Perpetual DEXs have surged to the forefront of DeFi in 2025, with hundreds of billions in monthly trading volume and a new wave of sophisticated farming incentives. For yield farmers and airdrop hunters, knowing where to deploy capital is more important than ever. This guide zeroes in on the top 7 perpetual DEX platforms to farm in 2025, spotlighting those with the highest TVL, innovative features, and robust points or airdrop programs. Whether you’re optimizing for yield, multipliers, or early-stage alpha, these platforms are shaping the next era of decentralized perpetual trading.
Why Perp DEX Farming Is Exploding in 2025
The macro landscape has shifted decisively toward on-chain derivatives. In the wake of major CEX disruptions and regulatory headwinds, traders are demanding transparency, self-custody, and real yield. Perp DEXs now routinely process more than $300 billion per month in aggregate volume – a figure unthinkable just two years ago. Platforms like Hyperliquid (with $319 billion in July 2025 volume) are not just matching CEX liquidity but outpacing them for select pairs.
This growth is turbocharged by points programs, which reward early users with future token allocations or boosted yields. For savvy participants, farming points on emerging DEXs like Pacifica, ApeX Pro, and Ethereal Perp can be as lucrative as traditional liquidity mining was during DeFi Summer – but with far greater sophistication around risk management and infrastructure.
The Top 7 Perpetual DEX Platforms to Farm Right Now
Top 7 Perp DEXs to Farm in 2025
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Hyperliquid: The market leader in 2025, Hyperliquid boasts over $319 billion in monthly trading volume and dominates with 80% market share. Its HLP vault enables passive yield farming, while active points programs and frequent airdrops reward both traders and liquidity providers. Built on a custom Layer-1, it offers sub-second execution and supports 150+ pairs with up to 50x leverage.
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Aevo: Aevo is a high-performance perpetual DEX known for its advanced risk engine and robust points program. It offers deep liquidity, low fees, and supports a wide range of assets. Aevo’s points incentives are structured for both traders and liquidity providers, making it a top choice for those seeking early airdrop opportunities and sustainable farming yields.
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Pacifica: Pacifica is gaining traction for its innovative points farming system and streamlined user experience. With a focus on community-driven incentives, Pacifica’s points program is frequently highlighted by airdrop researchers as a must-watch for 2025. The platform emphasizes transparency and offers competitive yields for liquidity providers.
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ApeX Pro: ApeX Pro delivers a seamless trading experience with advanced order types and up to 50x leverage. Its active points program rewards both trading volume and liquidity provision, positioning users for potential airdrops. ApeX Pro’s robust security and high-speed execution make it a favorite among professional DeFi traders.
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Ethereal Perp: Ethereal Perp stands out for its unique dual-incentive model, combining points farming with direct yield opportunities. The platform is frequently mentioned in airdrop watchlists due to its transparent rewards system and growing TVL. Ethereal Perp supports a diverse set of assets and offers a user-friendly interface for both new and experienced farmers.
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ExtendedApp: ExtendedApp is recognized for its modular infrastructure and innovative farming mechanics. Its points program is designed to maximize user participation, offering multipliers for early adopters and liquidity providers. ExtendedApp’s flexible pools and cross-chain compatibility make it a strategic choice for yield maximization in 2025.
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Variational_io: Variational_io leverages advanced AMM technology to deliver capital-efficient perpetual trading. Its points and rewards program is structured to incentivize both volume and liquidity, with a focus on sustainable growth. The platform’s transparent governance and innovative features attract dedicated yield farmers and DeFi strategists.
1. Hyperliquid: The undisputed market leader by both TVL and trading volume. Built on its own Layer-1 with HyperBFT consensus for sub-second execution. HLP vaults offer passive yields for LPs while their points program remains one of the most sought-after in DeFi.
2. Aevo: Known for its advanced options-perps hybrid model. Aevo’s cross-margin engine enables capital efficiency across perps and options markets; their ongoing points program is attracting both sophisticated traders and institutional LPs.
3. Pacifica: A rising star frequently cited by airdrop researchers as an early-stage alpha opportunity. Pacifica’s innovative insurance fund structure lowers risk for LPs while its points system rewards both volume traders and liquidity providers.
4. ApeX Pro: ApeX Pro has carved out a niche among high-frequency traders thanks to low latency architecture and deep order books. Their dual-reward system (protocol fees and points) creates compelling stacking potential for active farmers.
5. Ethereal Perp: With cutting-edge oracle integrations and a strong focus on community governance incentives, Ethereal Perp’s TVL has climbed steadily throughout Q3 2025.
6. ExtendedApp: This platform stands out for its unified margin infrastructure – allowing users to manage spot/perps/collateral from a single account dashboard.
7. Variational_io: A favorite among DeFi power users who value composability; Variational_io’s farming program is designed around dynamic multipliers that reward early engagement.
Navigating TVL Rankings and Points Programs: What Matters Most?
Total Value Locked (TVL) remains the gold standard metric for platform health – but context matters deeply. For instance, some high-TVL platforms now offer lower marginal returns due to oversaturation. Meanwhile newer entrants like Pacifica or ExtendedApp may offer outsized rewards relative to risk due to their aggressive user acquisition strategies.
The structure of each platform’s points or rewards program is equally critical:
- Maturity curve: Are you earning at ground floor rates or entering after dilution?
- Sustainability: Does the protocol have mechanisms (fee buybacks/burns) supporting long-term yield?
This nuanced approach separates opportunistic farmers from true professionals who maximize upside while managing downside exposure across multiple protocols.
With the competitive landscape evolving rapidly, it’s not just about chasing the highest TVL or the flashiest interface. The real edge in 2025 comes from understanding how each platform structures its incentives, manages risk, and fosters long-term user engagement. Let’s break down what makes each of these top 7 perp DEXs unique for yield farmers and airdrop hunters.
Platform Deep Dives: Where to Farm and Why
Hyperliquid remains the benchmark for scale and reliability. Its HLP vaults continue to offer consistent yields, especially attractive for those seeking exposure to blue-chip trading pairs. The platform’s points program is still live, with regular snapshot updates keeping participants engaged. For those who missed early GMX or dYdX waves, Hyperliquid’s ecosystem offers a second chance at outsized rewards with robust security.
Aevo appeals to sophisticated traders who value capital efficiency. Their unified cross-margin system allows you to deploy collateral across perps and options seamlessly, reducing idle capital while boosting farming returns. Aevo’s points campaign prioritizes both trading activity and liquidity provision, making it ideal for active managers looking to maximize multipliers without overextending on any single market.
Pacifica, highlighted by several airdrop research groups as a top early-stage play, leverages an innovative insurance model that protects LPs from volatility spikes, a critical differentiator in today’s unpredictable markets. Pacifica’s points are weighted toward early engagement and meaningful liquidity depth, so nimble farmers can compound rewards before mainstream capital arrives.
ApeX Pro continues to dominate among high-frequency traders due to its low-latency matching engine and deep liquidity pools. The dual-reward structure (protocol fees plus points) allows users to stack returns efficiently; this is especially valuable during periods of heightened volatility when fee generation surges.
Ethereal Perp stands out for its blend of community-driven governance and technical innovation, particularly around oracle design and price feeds. Their points program is designed with long-term alignment in mind: active voters, LPs, and traders all accrue meaningful rewards as TVL grows organically.
ExtendedApp brings a new level of composability with its unified margin infrastructure, a game changer for those juggling spot holdings, perps exposure, and collateral management across DeFi. Early users benefit from boosted point multipliers as the platform scales up integrations with other DeFi primitives.
Variational_io, meanwhile, has quietly become a favorite among power users who seek dynamic risk/reward profiles. Its farming program features time-weighted multipliers that reward both patience and volume, ideal for those willing to commit capital over longer horizons rather than chasing short-term emissions.
Strategic Considerations: Farming Smarter in 2025
The best opportunities now require more than just capital deployment, they demand strategic cycling between platforms based on evolving points rulesets and TVL flows. For example:
- If Hyperliquid’s HLP vault APYs compress as more TVL enters, consider rotating into Pacifica or ExtendedApp where early-stage incentives remain rich.
- If Aevo launches limited-time multiplier events tied to options-perps synergy trades, allocate accordingly to capture short-term boosts before reverting back to core positions elsewhere.
- Monitor protocol governance forums, especially on Ethereal Perp, for signals about upcoming adjustments in reward formulas or tokenomics that could impact forward yields.
This dynamic approach not only maximizes your potential upside but also hedges against sudden shifts in program terms or platform risk profiles, a necessity amid the breakneck pace of DeFi innovation this cycle.
Key Metrics Dashboard: Stay Ahead of the Curve
ExtendedApp (EXTENDED) Price Prediction 2026-2031
Professional Forecast Based on Perp DEX Sector Growth, TVL Trends, and Market Adoption
| Year | Minimum Price (Bearish) | Average Price (Base) | Maximum Price (Bullish) | YoY % Change (Avg) | Market Scenario Insights |
|---|---|---|---|---|---|
| 2026 | $2.15 | $2.90 | $4.10 | +24% | Strong TVL growth across Perp DEXs; points programs drive user adoption |
| 2027 | $2.80 | $3.85 | $5.40 | +33% | Broader DeFi integration, new cross-chain features, and regulatory clarity |
| 2028 | $3.20 | $4.40 | $6.30 | +14% | Continued sector expansion, but increased competition tempers upside |
| 2029 | $2.95 | $4.05 | $6.80 | -8% | Possible mid-cycle correction; macroeconomic headwinds and regulatory uncertainty |
| 2030 | $3.60 | $5.20 | $8.10 | +28% | Renewed bull cycle, mass adoption of perpetual DEXs and institutional inflows |
| 2031 | $4.10 | $6.10 | $9.20 | +17% | Matured market, ExtendedApp establishes itself as a top-tier Perp DEX |
Price Prediction Summary
ExtendedApp (EXTENDED) is forecasted to experience robust price growth from 2026 through 2031, driven by the explosive adoption of perpetual DEXs, innovative points programs, and increasing TVL across the sector. While short-term corrections may occur, the overall trajectory remains positive, especially in bullish market scenarios. Investors should monitor both sector-wide trends and platform-specific innovations.
Key Factors Affecting ExtendedApp Price
- Sector-wide DeFi and Perp DEX adoption rates
- Success and sustainability of points programs
- Regulatory developments impacting DeFi
- Technological advancements and cross-chain compatibility
- Competition from established and emerging DEXs
- Macro market cycles and risk sentiment
Disclaimer: Cryptocurrency price predictions are speculative and based on current market analysis.
Actual prices may vary significantly due to market volatility, regulatory changes, and other factors.
Always do your own research before making investment decisions.
If you’re serious about maximizing yield farming returns, and positioning yourself for future airdrops, track these metrics closely:
- TVL growth rates: Rapidly accelerating TVL often signals new incentive waves or impending token launches.
- User retention and fee distribution: Platforms that retain users post-incentive phase often deliver sustainable yields over hype-driven competitors.
- Pace of product innovation: Unified margin infra (as seen on ExtendedApp) or composable farming (Variational_io) can unlock new strategies unavailable elsewhere.
Final Thoughts: Capture Alpha Before It Goes Mainstream
The perpetual DEX sector in 2025 is defined by rapid experimentation, and massive opportunity for those willing to stay nimble. By focusing on these seven platforms provides Hyperliquid, Aevo, Pacifica, ApeX Pro, Ethereal Perp, ExtendedApp and Variational_io: you position yourself at the cutting edge of DeFi yield optimization. Keep your eye on emerging points programs and evolving TVL rankings; alpha accrues fastest not just to first movers but also to those who adapt quickly when market conditions shift.
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