My timeline probably looks like I run two different accounts: One day I’m digging through perp DEX APIs, Python scripts and funding data. The next I’m comparing crypto cards, cashback and payment infrastructure. Basically: Perp DEX Herzig - Arcus / Lighter / Variational - APIs & docs - Python - funding / OI / volume - trading infrastructure Fintech Herzig - Krak / Plasma / other crypto cards - cashback - issuers - payment rails - card infrastructure They look like two completely different rabbit holes. But to me, they’re increasingly the same story. On one side, crypto is building better infrastructure for trading. On the other, it’s building better infrastructure for actually using money. Trading. Payments. Cards. Stablecoins. APIs. Different products, same direction: crypto infrastructure slowly becoming financial infrastructure. That intersection is probably what I’m most interested in exploring. Still Python dev in the middle of it all 🐍

Nice to see @TxFlow_L1 improving its mobile experience! Version 1.6 brings fiat deposits, Points, and more trading features. One thing I especially appreciate: The Arcus app isn’t available in my country, while TxFlow works here without any issues. Accessibility matters more than people think. gFlow

One trader did $20M in volume on @variational_io and earned 88.85 points. Another did just $1M and earned 122. That’s a ~27× difference in points per $1M. Welcome to Week 44. 150,000 points were distributed across 32,382 accounts. I collected 22 public farmer reports this week. Together, these traders reported: > ~1,592 VAR points > ~$63,671 at $40/pt OTC > Equivalent to ~1.06% of the weekly points pool Full Week 44 breakdown (points | volume): > @Brokelays: 232.56 | $20M > @Ryuzaki_SEI: 211 | $7.1M > @Cllmax93: ~190 | N/A > @Frajerhejt: 175 | ~$5M > @zzyxbt: 170.10 | N/A > @givenoxbt: 122 | $1M > @me_cool_off: 102 | N/A > @CryptoYieldGuy: 88.85 | $20M > @onchainmonk: 67.11 | $2M > @Alexey_Stark: 64 | $950K > @chivasxbt: 54.78 | $11.43M > @Rencrypta: ~45.47 | N/A > @matyv_7: 26.3 | $2.5M > @SyedAli44285003: ~12 | ~$2M > @Steveee_stonks: 6 | $1.5M > @Absoluto92: 5.5 | $450K > @sharkcryptottm: 4.96 | N/A > @Zyak1991: 4.4 | $300K > @SkyIsTheTaker: 3.9 | $432K > @Zeus00nn: 3.63 | $296K > @0xRiim: 1.32 | $108K > @mystcapital: 0.89 | $100K The interesting part isn’t who earned the most. It’s how. Giveno earned 122 points on $1M with ~$550K OI. Ryuzaki earned 211 points on $7.1M with ~$1.8M OI and 48h average holds. Meanwhile, Steve pushed $1.5M mostly through swaps and earned just 6 points. Volume alone clearly isn’t enough. OI, holding time and market selection appear to be major factors. But there’s another important lesson. @Brokelays earned 232+ points, yet reported negative trading PnL. Points efficiency ≠ trading profitability. And a special congratulations to @linenmito! 🏆 90,358 lifetime VAR points, #2 on the leaderboard, ~$4B cumulative volume and ~$800K reported PnL across 10+ months. Huge achievement! I couldn’t find confirmed Week 44 allocations from some previous contributors, including @0xTimberJ, @0xpostrich, @VictorTopDefiG, @HyperliquidEco, @LekimXBT and a few others. Hopefully they’ve been exploring other perp DEXs like Arcus, TxFlow or Lighter. My takeaway: The competition isn’t simply about who can generate the most volume anymore. It’s about who can allocate capital more efficiently, maintain OI and minimize costs. And with the trading API still anticipated, the next phase could become even more competitive. Note: Figures are self-reported. Some totals include referral points. The $40 OTC valuation is illustrative, not guaranteed proceeds. Lifetime points are excluded. What did your Week 44 look like?

I think one of the most interesting things @TxFlow_L1 could release next is its public API. The API Reference is still marked as “Coming Soon.” And as a Python developer, I’m really looking forward to it. Just imagine what builders could create: > Trading bots and automated strategies > Delta-neutral tools across TxFlow and other perp DEXs > Wallet analytics and trader activity dashboards > Funding rate monitors and arbitrage scanners > Real-time market data and liquidity analysis > Points farming efficiency trackers And I can already imagine @0xTimberJ making his tool even better by adding TxFlow support. Personally, I’d love to build a tool that compares an individual trader’s activity with the entire exchange. Volume, OI, fees, holding time, market share, and eventually points earned. It could even help us understand which trading behaviors are actually rewarded. Of course, all of this depends on what endpoints and data TxFlow makes available. I’ve been building similar tools around other perp DEXs, and I’d love to integrate TxFlow into Zig Analytics too. A good API doesn’t just help developers. It gives an entire ecosystem a reason to build. Really curious to see what the team ships.

Week 2 in @arcus_xyz : Yeah, that looks terrible. I generated $10k in trading volume and OI around $1,000 in positions for like 16-24 hours through this week.

This is what recognition looks like gFlow @TxFlow_L1

Arcus trading volume dropped 13.9% this week. But something much more interesting happened underneath. Open Interest jumped 68.6%. I was checking the latest 7D data on Zig Analytics, and @arcus_xyz stood out. Oct 6 → Oct 12: > Volume: −13.9% > Open Interest: +68.6% > TVL: +31.1% > Market Share: −0.1 pp At first glance, declining volume doesn’t look particularly exciting. But volume tells us how much trading happened. OI tells us how much exposure remains open. And right now, those two metrics are moving in opposite directions. For comparison: > Extended: OI +0.8% > Variational: OI −7.2% > Arcus: OI +68.6% That’s a pretty interesting divergence. Especially after the launch of Arcus Points and the recent expansion of trader access. And there’s another thing I’ve noticed from my own farming experience. Focusing on maintaining open interest has worked significantly better for my points than simply generating trading volume. Of course, Arcus hasn’t disclosed the exact points formula, so I wouldn’t treat that as a universal rule. But combined with the latest data, it makes me wonder: Are traders starting to prioritize holding positions over chasing volume? One week isn’t enough to confirm a trend. But if OI and TVL keep growing while volume cools down, that’s a development worth watching. Volume shows activity. OI shows how much exposure stays in the market. And right now, Arcus looks particularly interesting through that second lens. Data: Zig Analytics | Oct 6–12, 2026

I was excited about TxFlow Points Season 1. Then I read the documentation. And honestly, I have more questions than before. @TxFlow_L1 plans to distribute up to: > 1.25M Trader Points weekly > 437.5K Referral Points weekly The referral pool is separate, which means influencers with large audiences can potentially earn additional points through referrals. Meanwhile, traders without referrals can’t access those rewards. Does that really create a level playing field? It also raises another question: could referral incentives encourage more multi-account farming despite the anti-Sybil rules? And there’s a second major concern. > Exact scoring weights aren’t public > Weekly allocations aren’t final > No clear Season 1 end date or even an estimated quarter in the docs How are traders supposed to evaluate farming costs without knowing when allocations become final? I genuinely want TxFlow to succeed, and I’m still interested in testing it. But I’d like to see more clarity before committing significant volume. Transparency matters just as much as incentives. Curious to hear how the TxFlow team views these concerns.

29,000+ traders just got access to Arcus. I think the next few weeks could look very different for @arcus_xyz And not just because of the new invite system. Think about the timing. Arcus has just launched Season 1 Points, with 250K points distributed every week. Now thousands of previously waitlisted traders can finally access perps. Here’s what changed: > 29K+ waitlisted users unlocked > invite codes now automatically link referrals > $1M in personal or direct referral perp volume earns 1 invite > previously spent codes receive a 2× bonus allocation > referral links can automatically distribute available invites But the interesting part isn’t the invite mechanics. It’s what happens when a gated trading venue suddenly opens its doors to thousands of potential traders. Three things I’m watching: 1. Trading volume and OI How many of those 29K actually become active? Even a relatively small conversion rate could meaningfully change trading activity. 2. Competition for points Season 1 distributes a fixed 250K points per week. More eligible activity means potentially tougher competition for that same weekly pool. Being active early may become more valuable if participation keeps growing. 3. Liquidity and market quality More traders could mean deeper markets and better execution. But more users alone don’t guarantee better liquidity. That’s what I’d like to measure. I’ve already been testing Arcus myself, and this feels like an important moment for the platform. Until now, access was one of the biggest limitations. Now we’ll get a much clearer picture of actual demand. 29,000 new invitations to trade are interesting. How many turn into real, sustained activity is the number that matters.

One trader generated $2.14B in volume on Variational this week. The second-largest? Just $598M. A 3.6× gap between the top two traders. And this happened during another record week for @variational_io. I collected 26 farmer reports from Week 43. Here’s what stood out. ↓ The big picture: > $21.12B weekly trading volume > 150K points distributed > Top trader: $2.14B (~10.1% of weekly volume) > Second place: $598M Some farmers suspect this massive volume affected their points. But Variational’s formula isn’t public, so we can’t confirm dilution. Week 43 farmer reports: > @Brokelays: 244 pts > @Ryuzaki_SEI: 171.6 pts / $9.4M / $2.1M OI > @me_cool_off: 169 pts > @zzyxbt: ~160 pts / $25M / $2.4M OI > @Cllmax93: +154 total pts (~60 referrals) > @0xTimberJ: 144.32 pts / $20.31M > @Frajerhejt: 140 pts / $5M / ~$400K OI > @givenoxbt: 114 pts / $2.2M / ~$550K OI > @0xpostrich: 96 pts / $4.1M / ~$798K OI > @onchainmonk: 72 pts / $1M > @Alexey_Stark: 50 pts / ~$400K > @Rencrypta: ~29 total pts (incl. referrals) > @matyv_7: 24.36 pts / $2.77M > @MuddyRC: 21+ pts / $500K / ~$500K OI > @SyedAli44285003: ~20 pts / ~$3M > @SkyIsTheTaker: ~20 pts / $3.51M > @LekimXBT: 16 pts / $380K > @VictorTopDefiG: ~8 pts estimated / ~$308K > @sharkcryptottm: 5.15 pts / $286K > @Zeus00nn: 4.91 pts / $450K > @Steveee_stonks: 4.8 pts / $775.5K > @Absoluto92: 4.19 pts / $250K > @vish_hl: 4.096 direct pts / $250K > @0xRiim: 3.98 pts / $73K > @kolxbt: 2.6 pts / $900K > @rodrigomcrypto: 0.4 pts / $60K Self-reported data. Victor’s points are estimated. No W43 reports found for @HyperliquidEco or @CryptoYieldGuy. Referrals identified where disclosed. 1. The efficiency gap is enormous Points per $1M volume: > Alexey: ~125 > onchainmonk: 72 > 0xRiim: 54.5 > giveno: 51.8 > LEKIM: 42.1 > MuddyRC: 42+ > Frajerhejt: 28 Meanwhile: > Timber: 7.1 > Steve: 6.2 > zzyxbt: ~6.4 > Sky: ~5.7 > Kol: 2.9 That’s a 40×+ difference between extremes. Different strategies, OI, holding times and boosts make comparisons imperfect. Raw volume isn’t enough to explain points. 2. OI and holding time matter Look at @MuddyRC: W42: $1.72M volume / ~$500K OI → ~17.5 pts W43: $500K volume / ~$500K OI → 21+ pts Volume dropped ~71%, but points increased. Efficiency: 10 → 42+ pts/$1M. @Frajerhejt showed a similar pattern: W42: 220 pts / $10M W43: 140 pts / $5M Half the volume, but only ~36% fewer points. Sustained exposure deserves more attention than raw turnover. 3. Market selection may be underrated @Brokelays earned 244 pts focusing on newer swaps like COPP, CNA50, GASOL and COCOA. @Alexey_Stark earned 50 pts on ~$400K, focusing on illiquid pre-IPO markets. @Rencrypta reported shifting toward lower-OI markets. No proven low-liquidity bonus, but market selection looks important. 4. Efficiency ≠ profitability @onchainmonk earned 72 pts on $1M, but reported a deeply underwater LIT position. @0xpostrich reported 96 pts and ~$1.2K positive funding spread. @sharkcryptottm reported 5.15 pts at approximately zero net farming cost through hedging. High points/$1M doesn’t guarantee good farming economics. 5. Same farmers, different trends Week 42 → Week 43 (pts/$1M): > Timber: 10.2 → 7.1 > Steve: 10.4 → 6.2 > Zeus: 12.4 → 10.9 > giveno: 50.0 → 51.8 > Frajerhejt: 22 → 28 > Absoluto: 17 → 16.8 Some became less efficient. Others improved despite record volume. My takeaway after tracking Weeks 41–43: Volume matters, but it’s only part of the picture. OI, holding time, market selection and boosts all appear relevant. The most important metric may ultimately be net cost per point, not points per $1M. One question remains: When one trader generates $2.14B in a week, how does that affect everyone else’s rewards? We don’t know yet. With 32% of $VAR supply allocated to point holders, it’s worth investigating. I’ll keep tracking Week 44. Farming Variational? Share your points / volume / OI / costs below. Less guessing. More data.

Everyone is watching @TxFlow_L1 because Points Season 1 starts on October 13. I’m watching something else: the numbers before the incentives really kick in. Right now TxFlow is sitting at roughly: > $2.9B 30d perp volume > $27.9M open interest > $27.3M TVL > $870K 30d revenue And points haven’t even started yet. That’s what makes the next few days interesting. Once Points Season 1 goes live, I want to track: > how much volume grows > whether OI grows with it > how much traders spend in fees + funding per point earned Because incentivized volume tells you very little without knowing what’s happening underneath it. I’m already using TxFlow before October 13. Once the first points arrive, I’ll break down my actual farming efficiency with real numbers. That’s the part I’m most interested in. app.txflow.com/r/TXHERZIG

Arcus dropped the first Season 1 points. I spent roughly 24 hours holding positions and traded only stocks. Here’s my honest result: > 1 point > #5,902 rank > Bronze > Remaining 50% Pretty weak 😅 Clearly, whatever I did last week wasn’t enough to score meaningfully. I’m going to adjust the strategy, stay more active and see if I can improve this next week. Starting point: #5,902. Let’s see how much I can move it in one week.

Rare Friends just finished its biggest Vibeathon yet. @RareFriendsNFT and @poopie already shared it: This Vibeathon broke every previous record. I’m posting this a bit late - 7 days after the results. I simply didn’t have the time to sit down, play through everything properly and record all the gameplay. But I didn’t want to make another quick recap based only on the leaderboard. So I tested every game that made the Top 10 across all 3 categories: > Character Spotlight > Token Activity > Economy Potential That’s 30 games in total. I played them, recorded the gameplay and put this video together myself. And honestly, going through all of them made me appreciate this community even more. 30 different projects. Different mechanics. Different ways to use Rare Friends characters, $RAREFRIENDS and the ecosystem around them. Some were simple. Some were surprisingly deep. But all of them were built by people from the same community. I’m genuinely happy to be part of it. And the best part is that anyone can join. You can become part of Rare Friends by simply owning a Rare Friend. Or you can go further and build. Create your own game. Build around the IP. Get it published on the Rare Friends website. And potentially earn from what you create. That’s what makes this ecosystem interesting to me. You don’t have to only collect. You can actually contribute to the world around it. Be a part of Rare Friends.

TxFlow Points Season 1 starts on October 12. But that’s not actually the part that got my attention. It’s what happened before the points. @TxFlow_L1 has already processed roughly: > $6.9B in perp volume > $1.8M in revenue > while points weren’t even live And now TxFlow says early supporters who traded before Season 1 will be recognized. That changes how I’m looking at the next few days. I’ve spent the last months farming and studying perp DEXs, and one lesson keeps repeating: the best time to understand a venue is before everyone starts optimizing for its incentives. TxFlow itself is also more interesting than another points farm. It’s building its own L1 around trading infrastructure, with spot, perps and prediction markets sharing the same system. And there’s another detail worth knowing: Matt Hu, the founder of BloFin, is also behind TxFlow. So this isn’t his first time building trading infrastructure at scale. But I’m not going to call this “the next Hyperliquid” or predict the value of the points before we even know the economics. What I want to measure is much simpler: fees + funding + execution + volume → points earned That will tell us whether farming TxFlow is actually efficient. Until October 12, I’m positioning early and learning the product. Once Season 1 starts, I’ll have some real numbers to compare. If you want to test it with me: app.txflow.com/r/TXHERZIG Referral gives 5% off trading fees on the first $25M in volume. Let’s see what the pre-season was actually worth.

My Perp DEX board is getting crowded. But there’s a big difference between protocols I’m already actively working with and protocols I’m simply watching. Already active: > Variational > Lighter > Arcus > TxFlow These are the ones where I’m already spending time trading, farming, testing, digging through the product/API or building around the data. Watching closely: > Titan > Popdex > Decibel > Domination Finance > QFEX > Entropy I’m not farming every new perp DEX just because it exists. Before moving something from the watchlist to the active list, I want to see a reason: distribution, product differentiation, interesting market structure, developer infrastructure, incentives – or ideally several of them at once. There are way too many new venues to treat all of them equally. So this is basically my current filter: Active → Variational / Lighter × Robinhood / Arcus / TxFlow Next candidates → Titan / Popdex / Decibel / Domination Finance / QFEX / Entropy Will be interesting to see which names move between these two lists over the next few months. Which one would you dig into first?