my live, my perp
Kepler-22b
Joined February 2024
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- Followers380
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.@entropyIO's OI doubled in just 6 days.
Most of it comes from the huge interest in pre-IPO ANTH, with the Anthropic IPO expected as soon as November 16. ANTH alone is about $140M of Entropy's ~$170M total OI.
My feed is full of posts saying Entropy has more ANTH OI than Binance. I made one myself when I first noticed it. But that's wrong, and here's why.
Binance shows one side of each contract. Entropy shows both sides. So Binance's full OI on the same basis is about $180M, not $90M.
Even the most popular tools everyone uses get this wrong. On perpdexlist, loris tools and vooi you'll see ANTH OI at $140M on Entropy vs $90M on Binance. It looks like Entropy is $50M ahead. It's not.
DefiLlama converts every venue to one side, so the comparison is clean:
Binance $91M
Entropy $71M
trade[XYZ] $36M
Total ANTH OI across all venues is $235.5M on DefiLlama, or $471M counted both sides.
Even the best-known platforms and tools can be wrong, so check how OI is counted before you compare venues.
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hit $500K volume on @QFEX before points.
Only $52.64 spent on trading fees. I’ve been farming the project since July, so my account has zero maker fees and the lowest taker tier on eligible markets. That’s why the fee cost is so low.
Spreads and slippage aren’t included, but I’ve been trading highly liquid pairs, so fees make up most of my costs.
I mainly use US100 and US500: zero maker fees and the lowest taker tier on my account, plus 30x leverage, the highest currently available on QFEX. Hedge your position on TxFlow or Variational to reduce directional risk rather than leaving yourself exposed to the market.
Reminder: 2 days left before the current Loss Refunds round ends. I’ve already done $100K in taker volume, and my PnL is -$100, so I’m hoping to be among the lucky 20% selected for a refund.
Next week, Daily Auction takes over. I covered how it works in my previous QFEX post.
QFEX gives me Variational vibes. I’m super bullish on the protocol and planning to hit $1M in total volume this month.
Last chance to take advantage of @QFEX Loss Refunds before the pause.
This is the final week. Around 4 days left until the current round ends on November 9 at 00:00 UTC.
The team says the program will pause for the next few weeks, but there’s no confirmed restart date. I wouldn’t take its return for granted.
For comparison, Variational’s Loss Refunds ran for about 6 months before being discontinued. QFEX launched its program on September 22, so it will have been running for almost 7 weeks when this round ends.
But rewards aren’t stopping completely.
The Daily Auction campaign launches on November 9 at 14:00 UTC:
> Prize pools start at $2,000 per round and grow with trading activity
> Odd ranks within the top 20 win: #1, #3, #5, through #19
> Higher winning ranks receive a larger share
> Register again for each round through the Rewards Hub
Rounds open Monday through Thursday and close the following day at 14:00 UTC.
So the incentives are changing, not disappearing. But if you want to trade while Loss Refunds are still available, this is the last round before the pause.
My link gets you a 10% trading fee discount:
qfex.com/@r7701d09
We’re still in Season 0, with both trading and social activity being tracked. I’m expecting Season 1 and public points very soon.
And remember, retro points are the biggest.
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What happens to your ANTH or OAI position if the IPO never happens?
@entropyIO has specific rules for this, and they’re worth knowing if you’re holding either market long term.
Each pre-IPO contract has a scheduled end two years after its announcement. If the company still hasn’t listed, it cash-settles at the trailing six-month TWAP of the mark price, not the last traded price.
The operator can also announce early settlement if no listing is expected. In that case, the settlement price uses a 30-day TWAP of the mark.
An acquisition has a separate rule: settlement at the confirmed acquisition valuation, with a 30-day mark TWAP fallback if that valuation can’t be confirmed.
So “I’ll just hold until IPO” isn’t an unlimited timeline. Your exit can depend on months of average pricing rather than the price on the day the market closes.
How does that compare?
tradeXYZ: a significant IPO delay beyond the market-specific grace period can trigger settlement, using full-life TWAP by default, with exceptions.
Lighter: delayed or withdrawn IPOs leave the market trading under pre-IPO rules. After an IPO, the contract is settled and delisted.
Variational: reserves the right to delist and force-settle under adverse conditions, but its pre-IPO docs don’t specify a universal no-IPO deadline or settlement formula.
For me, Entropy stands out for having a clearly defined no-IPO outcome while letting the market continue trading if the company does list. That makes it easier to plan a longer-term position, even though clearer settlement rules don’t guarantee a better exit price.
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$500K gone from a Variational points OTC.
The escrow wallet shown in the screenshots went from roughly $500K to almost zero. @Vargan0x X account is gone, and the Telegram group is inaccessible.
Variational points are trading around $35 on OTC right now. If someone DMs you claiming they sold at $50 and sends you a link to an unfamiliar OTC group, don’t send them anything. That $50 screenshot is bait.
Don’t use an unverified OTC just because its quoted price looks better. Check who controls the escrow before you trust it with your money.
Last chance to take advantage of @QFEX Loss Refunds before the pause.
This is the final week. Around 4 days left until the current round ends on November 9 at 00:00 UTC.
The team says the program will pause for the next few weeks, but there’s no confirmed restart date. I wouldn’t take its return for granted.
For comparison, Variational’s Loss Refunds ran for about 6 months before being discontinued. QFEX launched its program on September 22, so it will have been running for almost 7 weeks when this round ends.
But rewards aren’t stopping completely.
The Daily Auction campaign launches on November 9 at 14:00 UTC:
> Prize pools start at $2,000 per round and grow with trading activity
> Odd ranks within the top 20 win: #1, #3, #5, through #19
> Higher winning ranks receive a larger share
> Register again for each round through the Rewards Hub
Rounds open Monday through Thursday and close the following day at 14:00 UTC.
So the incentives are changing, not disappearing. But if you want to trade while Loss Refunds are still available, this is the last round before the pause.
My link gets you a 10% trading fee discount:
qfex.com/@r7701d09
We’re still in Season 0, with both trading and social activity being tracked. I’m expecting Season 1 and public points very soon.
And remember, retro points are the biggest.
127 points in the latest @TxFlow_L1 drop. 1,262 in total.
My current cost per point is $0.08.
My earlier point-value calculation still holds under the same assumptions: $300M FDV, 25% for the airdrop and 70–85M total points gives roughly $0.88–1.07 per point.
But getting points efficiently isn't just about pushing more volume.
Position size, time in the market and the capital you keep on the platform all matter alongside volume.
For example, compare two traders trading the same pairs and holding positions for the same amount of time. One does $200K in volume with $200 equity, while the other does $50K with $1,000 equity. The second trader will earn 5–6 times as many points despite doing much less volume.
I’m not telling you to take on more risk by increasing your account equity. I’m just pointing out that higher equity earns significantly more points.
That's what I'm focusing on this week:
> Hold positions for 6–8 hours
> Keep more equity on the account
> Focus on position size, not just trading volume
Rather than constantly opening and closing just to increase volume.
Try applying these criteria this week and compare the next distribution with your previous results.
I’m also looking forward to the @get_truenorth integration so I can automate my trading.
.@TxFlow_L1 has distributed its retro points and the points for week 2, so now we can do some math.
Season 1 will last no longer than Q1, so let's take the maximum, the end of March. We don't know how many seasons there will be before the TGE. Let's assume the points campaign runs for a year, as usually happens. We also don't know the conditions of the next seasons, so let's use the data we have.
50 weeks of farming plus 2 weeks of break between seasons gives about 84M points. I calculated the points already distributed and the maximum points per week, but in the end there may be fewer, so let's take a range of roughly 70-85M.
Early users were allocated around 13-16%, which isn't much. That's why I stopped farming RISEx. I'm staying on TxFlow because of the other advantages I've already described many times.
The expected FDV is around $300M, though of course it all depends on market conditions, the development of the perp itself and much more. With 25% for the TGE drop, the estimated price per point is:
70M points: ~$1.07
85M points: ~$0.88
I have 1,123 points in total. As long as my cost per point stays under $0.1, I'll keep trading on this platform.
One more thing. For my volume before the points program I got 260 points: I did only 100k volume in July. In week 2 I did the same 100k volume paired with QFEX and got only 67. That's the difference between trading before a points program and during it.
5% fee discount:
app.txflow.com/r/TXDEVILON
By the way, QFEX still has no points program, but it will be soon, so don't wait until it's running.
10% fee discount:
qfex.com/@r7701d09
Also, TrueNorth is another project at an early stage, before points. They added TxFlow to the UI and then removed it, but soon we'll see the full integration.
10% subscription discount:
app.truenorth.xyz/ref/DEVILN
After that I hope they add QFEX, and then you can farm 3 projects at once.
ANTH open interest on @entropyIO has crossed $100M.
The highest Anthropic OI of any exchange, almost $40M above Binance. Let that sink in.
And one whale is holding $39M in Anthropic shorts.
I checked his wallet. Just two open positions, both shorting the same company on different venues. $31.7M of that exposure is on Entropy alone.
His combined unrealized PnL is around −$1.1M, and he’s still adding to the short.
That’s the position I want to follow as the IPO gets closer. Does he keep building, start cutting, or hold through the next round of headlines?
A wallet holding this much exposure and continuing to add while down seven figures is worth keeping an eye on.
I’ll leave his Entropy profile below.
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US equity perps are officially legal on regulated US exchanges.
Why does this matter for perp DEXs?
The narrative is shifting from crypto toward TradFi. Leading perp DEXs are adding more stocks, indices and commodities, and open interest is following.
I expect a clearer regulatory path to bring a much bigger pool of traders, market makers and liquidity into TradFi perps. Not just the same crypto capital moving between venues.
For decentralized exchanges, this validates the product they’ve already been building: markets where you can trade these assets around the clock.
And beyond public stocks, pre-IPO markets are already showing how much demand there is.
Entropy only just crossed $100M in total OI. Now Anthropic alone is sitting at $99.6M, with the whole exchange at around $127.5M.
One private company, nearly $100M in open positions before its shares even trade publicly.
As the IPO gets closer, more people will want to trade that valuation. Some will be bullish, others will want to short it. Both need a market.
That’s why I’m watching @entropyIO. It’s already building these markets before a much wider audience arrives.
If this growth continues, $500M in OI on Entropy within the next month doesn’t look crazy to me.
Perp DEX season is coming
Equity perpetual futures in the US are finally legal. Today marks the end of an era of regulatory confusion and inconsistency that restricted the products available to US investors, and marks the beginning of a golden age for financial innovation in the US.
Perps, long available outside the US, enabled overnight and off-hours price discovery and simple leverage for any investor. Cutting through many inefficiencies in other asset classes for trading on margin, they have done hundreds of trillions of notional volume. Entropy has listed some of the most innovative perpetuals to date, with a catalog of many single-name equities but also the most liquid and largest Anthropic and OpenAI markets in the world. But until recently, all of this was totally closed to the US.
We’re excited for the age of financial innovation in the US.
.@QFEX funding update matters if you farm perps.
At the same premium, funding is now 6.25x stronger. Here’s why that matters more than it might seem.
If you’re just farming points, you probably watch trading fees but barely check funding. Some people don’t even know what they’re paying to hold their positions.
But it adds up. Say you spend $35 on fees and spreads, then pay another $5 in funding. That’s $40 in total costs, with funding alone accounting for 12.5%.
So when running a delta-neutral strategy, look for a setup where the combined funding on both legs is positive, or at least cancels out.
You can hedge the same asset across QFEX and venues like TxFlow or Variational. But don’t automatically make QFEX your long or your short. Compare both directions first.
After this update, receiving funding on QFEX could help offset your farming costs. Being on the paying side could make the same setup much more expensive.
The price exposure might be hedged, but your holding costs aren’t. Rates can flip, so keep checking both legs while the positions are open.
I use tools like @LorisTools and @perpdexlist to find funding opportunities.
Exchange Update:
Starting 12:01 PM UTC on 3 November 2026, the denominator in F_final = P/100 will change from 100 to 16.
Please find the exact funding mechanism here:
docs.qfex.com/qfex/funding
The docs will be updated accordingly.
The next wave of traders on @entropyIO might not even be crypto users.
They might just want to trade Anthropic ahead of its IPO.
Anthropic OI grew by $20M this weekend alone. As the IPO gets closer and attracts more attention, I think this market could reach a much bigger audience than CT.
That’s a much bigger opportunity in my view. Build a market around something people outside our bubble already care about, rather than another token only we recognise.
#1 on X for @QFEX posts.
62 posts. 94K views. 789 likes. #7 overall for QFEX content.
And this isn’t fake hype. None of those posts were made for rewards. I’m genuinely very bullish on this perpdex, still farming it and sharing my farming strategies with you.
Attention is shifting from crypto to RWAs. QFEX focuses exclusively on TradFi assets, and that’s exactly what got me interested.
It’s now #8 on DefiLlama by open interest, with $181M OI.
Polymarket already has two markets for it: when the token will launch and its FDV one day after launch.
The second one caught my attention. The $500M FDV outcome is already priced at 38%. There aren’t even points yet, and people are already bullish.
Yes, volume is still tiny, so it’s too early to read much into those odds.
With the Loss Refunds program running, now is a good time to be active. You can run a delta-neutral strategy against venues like TxFlow or Variational, which also offer TradFi markets, by taking equal-sized opposite positions in the same asset.
If you haven’t joined yet, my link gets you 10% off trading fees:
qfex.com/@r7701d09
P.S. This is @muarmemuar’s site. Check your own contribution, link below.
Back in early October, the @QFEX founder announced that QFEX Season 0 was underway, with early trading activity, product feedback, and community engagement being tracked retroactively ahead of the points program launch
That's why I built a second checker called Proof of QFEX, where you can see your contribution to the growth of this perp DEX through X activity - the community engagement part
I'm strongly against perp DEX meta turning into InfoFi, but I do believe there's a positive side to it when traders, airdrop farmers, and other users share the products they actually use publicly (in our case, on X). It benefits the perp DEX itself, its FDV, and the size of its airdrop. No perp DEX has ever succeeded without a community, and none ever will
Disclaimer: This checker does not guarantee you any airdrop or points from QFEX for your activity on X. It's created purely for fun. So please don't start spamming X with QFEX mentions in hopes of getting an airdrop or earning points for it
So feel free to check your stats and share them on X: proofofqfex.fun/
I'm bullish on the RWA meta for 2027-2028. Right now, QFEX is among the top 10 exchanges by RWA perps OI, and there are only three perp DEXs in that ranking: TradeXYZ, Variational, and QFEX. There's not much attention from CT yet since they haven't launched their points program. But once they do, I expect things to play out just like they did with Variational. It had been available for trading throughout 2025, but the real influx of users only came after the points program launched in December 2025
So if you're not trading on QFEX yet, here's a 10% fee discount: qfex.com/@muar
Btw, what other X activity checker would you like to see?
Entropy hit $100M OI.
A little over 2 months. Just 12 markets.
Its biggest market, Anthropic, has $77.6M in open interest, the highest across all exchanges.
For context, OI two months after their initial mainnet beta launches:
Variational: $1M or less
Lighter: ~$20.5M
The numbers speak for themselves.
If you’re not on @entropyIO yet, it’s time to join.
