devilon

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.

I like that these algorithms aren't hidden

Yep

if it happens that fast, entropy will break every record

Exactly

yeah, the growth is insane

100%. this result is incredible. i’m just trying to be fair.

.@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.

perp season

true

i’ve probably made around 10 posts saying that people who post their points never mention their actual value, which creates fomo

around $20B worth of airdrops was distributed in 2024. if the same happens over the remaining months, i’ll agree with you.

exaclty

true

Maximum fee discount through my link: entropy.io/?r=devilon

A lot of KOLs are posting about @entropyIO’s website update, Lite, the feed and “copy trading.” But there’s one distinction I keep seeing missed. This isn’t copy trading in the usual sense of subscribing to a trader and having a bot automatically mirror their entries and exits. The position shortcut opens a trade ticket for the same market and direction. You choose your size and confirm the trade yourself. It doesn’t automatically follow what that trader does next, and you’re entering at the current market price, not their original entry. When I posted my API findings and spotted copy_trading, I said I wouldn’t immediately interpret it as a full copy-trading bot. The feature being rolled out makes that distinction worth repeating. Entropy is first and foremost a trading terminal and a HIP-3 market deployer with its own markets, not a dedicated copy-trading tool. What’s interesting now is how much they’re building around that terminal: a social feed, news, following traders, different leaderboards, likes and comments. You can discover a trader, inspect their positions, follow their activity and open your own trade from the same interface, without switching between X, wallet trackers and a trading terminal. To me, the social side is the bigger development here, not the copy button itself.

i don’t plan to change my hedging setup. my goal is to hit $1M in volume by the end of this month

yeah, spreads cost something too, but it was a very small part

sure nitter.cf/annanay/status/2107780…

it’s already underway. season 1 with public points is coming soon

yeah, seems like it was too short-lived