{
  "name": "PerpRadar perpetual DEX dataset",
  "url": "https://perpradar.app",
  "generatedAt": "2026-06-24T11:37:22.092Z",
  "methodology": "https://perpradar.app/methodology",
  "count": 46,
  "dexes": [
    {
      "slug": "hyperliquid",
      "name": "Hyperliquid",
      "url": "https://perpradar.app/perp-dex/hyperliquid",
      "website": "https://app.hyperliquid.xyz",
      "status": "live",
      "description": "The dominant on-chain perp DEX with deep liquidity, a high-performance L1 and a live HYPE reward season.",
      "chains": [
        "Hyperliquid L1"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program",
        "vaults",
        "high-leverage"
      ],
      "token": {
        "symbol": "$HYPE",
        "launched": true
      },
      "airdrop": {
        "status": "active",
        "label": "Season 2",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.015%",
        "taker": "0.045%"
      },
      "pros": [
        "Deepest tracked perp liquidity and open interest in the current dataset",
        "Purpose-built Hyperliquid L1 with native orderbook UX",
        "HYPE token is live while Season 2 incentives are still tracked"
      ],
      "cons": [
        "Token already launched, so new-user upside depends on future campaigns",
        "High concentration on one app-chain creates chain-specific operational risk"
      ],
      "editorScore": 10,
      "scoreNote": "Deepest tracked liquidity, live HYPE token and leading app-chain UX.",
      "volume24h": 5801102888,
      "openInterest": 6639942444,
      "updated": "2026-06-23"
    },
    {
      "slug": "tradexyz",
      "name": "tradeXYZ",
      "url": "https://perpradar.app/perp-dex/tradexyz",
      "website": "https://trade.xyz",
      "status": "live",
      "description": "Hyperliquid HIP-3 venue for RWAs, equities, indices and commodities through the tradeXYZ interface.",
      "chains": [
        "Hyperliquid HIP-3"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "hip-3",
        "rwa",
        "stocks",
        "commodities",
        "indices"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.03%",
        "taker": "0.09%",
        "notes": "Standard assets use higher HIP-3 fees; growth-mode assets can be materially cheaper and fees vary by tier."
      },
      "pros": [
        "Built as a HIP-3 market venue on Hyperliquid",
        "Strong focus on equities, indices, commodities and other RWA-style markets",
        "Uses Hyperliquid market infrastructure and staking-discount mechanics"
      ],
      "cons": [
        "Official docs describe tradeXYZ as an interface, not the only access path",
        "Fee rates vary by asset mode and user tier, so the headline fee is only a base reference"
      ],
      "editorScore": 8.6,
      "scoreNote": "High-volume Hyperliquid HIP-3 venue with strong RWA market focus.",
      "volume24h": 3523368267,
      "openInterest": 3077196503,
      "updated": "2026-06-23"
    },
    {
      "slug": "apex",
      "name": "ApeX",
      "url": "https://perpradar.app/perp-dex/apex",
      "website": "https://omni.apex.exchange",
      "status": "live",
      "description": "ApeX Omni is a multi-chain orderbook perp DEX with cross-collateral, a live APEX token and broad market coverage.",
      "chains": [
        "Ethereum",
        "BNB Chain",
        "Base",
        "Mantle",
        "Arbitrum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "cross-collateral",
        "stocks",
        "forex",
        "commodities",
        "rwa"
      ],
      "token": {
        "symbol": "$APEX",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.02%",
        "taker": "0.05%"
      },
      "pros": [
        "Supports deposits and withdrawals across several major EVM chains",
        "Cross-collateral model supports multiple collateral assets",
        "Live APEX token and mature API/documentation surface"
      ],
      "cons": [
        "Token already launched, so airdrop upside may be lower",
        "Omnichain onboarding and cross-collateral risk can be more complex for new users"
      ],
      "editorScore": 6.4,
      "scoreNote": "Mature multi-chain venue with live token and cross-collateral support.",
      "volume24h": 1684756505,
      "openInterest": 109490967,
      "updated": "2026-06-23"
    },
    {
      "slug": "aster",
      "name": "Aster",
      "url": "https://perpradar.app/perp-dex/aster",
      "website": "https://www.asterdex.com",
      "status": "live",
      "description": "Privacy-focused multi-chain perp DEX with Aster Chain, spot/perps, stocks, forex, commodities and Stage 5 rewards.",
      "chains": [
        "Aster Chain",
        "BNB Chain",
        "Arbitrum",
        "Ethereum",
        "Solana"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program",
        "low-fee",
        "high-leverage",
        "privacy",
        "spot",
        "stocks",
        "forex",
        "commodities"
      ],
      "token": {
        "symbol": "$ASTER",
        "launched": true
      },
      "airdrop": {
        "status": "active",
        "label": "Stage 5",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.005%",
        "taker": "0.04%"
      },
      "pros": [
        "Purpose-built Aster Chain with privacy-focused order and position design",
        "Multi-chain access across BNB Chain, Arbitrum, Ethereum and Solana",
        "Broad product set including perps, spot, stocks, forex and commodities"
      ],
      "cons": [
        "Token already launched, so future rewards are more campaign-specific",
        "Privacy and chain migration details require users to follow official docs closely"
      ],
      "editorScore": 8.4,
      "scoreNote": "Large multi-chain venue with active rewards, broad product scope and live ASTER token.",
      "volume24h": 1628748667,
      "openInterest": 1762835548,
      "updated": "2026-06-23"
    },
    {
      "slug": "lighter",
      "name": "Lighter",
      "url": "https://perpradar.app/perp-dex/lighter",
      "website": "https://app.lighter.xyz",
      "status": "live",
      "description": "Zero-fee, verifiable orderbook perp DEX with Ethereum-secured contracts, LIT utility and a live points program.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "zero-fee",
        "points-program",
        "zk-proofs"
      ],
      "token": {
        "symbol": "$LIT",
        "launched": true
      },
      "airdrop": {
        "status": "active",
        "label": "Season 2",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "high"
      },
      "fees": {
        "maker": "0%",
        "taker": "0%",
        "notes": "Standard accounts have zero maker and taker trading fees; premium account fees can differ."
      },
      "pros": [
        "Standard accounts have zero maker and taker trading fees",
        "Matching and liquidations are designed to be verifiable",
        "Ethereum contracts secure deposited assets and canonical state roots"
      ],
      "cons": [
        "Premium accounts can have a different fee schedule",
        "App-specific infrastructure and sequencer assumptions still matter for execution"
      ],
      "editorScore": 8.3,
      "scoreNote": "Zero-fee standard accounts, verifiable matching and Season 2 points.",
      "volume24h": 1444564269,
      "openInterest": 811794407,
      "updated": "2026-06-23"
    },
    {
      "slug": "grvt",
      "name": "GRVT",
      "url": "https://perpradar.app/perp-dex/grvt",
      "website": "https://grvt.io",
      "status": "live",
      "description": "Hybrid exchange blending CEX speed with self-custody, maker rebates and an active rewards program.",
      "chains": [
        "zkSync",
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "-0.0001%",
        "taker": "0.045%"
      },
      "pros": [
        "Hybrid exchange model targets CEX-like performance with self-custody",
        "Maker rebate is visible in the tracked fee schedule",
        "No public token launch is listed, so rewards remain relevant"
      ],
      "cons": [
        "zkSync/Ethereum architecture and account model can add onboarding friction",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.6,
      "scoreNote": "Hybrid self-custody exchange with maker rebate and active rewards.",
      "volume24h": 1410097557,
      "openInterest": 377635344,
      "updated": "2026-06-23"
    },
    {
      "slug": "pacifica",
      "name": "Pacifica",
      "url": "https://perpradar.app/perp-dex/pacifica",
      "website": "https://app.pacifica.fi",
      "status": "live",
      "description": "Fast-growing Solana-native perp DEX with low fees and an active points program.",
      "chains": [
        "Solana"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program",
        "high-leverage"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.015%",
        "taker": "0.04%"
      },
      "pros": [
        "Solana-native venue with a documented weekly points program",
        "Public fee table matches the listed 0.015% maker / 0.04% taker base tier",
        "Fast mainnet rollout and active builder/market-maker programs"
      ],
      "cons": [
        "Points rules and weekly distributions can evolve",
        "Still a young venue compared with longer-running perp DEXs"
      ],
      "editorScore": 8.1,
      "scoreNote": "Solana-native venue with active points and strong recent traction.",
      "volume24h": 984956777,
      "openInterest": 77038777,
      "updated": "2026-06-23"
    },
    {
      "slug": "edgex",
      "name": "edgeX",
      "url": "https://perpradar.app/perp-dex/edgex",
      "website": "https://pro.edgex.exchange",
      "status": "live",
      "description": "EDGE Chain self-custody DEX for perps, spot, tokenized stocks and RWAs with active rewards.",
      "chains": [
        "EDGE Chain",
        "Arbitrum",
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program",
        "spot",
        "rwa",
        "stocks",
        "commodities"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.012%",
        "taker": "0.038%"
      },
      "pros": [
        "V2 is built on EDGE Chain with Ethereum/Arbitrum settlement security",
        "Product scope includes perps, spot, tokenized stocks and commodities",
        "Self-custody design with explicit user authorization for fund movement"
      ],
      "cons": [
        "V1 StarkEx and V2 EDGE Chain details can be confusing for users",
        "Rewards and EDGE-token details are campaign-dependent and may change"
      ],
      "editorScore": 8.7,
      "scoreNote": "EDGE Chain venue with strong product breadth and active incentives.",
      "volume24h": 884017488,
      "openInterest": 447925332,
      "updated": "2026-06-23"
    },
    {
      "slug": "variational",
      "name": "Variational",
      "url": "https://perpradar.app/perp-dex/variational",
      "website": "https://omni.variational.io",
      "status": "live",
      "description": "Variational Protocol venue where Omni offers zero-fee perps and Pro targets institutional OTC derivatives.",
      "chains": [
        "Ethereum",
        "Arbitrum"
      ],
      "features": [
        "self-custodial",
        "zero-fee",
        "points-program",
        "otc",
        "rwa"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0%",
        "taker": "0%",
        "notes": "Omni has zero trading fees; deposits and withdrawals carry a 0.1 USDC anti-spam fee."
      },
      "pros": [
        "Omni offers hundreds of markets with zero trading fees",
        "OLP liquidity design sources liquidity across CEXs, DEXs, DeFi and OTC channels",
        "Pro product targets customizable institutional OTC derivatives"
      ],
      "cons": [
        "Deposit and withdrawal flow still has a 0.1 USDC fee",
        "Future RWA and exotic market support should be treated as roadmap until live"
      ],
      "editorScore": 8,
      "scoreNote": "Zero-fee derivatives protocol with Omni and institutional OTC angle.",
      "volume24h": 757085272,
      "openInterest": 1078103114,
      "updated": "2026-06-23"
    },
    {
      "slug": "standx",
      "name": "StandX",
      "url": "https://perpradar.app/perp-dex/standx",
      "website": "https://standx.com",
      "status": "live",
      "description": "Emerging perp DEX with low fees, gold and silver markets, and an active rewards program.",
      "chains": [
        "BNB Chain",
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program",
        "commodities"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.01%",
        "taker": "0.04%"
      },
      "pros": [
        "Active rewards with no launched token listed",
        "Low listed base fees and commodity exposure",
        "Multi-chain positioning across BNB Chain and Ethereum"
      ],
      "cons": [
        "Venue is still early, so liquidity depth can change quickly",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.4,
      "scoreNote": "Low-fee BNB/Ethereum venue with commodity exposure and active rewards.",
      "volume24h": 700301747,
      "openInterest": 87564958,
      "updated": "2026-06-23"
    },
    {
      "slug": "extended",
      "name": "Extended",
      "url": "https://perpradar.app/perp-dex/extended",
      "website": "https://app.extended.exchange",
      "status": "live",
      "description": "StarkEx/Starknet orderbook perp DEX with zero maker fees, 100+ markets and active rewards.",
      "chains": [
        "StarkEx",
        "Starknet"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "zero-fee",
        "points-program",
        "stocks",
        "forex",
        "commodities",
        "rwa"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0%",
        "taker": "0.025%"
      },
      "pros": [
        "Zero maker fee and 0.025% base taker fee are documented",
        "100+ markets across crypto, equities, FX, commodities and indices",
        "Built by an ex-Revolut team with a planned app-chain path"
      ],
      "cons": [
        "StarkEx today and app-chain roadmap details should not be collapsed into one chain label",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.8,
      "scoreNote": "Zero maker fee, 100+ markets and StarkEx/Starknet positioning.",
      "volume24h": 558814413,
      "openInterest": 197722861,
      "updated": "2026-06-23"
    },
    {
      "slug": "nado",
      "name": "Nado",
      "url": "https://perpradar.app/perp-dex/nado",
      "website": "https://app.nado.xyz",
      "status": "live",
      "description": "Ink-based CLOB DEX for perps, spot and margin with unified margin, points and tiered maker/taker fees.",
      "chains": [
        "Ink"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program",
        "unified-margin",
        "spot",
        "margin"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.01% / rebates",
        "taker": "0.035%",
        "notes": "Entry tier is 1 bp maker / 3.5 bps taker; higher tiers can reach maker rebates and lower taker fees."
      },
      "pros": [
        "Built on Ink, with Nado docs describing Ink L2 settlement and mainnet contracts",
        "Unified margin spans spot, margin and perpetual markets",
        "Points program covers trading, NLP liquidity and referrals"
      ],
      "cons": [
        "Beta-stage venue, so market coverage and parameters can change quickly",
        "Fee tiers and flat sequencer/network fees are more complex than a simple fixed-fee model"
      ],
      "editorScore": 9.1,
      "scoreNote": "Ink-based CLOB with unified margin and active points.",
      "volume24h": 164611791,
      "openInterest": 65956826,
      "updated": "2026-06-23"
    },
    {
      "slug": "dreamcash",
      "name": "Dreamcash",
      "url": "https://perpradar.app/perp-dex/dreamcash",
      "website": "https://dreamcash.xyz",
      "status": "live",
      "description": "Perp DEX with balanced low fees, active rewards and growing open interest.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.025%",
        "taker": "0.025%"
      },
      "pros": [
        "Balanced 0.025% maker/taker fee display",
        "Active rewards with no launched token listed",
        "Higher tracked open interest than many newer incentive venues"
      ],
      "cons": [
        "Ethereum-only chain label should be revisited as docs mature",
        "Rewards details can change quickly"
      ],
      "editorScore": 7,
      "scoreNote": "Balanced listed fees, visible liquidity and active rewards.",
      "volume24h": 95492096,
      "openInterest": 37964953,
      "updated": "2026-06-23"
    },
    {
      "slug": "gmx",
      "name": "GMX",
      "url": "https://perpradar.app/perp-dex/gmx",
      "website": "https://app.gmx.io",
      "status": "live",
      "description": "Pioneering pool-based perp DEX with a live GMX token and real-yield model.",
      "chains": [
        "Arbitrum",
        "Avalanche"
      ],
      "features": [
        "amm",
        "self-custodial",
        "vaults"
      ],
      "token": {
        "symbol": "$GMX",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.04%",
        "taker": "0.06%"
      },
      "pros": [
        "One of the longest-running pool-based perp DEXs",
        "Live GMX token and established vault/liquidity model",
        "Available on Arbitrum and Avalanche"
      ],
      "cons": [
        "Pool/vault model behaves differently from a central orderbook",
        "Token already launched, so airdrop upside is low"
      ],
      "editorScore": 7.2,
      "scoreNote": "Long-running pool-based perp DEX with live token and established liquidity model.",
      "volume24h": 89248603,
      "openInterest": 43491245,
      "updated": "2026-06-23"
    },
    {
      "slug": "ostium",
      "name": "Ostium",
      "url": "https://perpradar.app/perp-dex/ostium",
      "website": "https://ostium.app",
      "status": "live",
      "description": "RWA-focused perp DEX for commodities, forex and indices on-chain.",
      "chains": [
        "Arbitrum"
      ],
      "features": [
        "self-custodial",
        "rwa",
        "commodities",
        "forex",
        "stocks",
        "high-leverage"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.03%",
        "taker": "0.1%"
      },
      "pros": [
        "Strong RWA focus across commodities, forex, indices and stock-style markets",
        "Arbitrum-native venue with no launched token listed",
        "Active rewards make it relevant for pre-token tracking"
      ],
      "cons": [
        "RWA/oracle markets carry different risks than crypto-only perps",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.7,
      "scoreNote": "RWA-focused Arbitrum venue with active rewards and no listed token.",
      "volume24h": 78787848,
      "openInterest": 255726463,
      "updated": "2026-06-23"
    },
    {
      "slug": "dydx",
      "name": "dYdX",
      "url": "https://perpradar.app/perp-dex/dydx",
      "website": "https://dydx.trade",
      "status": "live",
      "description": "Veteran orderbook perp DEX on its own Cosmos app-chain with battle-tested liquidity.",
      "chains": [
        "dYdX Chain"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "high-leverage"
      ],
      "token": {
        "symbol": "$DYDX",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.01%",
        "taker": "0.05%"
      },
      "pros": [
        "Veteran orderbook venue on its own dYdX Chain",
        "Live DYDX token and mature derivatives brand",
        "Public, stable fee schedule for straightforward comparison"
      ],
      "cons": [
        "Token already launched, so airdrop upside is low",
        "App-chain bridge/onboarding can be less familiar than EVM-only venues"
      ],
      "editorScore": 7.5,
      "scoreNote": "Veteran app-chain orderbook venue with live DYDX token.",
      "volume24h": 77730075,
      "openInterest": 64894126,
      "updated": "2026-06-23"
    },
    {
      "slug": "rho-labs",
      "name": "Rho",
      "url": "https://perpradar.app/perp-dex/rho-labs",
      "website": "https://rho.trading",
      "status": "live",
      "description": "Crypto-native rates venue for funding-rate futures, rate hedging, vaults and points.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program",
        "rates",
        "funding-futures",
        "vaults",
        "unified-margin"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "dynamic",
        "taker": "dynamic",
        "notes": "Fees are dynamic and can vary by market or account tier."
      },
      "pros": [
        "Specialized venue for funding-rate and interest-rate derivatives",
        "Funds are described as secured on Ethereum while execution is hybrid",
        "Points and Rho X product surface are live"
      ],
      "cons": [
        "Not a conventional crypto-perp venue, so the product is more specialized",
        "Market coverage is centered on funding/rate instruments rather than every spot asset"
      ],
      "editorScore": 6.9,
      "scoreNote": "Specialized rates and funding-futures venue rather than a generic perp DEX.",
      "volume24h": 65573703,
      "openInterest": 99985103,
      "updated": "2026-06-23"
    },
    {
      "slug": "vest",
      "name": "Vest",
      "url": "https://perpradar.app/perp-dex/vest",
      "website": "https://trade.vestmarkets.com",
      "status": "live",
      "description": "Perp DEX with a very broad market list across crypto, stocks, forex and RWAs.",
      "chains": [
        "Ethereum",
        "Arbitrum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "rwa",
        "stocks",
        "forex",
        "commodities"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.01%",
        "taker": "0.01%"
      },
      "pros": [
        "Broad listed market scope across crypto, stocks, forex and commodities",
        "Low 0.01%/0.01% displayed fee schedule",
        "No launched token listed, so incentives remain relevant"
      ],
      "cons": [
        "RWA market liquidity can differ sharply by instrument",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.6,
      "scoreNote": "Broad RWA market coverage with low listed fees and active rewards.",
      "volume24h": 52458350,
      "openInterest": 77304303,
      "updated": "2026-06-23"
    },
    {
      "slug": "reya",
      "name": "Reya",
      "url": "https://perpradar.app/perp-dex/reya",
      "website": "https://app.reya.xyz",
      "status": "live",
      "description": "Perp DEX on Reya Network with a live token and continuing activity incentives.",
      "chains": [
        "Reya Network"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "symbol": "$REYA",
        "launched": true
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.04%",
        "taker": "0.04%"
      },
      "pros": [
        "Native Reya Network venue with live REYA token",
        "Continuing activity incentives are still tracked",
        "Simple 0.04%/0.04% fee display"
      ],
      "cons": [
        "Token already launched, so future incentives are campaign-specific",
        "Smaller venue than the largest orderbook competitors"
      ],
      "editorScore": 6.8,
      "scoreNote": "Reya Network venue with live token and continuing incentives.",
      "volume24h": 46957493,
      "openInterest": 12439136,
      "updated": "2026-06-23"
    },
    {
      "slug": "boros",
      "name": "Boros",
      "url": "https://perpradar.app/perp-dex/boros",
      "website": "https://www.pendle.finance/boros",
      "status": "live",
      "description": "Pendle-linked funding futures venue for trading funding-rate and yield exposure through on-chain orderbooks.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "self-custodial",
        "rates",
        "funding-futures",
        "orderbook"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "dynamic",
        "taker": "dynamic",
        "notes": "Fees are dynamic and can vary by market or account tier."
      },
      "pros": [
        "Purpose-built for funding-rate and yield exposure rather than generic perp trading",
        "Pendle ecosystem connection gives it a clear rates-market niche",
        "Fully on-chain orderbook positioning is differentiated"
      ],
      "cons": [
        "Niche product; not a replacement for a broad perp DEX",
        "Liquidity depends on demand for funding-rate markets"
      ],
      "editorScore": 4.7,
      "scoreNote": "Differentiated funding-futures product, but narrower than a broad perp DEX.",
      "volume24h": 46819374,
      "openInterest": 16982381,
      "updated": "2026-06-23"
    },
    {
      "slug": "gtrade",
      "name": "Gains",
      "url": "https://perpradar.app/perp-dex/gtrade",
      "website": "https://gains.trade",
      "status": "live",
      "description": "Gains Trade is a long-running synthetic perp DEX with crypto, forex, stocks, indices and commodities.",
      "chains": [
        "Arbitrum",
        "Base",
        "Polygon",
        "Solana"
      ],
      "features": [
        "amm",
        "self-custodial",
        "forex",
        "commodities",
        "stocks",
        "indices",
        "high-leverage"
      ],
      "token": {
        "symbol": "$GNS",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.05%",
        "taker": "0.05%"
      },
      "pros": [
        "Long-running venue with 290+ assets across crypto, FX, commodities, indices and stocks",
        "Live GNS token and established ecosystem",
        "Public docs describe high leverage and multiple app interfaces"
      ],
      "cons": [
        "Synthetic/oracle-based model differs from a central-limit orderbook",
        "Token already launched, so airdrop upside may be lower"
      ],
      "editorScore": 7,
      "scoreNote": "Long-running synthetic perp venue with broad multi-asset coverage.",
      "volume24h": 22658012,
      "openInterest": 5554940,
      "updated": "2026-06-23"
    },
    {
      "slug": "decibel",
      "name": "Decibel",
      "url": "https://perpradar.app/perp-dex/decibel",
      "website": "https://app.decibel.trade",
      "status": "live",
      "description": "New perp DEX with low fees and an active rewards program.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.011%",
        "taker": "0.034%"
      },
      "pros": [
        "Low listed maker/taker fees",
        "No launched token listed and active rewards are tracked"
      ],
      "cons": [
        "Ethereum-only label should be rechecked if the venue adds dedicated infrastructure",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.6,
      "scoreNote": "Low listed fees and active rewards, but still early.",
      "volume24h": 18498216,
      "openInterest": 3901250,
      "updated": "2026-06-23"
    },
    {
      "slug": "paradex",
      "name": "Paradex",
      "url": "https://perpradar.app/perp-dex/paradex",
      "website": "https://app.paradex.trade",
      "status": "live",
      "description": "Paradigm-incubated Paradex Chain venue for futures, options, spot and commodities with XP rewards.",
      "chains": [
        "Paradex Chain",
        "Starknet"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program",
        "privacy",
        "options",
        "spot",
        "commodities"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "XP",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "dynamic",
        "taker": "dynamic",
        "notes": "Paradex supports retail and pro/fast-lane modes, so effective fees can vary by product and execution path."
      },
      "pros": [
        "Own Paradex appchain built on Starknet",
        "Supports futures, options, spot and commodities with privacy features",
        "Active XP/referral rewards surface"
      ],
      "cons": [
        "Effective fees depend on product and execution mode",
        "XP and token details should be checked before assuming a fixed airdrop path"
      ],
      "editorScore": 7.8,
      "scoreNote": "Paradex Chain venue with XP, privacy features and broad product scope.",
      "volume24h": 13796540,
      "openInterest": 9903907,
      "updated": "2026-06-23"
    },
    {
      "slug": "hibachi",
      "name": "Hibachi",
      "url": "https://perpradar.app/perp-dex/hibachi",
      "website": "https://hibachi.xyz",
      "status": "live",
      "description": "Privacy-first perp DEX with zero maker fees and active rewards.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "zero-fee",
        "points-program",
        "privacy"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0%",
        "taker": "0.045%"
      },
      "pros": [
        "Privacy-first positioning with zero maker fee",
        "No launched token listed and active rewards are tracked"
      ],
      "cons": [
        "Privacy implementation details need careful source checking before making stronger claims",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.9,
      "scoreNote": "Privacy-first venue with zero maker fee and active rewards.",
      "volume24h": 11996968,
      "openInterest": 2734011,
      "updated": "2026-06-23"
    },
    {
      "slug": "ethereal",
      "name": "Ethereal",
      "url": "https://perpradar.app/perp-dex/ethereal",
      "website": "https://www.ethereal.trade",
      "status": "live",
      "description": "Perp DEX connected to the Ethena ecosystem with zero maker fees and active rewards.",
      "chains": [
        "Ethena"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "zero-fee",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0%",
        "taker": "0.03%"
      },
      "pros": [
        "Ethena-connected perp venue with no launched token listed",
        "Zero maker fee and active rewards make it relevant for incentives tracking"
      ],
      "cons": [
        "Ecosystem-specific chain label may need rechecking as infrastructure evolves",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.8,
      "scoreNote": "Ethena-connected venue with active rewards; infrastructure details need monitoring.",
      "volume24h": 10153969,
      "openInterest": 46426897,
      "updated": "2026-06-23"
    },
    {
      "slug": "hotstuff",
      "name": "Hotstuff",
      "url": "https://perpradar.app/perp-dex/hotstuff",
      "website": "https://www.hotstuff.trade",
      "status": "live",
      "description": "Early perp DEX with maker rebates, low taker fees and active rewards.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "-0.002%",
        "taker": "0.025%"
      },
      "pros": [
        "Maker rebate and low listed taker fee",
        "No launched token listed and active rewards are tracked"
      ],
      "cons": [
        "Early venue with relatively limited tracked liquidity",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.5,
      "scoreNote": "Maker rebate plus active rewards, but early liquidity profile.",
      "volume24h": 7643762,
      "openInterest": 5153185,
      "updated": "2026-06-23"
    },
    {
      "slug": "perpl",
      "name": "Perpl",
      "url": "https://perpradar.app/perp-dex/perpl",
      "website": "https://app.perpl.xyz",
      "status": "live",
      "description": "New perp DEX with an active rewards program and low listed open interest.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.019%",
        "taker": "0.05%"
      },
      "pros": [
        "No launched token listed and active rewards are tracked",
        "Straightforward maker/taker fee display"
      ],
      "cons": [
        "Very low listed open interest in the current dataset",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.3,
      "scoreNote": "Early rewards venue with low current open interest.",
      "volume24h": 7468784,
      "openInterest": 226137,
      "updated": "2026-06-23"
    },
    {
      "slug": "01xyz",
      "name": "01",
      "url": "https://perpradar.app/perp-dex/01xyz",
      "website": "https://01.xyz",
      "status": "live",
      "description": "Solana-based perp DEX with an active rewards program.",
      "chains": [
        "Solana"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.01%",
        "taker": "0.035%"
      },
      "pros": [
        "Solana venue with no launched token listed",
        "Active rewards and low displayed base taker fee"
      ],
      "cons": [
        "Public liquidity and open-interest numbers are still modest",
        "Rewards details can change quickly"
      ],
      "editorScore": 7.2,
      "scoreNote": "Early Solana venue with active rewards, but modest public liquidity.",
      "volume24h": 5780068,
      "openInterest": 2261701,
      "updated": "2026-06-23"
    },
    {
      "slug": "hyena",
      "name": "HYENA",
      "url": "https://perpradar.app/perp-dex/hyena",
      "website": "https://www.hyena.trade",
      "status": "live",
      "description": "Early-stage perp DEX with active rewards and no confirmed token launch.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.0167%",
        "taker": "0.05%"
      },
      "pros": [
        "No launched token listed and active rewards are tracked",
        "Tracked open interest is larger than its 24h volume, which makes it worth monitoring"
      ],
      "cons": [
        "Early-stage venue with limited public context",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.2,
      "scoreNote": "Early active-rewards venue with limited public context.",
      "volume24h": 2557996,
      "openInterest": 21104067,
      "updated": "2026-06-23"
    },
    {
      "slug": "avantis",
      "name": "Avantis",
      "url": "https://perpradar.app/perp-dex/avantis",
      "website": "https://www.avantisfi.com",
      "status": "live",
      "description": "Base-native perp DEX for crypto, forex and commodities with a live AVNT token.",
      "chains": [
        "Base"
      ],
      "features": [
        "amm",
        "self-custodial",
        "rwa",
        "forex",
        "commodities",
        "high-leverage"
      ],
      "token": {
        "symbol": "$AVNT",
        "launched": true
      },
      "airdrop": {
        "status": "active",
        "label": "Season 3",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.06%",
        "taker": "0.06%"
      },
      "pros": [
        "Base-native venue with crypto, forex and commodity exposure",
        "AVNT token is live while Season 3 incentives are tracked",
        "Simple one-chain UX compared with multi-chain venues"
      ],
      "cons": [
        "Token already launched, so future upside is campaign-specific",
        "Oracle/synthetic market mechanics differ from a pure orderbook"
      ],
      "editorScore": 7.8,
      "scoreNote": "Base-native synthetic perp venue with live AVNT and Season 3 incentives.",
      "volume24h": 899518,
      "openInterest": 8422524,
      "updated": "2026-06-23"
    },
    {
      "slug": "rocket",
      "name": "Rocket",
      "url": "https://perpradar.app/perp-dex/rocket",
      "website": "https://beta.rocketfi.io",
      "status": "live",
      "description": "Early beta perp DEX with low fees and an active rewards label.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.01%",
        "taker": "0.01%"
      },
      "pros": [
        "Low 0.01%/0.01% listed fee display",
        "No launched token listed and active rewards are tracked"
      ],
      "cons": [
        "Beta venue with very low listed volume and open interest",
        "Rewards details can change quickly"
      ],
      "editorScore": 6,
      "scoreNote": "Beta rewards venue with low listed fees and very small public metrics.",
      "volume24h": 223859,
      "openInterest": 65924,
      "updated": "2026-06-23"
    },
    {
      "slug": "drift",
      "name": "Drift",
      "url": "https://perpradar.app/perp-dex/drift",
      "website": "https://app.drift.trade",
      "status": "live",
      "description": "Leading Solana perp DEX with a live DRIFT token, rich tooling and maker rebates.",
      "chains": [
        "Solana"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "low-fee",
        "vaults"
      ],
      "token": {
        "symbol": "$DRIFT",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "-0.0025%",
        "taker": "0.035%"
      },
      "pros": [
        "Mature Solana derivatives venue with live DRIFT token",
        "Maker rebate and vault/tooling ecosystem are visible strengths"
      ],
      "cons": [
        "Public volume coverage is limited",
        "Token already launched, so airdrop upside may be lower"
      ],
      "editorScore": 7.6,
      "scoreNote": "Mature Solana derivatives venue with live token, maker rebates and vault tooling.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "ventuals",
      "name": "Ventuals",
      "url": "https://perpradar.app/perp-dex/ventuals",
      "website": "https://ventuals.com",
      "status": "live",
      "description": "Perp DEX with active rewards and a focus on simple trading access.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.03%",
        "taker": "0.09%"
      },
      "pros": [
        "No launched token listed and active rewards are tracked",
        "Simple fee schedule for comparison"
      ],
      "cons": [
        "Public volume coverage is limited",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.2,
      "scoreNote": "Early rewards venue with limited public volume coverage.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "felix",
      "name": "Felix",
      "url": "https://perpradar.app/perp-dex/felix",
      "website": "https://www.usefelix.xyz",
      "status": "live",
      "description": "Hyperliquid ecosystem perp venue with active rewards and a growing market list.",
      "chains": [
        "Hyperliquid L1"
      ],
      "features": [
        "orderbook",
        "self-custodial",
        "points-program"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "active",
        "label": "Active",
        "howToQualify": "Trade volume and maintain activity while the rewards program is live.",
        "confidence": "medium"
      },
      "fees": {
        "maker": "0.03%",
        "taker": "0.09%"
      },
      "pros": [
        "Hyperliquid L1 ecosystem venue",
        "No launched token listed and active rewards are tracked"
      ],
      "cons": [
        "Public volume coverage is limited",
        "Rewards details can change quickly"
      ],
      "editorScore": 6.3,
      "scoreNote": "Hyperliquid ecosystem watchlist venue with limited public volume coverage.",
      "volume24h": null,
      "openInterest": 110791,
      "updated": "2026-06-23"
    },
    {
      "slug": "markets",
      "name": "Markets",
      "url": "https://perpradar.app/perp-dex/markets",
      "website": "https://markets.xyz",
      "status": "live",
      "description": "Perp DEX with a live token and current low public metric coverage.",
      "chains": [
        "Ethereum"
      ],
      "features": [
        "orderbook",
        "self-custodial"
      ],
      "token": {
        "symbol": "$KNTQ",
        "launched": true
      },
      "airdrop": {
        "status": "none",
        "label": "Not active",
        "confidence": "high"
      },
      "fees": {
        "maker": "0.038%",
        "taker": "0.0431%"
      },
      "pros": [
        "Live KNTQ token status is clearly marked",
        "Public maker/taker fee values are available for comparison"
      ],
      "cons": [
        "Public volume coverage is limited",
        "Token already launched, so airdrop upside may be lower"
      ],
      "editorScore": 6.1,
      "scoreNote": "Live-token venue with public fees but limited metric coverage.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "nunchi",
      "name": "Nunchi",
      "url": "https://perpradar.app/perp-dex/nunchi",
      "website": "https://nunchi.trade",
      "status": "upcoming",
      "description": "Upcoming perp DEX to watch before launch.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.8,
      "scoreNote": "Pre-launch watchlist entry with slightly stronger watchlist signal.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "gte",
      "name": "GTE",
      "url": "https://perpradar.app/perp-dex/gte",
      "website": "https://www.gte.xyz",
      "status": "upcoming",
      "description": "Upcoming trading venue from the MegaETH ecosystem.",
      "chains": [
        "MegaETH"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.8,
      "scoreNote": "MegaETH ecosystem watchlist venue with strong narrative but pre-launch risk.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "drake",
      "name": "Drake",
      "url": "https://perpradar.app/perp-dex/drake",
      "website": "https://drake.exchange",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "noise",
      "name": "Noise",
      "url": "https://perpradar.app/perp-dex/noise",
      "website": "https://www.noise.xyz",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "euphoria",
      "name": "Euphoria",
      "url": "https://perpradar.app/perp-dex/euphoria",
      "website": "https://euphoria.finance",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "polyester",
      "name": "Polyester",
      "url": "https://perpradar.app/perp-dex/polyester",
      "website": "https://polyester.com",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "cascade",
      "name": "Cascade",
      "url": "https://perpradar.app/perp-dex/cascade",
      "website": "https://cascade.xyz",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "bulk",
      "name": "Bulk",
      "url": "https://perpradar.app/perp-dex/bulk",
      "website": "https://www.bulk.trade",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 3.2,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "hellotrade",
      "name": "HelloTrade",
      "url": "https://perpradar.app/perp-dex/hellotrade",
      "website": "https://www.hello.trade",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.7,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "ondo",
      "name": "Ondo Perps",
      "url": "https://perpradar.app/perp-dex/ondo",
      "website": "https://www.ondoperps.xyz",
      "status": "upcoming",
      "description": "Upcoming Ondo-branded perp venue focused on tokenized market exposure.",
      "chains": [
        "Ondo"
      ],
      "features": [
        "upcoming",
        "rwa",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.8,
      "scoreNote": "Ondo-branded RWA watchlist venue; not launched yet.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    },
    {
      "slug": "bullet",
      "name": "Bullet",
      "url": "https://perpradar.app/perp-dex/bullet",
      "website": "https://bullet.xyz",
      "status": "upcoming",
      "description": "Upcoming perp DEX currently in pre-launch tracking.",
      "chains": [
        "TBA"
      ],
      "features": [
        "upcoming",
        "points-watch"
      ],
      "token": {
        "launched": false
      },
      "airdrop": {
        "status": "speculative",
        "label": "Not launched yet",
        "howToQualify": "Watch launch access, early campaigns and waitlist activity.",
        "confidence": "low"
      },
      "fees": {},
      "pros": [
        "Early watchlist opportunity before public launch",
        "Useful to monitor for future points or referral programs"
      ],
      "cons": [
        "Not launched yet",
        "Fees and liquidity are not public"
      ],
      "editorScore": 5.1,
      "scoreNote": "Pre-launch watchlist entry with limited public product data.",
      "volume24h": null,
      "openInterest": null,
      "updated": "2026-06-23"
    }
  ]
}