Perpetual DEXs (decentralized exchanges for perpetual futures) have turn into the newest battleground for merchants trying to farm profitable token airdrops.
The attraction is easy: merchants can accumulate factors by offering liquidity or executing trades. These factors later translate into tokens, generally price vital sums on the secondary market.
In 2025, this technique has developed right into a key play for retail merchants who wish to replicate the early success tales of exchanges like dYdX and Hyperliquid (HYPE).
Nevertheless, not all perp DEXs are created equal. Whereas some boast enterprise capital (VC) backing and billion-dollar volumes, others stay in beta with factors already altering fingers in OTC markets.
With zero-fee buying and selling fashions, aggressive liquidity, and level programs that convert into tokens at TGE (Token Era Occasions), exchanges like Lighter, Paradex, and Pacifica are attracting unprecedented consideration.
Lighter has shortly emerged as one of many hottest platforms for airdrop farming. Surpassing Hyperliquid to rank because the #2 perp alternate by quantity, it now experiences each day turnover exceeding $7 billion and an open curiosity of just about $1.4 billion.
Lighter TVL and Open Curiosity. Supply: DefiLlama
Backed by a16z (Andreessen Horowitz) and Lightspeed, and based by Vladimir Novakovski, a former HFT at Citadel, Lighter is positioning itself as a severe contender.
Merchants farm Lighter Factors, that are already valued at round $50 per level on the OTC market, with token distribution anticipated on the finish of December 2025. Factors are earned by buying and selling perpetual futures, becoming a member of competitions, and referrals.
What units Lighter aside is its zero-fee buying and selling mannequin, which permits real methods like funding arbitrage between platforms. Its level system additionally rewards liquidity provision in low open curiosity (OI) pairs, creating further incentives for risk-tolerant merchants.
In the meantime, Lighter provides a Consumer Pool for non-traders, the place deposits can earn factors passively, albeit with operator charges ranging between 5% and 30%. Nonetheless, the platform cautions that customers bear losses, making it much less interesting to inexperienced persons.
Nonetheless, Lighter is among the many high locations for high-volume farmers, due to its distinctive scoring system and institutional-grade backers.
Paradex has established itself as one other heavyweight within the perp DEX airdrops house, approaching the $100 billion mark in lifetime buying and selling quantity in September 2025.
The Paradex Perp Quantity. Supply: DefiLlama
Backed by Paradigm, Soar, Dragonfly, and DCG, it has the form of VC pedigree that pulls consideration. The alternate distributes 4 million XP each Friday, with Season 2 of its program underway.
OTC markets for Paradex XP (expertise factors) are already energetic, signaling sturdy demand forward of its token technology.
Importantly, 57.6% of its token provide is allotted to the neighborhood, with a big 20% Genesis Allocation put aside for early farmers. This makes it one of the community-focused token fashions available on the market.
“What stands out to me is their token mannequin. An enormous 57.6% of DIME is allotted to the neighborhood, with 20% reserved for Genesis Allocation,” wrote Pranjal Bora, an airdrop farmer and on-chain researcher.
In the meantime, Paradex’s adoption of Zero Payment Perps has been a significant draw, leveling the enjoying discipline with rivals like Lighter. Nevertheless, the platform lately prolonged Season 2 by six months, sparking complaints of level dilution and transparency points.
Merchants stay cut up, with some viewing it as a chance to build up extra XP, whereas others fear about delayed timelines.
Regardless of this, Paradex stays one of many strongest contenders, particularly for merchants who need publicity to a platform with deep liquidity and clear institutional backing.
Pacifica is the darkish horse on the checklist. Constructed on Solana by a former FTX group, the alternate remains to be in closed beta, but it already ranks among the many high 10 exchanges by buying and selling quantity.
Its factors system is dwell, valued at round $0.80 in OTC markets. Pacifica’s farming is simple, such that customers earn factors by means of perpetual buying and selling, neighborhood engagement (corresponding to bug experiences), and liquidity provision when LPs launch.
The platform has additionally launched discounted buying and selling charges throughout promotional home windows, encouraging new customers to build up factors extra cheaply.
With a smaller, community-driven method, Pacifica remains to be thought-about high-risk. Nevertheless, its rising adoption and early market curiosity counsel it may ship outsized rewards for these keen to place earlier than its mainnet launch.
Pacifica Perp Quantity. Supply: DefiLlama
A number of components past buying and selling exercise gasoline the race for perp DEX dominance in 2025. Amongst them is the promise of airdrop rewards that might rival early Blur and dYdX windfalls.
For merchants, the choice comes all the way down to threat tolerance:
Lighter provides high-volume alternatives with a robust zero-fee system.
Paradex offers transparency on allocations however faces questions over timing.
Pacifica represents a speculative wager with early momentum.
However, whereas perp DEX airdrop farming has turn into the newest gold rush in DeFi, customers ought to conduct their very own analysis.
