My take: a perp DEX can only be considered truly early-stage if it doesn't have a points program yet.
Once points are introduced, speculation starts. People begin estimating airdrop valuations, farming becomes a thing, and the points system itself turns into a powerful marketing engine that attracts thousands - sometimes tens of thousands - of users.
So here's my tier list of perp DEXs that still don't have points programs.
S Tier
@tradexyz - do I even need to explain this one?
By now everyone knows they're absolute gigachads in the perp DEX space. Just yesterday, news broke that the CFTC is considering blocking CME's proposal for 24/7 oil trading after CME raised concerns about
@HyperliquidX. TradeXYZ has played a meaningful role in pushing the industry forward as well.
It seems unlikely they need a points program, an airdrop, or even a token. But who knows.
A Tier
@risextrade - perp DEX built on
@risechain ($9.2M raised), backed by
@galaxyhq,
@VitalikButerin,
@StaniKulechov, and others. Access is currently invite-only.
FCFS invite codes:
WO1YEGEX
24W7BXFG
4RZSQU6P
Need more? DM me.
@get_truenorth - a perp DEX integrating AI-driven on-chain analysis, technical analysis, and market intelligence. Their AI aggregates information from 40 sources simultaneously and generates trading insights tailored to your preferences. What differentiates TrueNorth from most perp DEXs is its heavy focus on analytics and AI-powered signal discovery.
I believe the combination of perp trading and AI could become the next major narrative in the sector, just as RWA is one of the dominant narratives today.
Founders
@moonshot6666 - PhD in Machine Learning, ex-NVIDIA, ex-Intel.
@WillyChuang - built and exited a SaaS company after Series B, built WOO X, now focused on TrueNorth.
Raised $3M from
@Delphi_Digital,
@GSR_io,
@cyberfund , and others.
Points are being tracked retroactively. If you want a 15% points boost:
app.true-north.xyz/ref/MUAR
@slx_fi - Built by a team of 6 engineers, many of whom come from Citadel, Jump, Jane Street, and other quant backgrounds. Led by
@0xdoug, founder of Ambient Finance ($6.5M raised).
If you've previously used Ambient, that activity will be taken into account once the Superluminal perp DEX launches.
Currently whitelist-only -
slx.fi/?ref=SL-56895F. The more referrals you bring, the earlier you'll get access.
B Tier
@hellotradeapp - perp DEX building on
@monad ($4.6M raised), backed by
@dragonfly_xyz and
@mirana. Whitelist-only for now.
Current personal activity:
- TradeXYZ - trading organically using a delta-neutral strategy combined with funding-rate arbitrage across multiple perp DEXs.
- RiseX - actively trading via the market-making bot provided by
@tread_fi -
app.tread.fi/referral/39KUWV…
- TrueNorth - primarily using their AI analytics stack, which has been genuinely helpful for trade research and decision-making.
- Superluminal - currently waiting for access; I've only completed the whitelist so far.
- Hello Trade - whitelist submitted as well, now waiting for access.