together with Ondo Perps with $50,000 in prizes. Traders also made another $150,000 in PnL during the competition. That shows the advantage an agent like TrueNorth can give you. Not using an agent for trading is like digging a hole with a shovel when you could be using an excavator. MID FOCUS These are protocols where I trade less often and allocate a smaller part of my capital. The goal is mostly to maintain organic activity. → First is @tradexyz. It is currently the #1 perp venue in the TradFi sector. No public points program. No clear token signal. There were some community rumours about future rewards, but nothing concrete about the format or timing. So for now, I’m only maintaining organic activity there. → Next is @Poly_Perps. I’m not very active on Polymarket Perps, but I still keep some activity because of the company behind it. A valuation around $21B, major investors and the upcoming LeBron James partnership make it difficult to ignore. Polymarket Perps already has around 21,000 traders. I don’t expect a token in 2026 or early 2027. Maybe the second half of 2027 will be a better time to think about it. → Third is @variational_io. Some people may ask why Variational is only third in my Mid Focus list. The answer is simple: the later you enter a perp, the fewer points you can farm. The Variational points program ends in roughly a week and a half. At current farming efficiency, one point costs around $12 to farm, which is roughly 2x the current OTC value. I still maintain organic activity on Variational, but I see higher upside in earlier perps. And don’t forget about the upcoming Sybil filter. If you have a large farm, I would think twice before putting all your eggs in one basket. LOW FOCUS These are protocols I barely farm, but I still keep an eye on them. → First is @Lighter_xyz RH. There is already a Season 2 points program, with around 28,115 traders. You can ask: why wait if the longer I wait, the fewer points I can earn? Because more people will eventually understand the best way to farm it, competition will increase and the farm will become less efficient. Honestly, I don’t believe much in second seasons from perp DEXs. Name me one perp that distributed a second drop at the same level as the first one. → Next is @risextrade. I only have 300.5 points from the retroactive period after doing around $130,000 in volume. I’m barely farming RISEx now because I didn’t like the percentage distributed through the retroactive program or the overall points economics. This is where my perp activity is concentrated right now. Everything else is either a skip or simply not worth my time at the moment.

12 hours until the first TxFlow points distribution. As a reminder, 1.25M points will be distributed for trading and up to 152K for referrals, but I think that number will be much lower in the first distributions, which is definitely good. During this farming period I have very few referrals on TxFlow. On other perps I have an order of magnitude more, even though I started trading on TxFlow earlier than on QFEX, Entropy and TrueNorth. From what I understand, people just aren’t that interested in trading on TxFlow, and I think that’s a mistake. I even have an article where I compared TxFlow and HL: xitter.cf/devilonnn/status/20840… Read it and you’ll see that TxFlow is a strong product with a strong team. If you’re still not with me, sign up through this link for a 5% fee discount: app.txflow.com/r/TXDEVILON

Looks like a big @entropyIO update is coming soon. New things showed up in the API. Social features: news, following, watchlist and a feed with X posts. The feed tabs in the strings are For you, Activity, Markets, Research and Leaderboard. The most interesting part is copy trading. There are copy trading alerts, copied trades and skipped trades in the notification settings, and copy_trade shows up as an order source. It’s not clear yet what exactly this means, and I wouldn’t take it literally as a full copy trading bot. But it looks very interesting. Also, Entropy passed $2.2B in cumulative volume in just 2 months. Sign up through my invite link and get the max 100% discount on Entropy’s commission: [entropy.io/?r=devilon] Yesterday there was another batch of badges, and guess who got one? @punk2498_, top 1 on DeBank, who has sold almost none of his hyperliquid:native from the $15M airdrop and isn’t planning to sell $VAR either. Are you still not on Entropy?

New level for @QFEX. QFEX has been open to everyone without an invite code for a couple of weeks, but without an invite code you were missing the 10% fee discount. A recent update removed invite codes and replaced them with referral links. Anyone joining through a referral link gets the same 10% fee discount. You might ask: what difference does this make to me if I’m just trading on the platform? Every step like this brings QFEX closer to a points program. I think the first public points season will start no later than the end of November. Season 0 is already in full swing, and all your activity counts: both trading and social activity. So if you have something to suggest or feedback to share, don’t hesitate to write to the team. They really value it. If you haven’t signed up yet, do it with a 10% fee discount: qfex.com/@r7701d09 As always, hidden points are the biggest.

.@variational_io is preparing for the trading API release, which means TGE is closer than we think. The trading API release will change the actual environment around Variational’s RFQ system. Almost a month ago I explained why Variational has really been delaying the API release for a whole year. hurry up and farm points at $10 so you can sell them at $50 on TGE - omni.variational.io/?ref=OMN…