The Next Big Airdrops? 3 Perp DEXs Traders Can’t Stop Farming
Perpetual DEXs (decentralized exchanges for perpetual futures) have change into the newest battleground for merchants trying to farm profitable token airdrops.
The enchantment is straightforward: merchants can accumulate factors by offering liquidity or executing trades. Those factors later translate into tokens, generally value important sums on the secondary market.
The Top 3 Perp DEXs Airdrop Farmers Should Probably Watch
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).
However, not all perp DEXs are created equal. While some boast enterprise capital (VC) backing and billion-dollar volumes, others stay in beta with factors already altering palms in OTC markets.
With zero-fee trading models, aggressive liquidity, and level methods that convert into tokens at TGE (Token Generation Events), exchanges like Lighter, Paradex, and Pacifica are attracting unprecedented consideration.
Lighter
Lighter has rapidly 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.
Backed by a16z (Andreessen Horowitz) and Lightspeed, and based by Vladimir Novakovski, a former HFT at Citadel, Lighter is positioning itself as a critical contender.
Traders farm Lighter Points, that are already valued at round $50 per level on the OTC market, with token distribution anticipated on the finish of December 2025. Points are earned by (*3*), 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 additional incentives for risk-tolerant merchants.
Meanwhile, Lighter affords a User Pool for non-traders, the place deposits can earn factors passively, albeit with operator charges ranging between 5% and 30%. Still, the platform cautions that customers bear losses, making it much less interesting to newbies.
Nonetheless, Lighter is among the many prime locations for high-volume farmers, because of its distinctive scoring system and institutional-grade backers.
Paradex
Paradex has established itself as one other heavyweight within the perp DEX airdrops area, approaching the $100 billion mark in lifetime buying and selling quantity in September 2025.
Backed by Paradigm, Jump, Dragonfly, and DCG, it has the type 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 lively, signaling robust demand forward of its token era.
Importantly, 57.6% of its token provide is allotted to the group, with a big 20% Genesis Allocation put aside for early farmers. This makes it one of the crucial community-focused token fashions in the marketplace.
“What stands out to me is their token mannequin. A large 57.6% of DIME is allotted to the group, with 20% reserved for Genesis Allocation,” wrote Pranjal Bora, an airdrop farmer and on-chain researcher.
Meanwhile, Paradex’s adoption of Zero Fee Perps has been a significant draw, leveling the enjoying discipline with rivals like Lighter. However, the platform not too long ago prolonged Season 2 by six months, sparking complaints of level dilution and transparency points.
Traders stay cut up, with some viewing it as a chance to build up extra XP, whereas others fear about delayed timelines.
Despite 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
Pacifica is the darkish horse on the listing. Built on Solana by a former FTX team, the alternate remains to be in closed beta, but it already ranks among the many prime 10 exchanges by buying and selling quantity.
Its factors system is stay, valued at round $0.80 in OTC markets. Pacifica’s farming is easy, such that customers earn factors via perpetual buying and selling, group engagement (similar to bug experiences), and liquidity provision when LPs launch.
The platform has additionally launched discounted trading fees 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. However, its rising adoption and early market curiosity counsel it might ship outsized rewards for these keen to place earlier than its mainnet launch.
Multiple components past buying and selling exercise gas the race for perp DEX dominance in 2025. Among them is the promise of airdrop rewards that would rival early Blur and dYdX windfalls.
For merchants, the choice comes all the way down to danger tolerance:
- Lighter affords high-volume alternatives with a robust zero-fee system.
- Paradex supplies transparency on allocations however faces questions over timing.
- Pacifica represents a speculative guess with early momentum.
Nevertheless, whereas perp DEX airdrop farming has change into the newest gold rush in DeFi, customers ought to conduct their very own analysis.
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