Top Perpetual DEXs With Upcoming Airdrops: Lighter, edgeX, Paradex, Reya & More (2024)

Perpetual decentralized exchanges (perp DEXs) have rapidly become the backbone of on-chain derivatives trading, offering innovative opportunities for traders and airdrop hunters alike. With the 2024-2025 cycle heating up, a handful of platforms stand out for their high trading volumes, robust reward programs, and confirmed or anticipated airdrops. This guide focuses on five standout projects: Lighter, edgeX, Paradex, Reya, and Pacifica. Each is carving out its own niche in the market while actively engaging users through point systems and community rewards, making them essential to watch for anyone interested in perpetual DEXs airdrops in 2024.

Why Perpetual DEXs Are Dominating Airdrop Farming in 2024

The surge in perp DEX activity is no accident. As centralized exchanges face regulatory scrutiny and users demand greater transparency, decentralized alternatives have responded with rapid innovation. The top five platforms highlighted here have all introduced point-based reward systems, zero-fee trading models, or unique liquidity incentives, mechanisms designed to attract both high-frequency traders and grassroots community members.

For example, Lighter’s daily trading volume has soared past $7 billion, outpacing even established players like Hyperliquid. Meanwhile, edgeX leverages StarkEx’s zero-knowledge proof rollup technology to achieve industry-leading performance metrics, processing up to 200,000 orders per second with sub-10ms latency. These technical advancements not only improve user experience but also set the stage for more lucrative airdrop campaigns as platforms race to capture market share.

Lighter: Zero-Fee Trading and High-Value Points

Lighter has quickly become one of the most talked-about names among perpetual DEX enthusiasts. Its zero-fee trading model is especially appealing for high-volume traders seeking to maximize returns from both trading activity and point accumulation. Lighter Points are currently valued at $50 per point in OTC markets, a striking figure that has motivated significant user participation ahead of its anticipated token release by December 2025.

The platform’s credibility is further reinforced by backing from major investors such as a16z. If you’re looking for one of the most generous perp DEX airdrops this year, Lighter should be at the top of your watchlist.

edgeX: Technological Edge Meets Airdrop Potential

edgeX stands out through its technological prowess. Built on StarkWare’s StarkEx infrastructure, edgeX offers unmatched speed (up to 200,000 orders per second) and ultra-low latency (under 10 milliseconds): features that rival even centralized exchanges. In September 2025 alone, edgeX set an industry revenue record with $49.47 million in cumulative revenue, underscoring both its adoption and profitability.

The platform has hinted at significant airdrop potential tied to ongoing point farming programs. Traders who prioritize cutting-edge technology alongside strong reward structures will find edgeX particularly compelling.

Top 5 Perp DEXs: Volume Growth & Airdrop Status (2024)

1. 

   Lighter: Trading Volume Growth: Daily trading volumes now exceed $7 billion, outpacing major competitors. Airdrop Status: Lighter Points are actively distributed and valued at $50 per point in OTC markets. The official token launch is expected by the end of December 2025. Key Highlights: Zero-fee trading, strong a16z backing, and high user engagement.

2. 

   edgeX: Trading Volume Growth: Achieved $49.47 million in cumulative revenue as of September 2025, ranking second in the perp DEX sector. Airdrop Status: edgeX runs an active points program, with rewards anticipated to lead to an airdrop. Key Highlights: Built on StarkEx technology, supports up to 200,000 orders/sec, and features sub-10ms latency.

3. 

   Paradex: Trading Volume Growth: Approaching $100 billion in lifetime trading volume. Airdrop Status: Weekly distributions of 4 million XP to users, with 57.6% of token supply allocated for community airdrops. Key Highlights: Deep liquidity, strong VC backing, and a user-focused token model.

4. 

   Reya: Trading Volume Growth: Rapid growth as a modular Layer 2 DEX on Arbitrum Orbit, with deep liquidity and high capital efficiency. Airdrop Status: Reya Chain Points (RCP) program live since April 2024, rewarding trading, staking, and community tasks. Official airdrop confirmed. Key Highlights: Backed by Framework Ventures, Coinbase Ventures; $16 million in funding.

5. 

   Pacifica: Trading Volume Growth: Ranked in the top 10 DEXs by trading volume during closed beta. Airdrop Status: Points system live, with points trading at $0.80 in OTC markets. Farming is straightforward via trading and community engagement. Key Highlights: Built on Solana by ex-FTX engineers, user-friendly point farming.

Paradex: Community-Centric Rewards and Deep Liquidity

Paradex takes a distinctly community-first approach by allocating 57.6% of its token supply directly to users. This model ensures that active participants are well-positioned for substantial rewards when the official token launches. Nearly $100 billion in lifetime trading volume highlights Paradex’s deep liquidity, a critical factor for serious traders seeking tight spreads and reliable execution.

The platform distributes Experience Points (XP) weekly, 4 million XP each cycle, allowing consistent contributors to steadily build their eligibility for future token drops. While some have voiced concerns about extended farming timelines, Paradex remains one of the most transparent projects when it comes to communicating eligibility requirements.

Reya: Modular Layer 2 Innovation and Multi-Channel Rewards

Reya is rapidly gaining traction among airdrop hunters thanks to its modular Layer 2 architecture, built on Arbitrum Orbit. The platform is engineered for deep liquidity and high capital efficiency, two pillars that attract both institutional and retail DeFi traders. Reya’s Reya Chain Points (RCP) program, active since April 2024, rewards users for trading, staking, and participating in community initiatives. This multi-channel approach broadens eligibility for the anticipated $REYA token airdrop, making it accessible to both active traders and engaged community members.

Backed by a notable roster of investors including Framework Ventures and Coinbase Ventures (with $16 million in funding), Reya’s blend of technical innovation and reward transparency positions it as a top contender in the current perp DEX landscape. If you’re seeking a platform where your activity across multiple verticals can translate into meaningful airdrop eligibility, Reya deserves your attention.

Pacifica: Solana Speed with Straightforward Airdrop Farming

Pacifica, developed by former FTX engineers on Solana, is already making waves despite being in closed beta. With trading volumes placing it among the top 10 exchanges globally, Pacifica offers an intuitive points system that has become central to its user engagement strategy. Points currently trade at around $0.80 each in OTC markets, providing real-time feedback on the value of participation even before any official token launch.

The simplicity of Pacifica’s farming model, earn points through trading perpetuals or engaging with the community, lowers the barrier to entry for new users while still rewarding high-frequency activity. As liquidity pools roll out, additional earning avenues will emerge, further increasing potential rewards for early adopters.

How to Maximize Your Perp DEX Airdrop Eligibility

Navigating the evolving landscape of perpetual DEXs requires more than just trading volume; timing, engagement consistency, and strategic use of platform features are all vital. Here are some actionable steps to enhance your eligibility across Lighter, edgeX, Paradex, Reya, and Pacifica:

• Stay Active: Regularly trade perpetual contracts or provide liquidity where available.
• Engage with Community Programs: Participate in tasks or governance initiatives tied to point distributions.
• Track Point Valuations: Monitor OTC markets for real-time point prices, currently $50/point on Lighter and $0.80/point on Pacifica, to assess opportunity costs versus rewards.
• Diversify Participation: Don’t limit yourself to one platform; spread your activity across multiple DEXs to maximize aggregate eligibility.

Key Takeaways for Perpetual DEX Airdrop Hunters

The competitive rush between Lighter, edgeX, Paradex, Reya, and Pacifica is not only raising the bar for decentralized derivatives trading but also creating unprecedented opportunities for proactive users. With point valuations transparent in secondary markets ($50 per Lighter Point; $0.80 per Pacifica Point) and most platforms confirming or hinting at significant token allocations to users within months, now is the time to act strategically rather than passively observe from the sidelines.

If you want deeper comparative analysis or ongoing updates about these projects’ performance metrics, including trading volume rankings, consider exploring specialized resources like HyperliquidNow’s tier lists or their guides on high-frequency trading strategies within decentralized perps (see here). Staying informed can mean the difference between catching an early wave or missing out entirely.

About the Author

Rachel Forrester

Author

Rachel Forrester is a risk management specialist with 8 years in the derivatives markets, holding an FRM certification. She focuses on helping traders develop robust risk frameworks for both perp DEXs and synthetic equity products. Rachel is passionate about financial education and transparent reporting. "Risk is not a four-letter word."

Author's website Author's posts