Points farming is the closest thing crypto has to a free roll: several perpetual DEXs award points for trading before they launch a token, and those points have historically converted into sizeable airdrops. The smartest way to farm them is not to churn volume blindly — it is to run a delta-neutral funding-arbitrage position and farm points on the leg you are holding anyway. Same capital, two income streams.
How to read this list
A points program is only worth farming if (1) the venue has real liquidity you can trade at size, and (2) its funding rate diverges from another exchange so you can run the position delta-neutral instead of taking directional risk. Every venue below is tracked live on ORBIT, so you can check both in seconds.
The best points-farming perp DEXs in 2026
Pacifica (Solana)
A fast Solana perp DEX with an active pre-TGE points program and hourly funding that often diverges from CEX rates — one of the cleaner long-leg candidates. Read the full Pacifica review or see live Pacifica funding.
Variational, Ethereal, Hibachi, Reya, NADO, StandX, Extended
This cluster of newer DEXs all run active points programs across different chains and order-book models — Variational (RFQ), Ethereal (Ethena), Hibachi, Reya, NADO (Ink L2), StandX and Extended (Starknet). Liquidity and funding vary widely, so use the Funding Screener to find which one currently has the widest spread against a deep venue like Hyperliquid, then farm that leg. Live data: Variational, Ethereal, Hibachi, Reya, Extended.
dreamcash & HyENA (Hyperliquid HIP-3)
Two HIP-3 builders on Hyperliquid run their own points campaigns on top of HYPE-settled markets — a way to farm a fresh program while inheriting Hyperliquid-grade infrastructure.
The strategy: farm points delta-neutral
- Open the Funding Screener and sort by spread. Look for a points-active DEX whose funding diverges from a deep venue (Hyperliquid, Binance).
- Click the spread to backtest the pair — confirm the net funding PnL is positive after fees and slippage.
- Open equal long/short legs: long the lower-funding venue, short the higher one. Price moves cancel; you collect the funding spread.
- You are now farming points on the DEX leg for free — capital you were committing anyway. Estimate the value with the Points Calculator.
Frequently asked questions
Which perp DEX has the best points program right now?
It changes as programs launch and end. Among active pre-TGE venues, Pacifica, Variational and Ethereal draw the most farmer attention in 2026, but the "best" one for you is whichever currently offers a tradeable funding spread you can farm delta-neutral. Check the live screener.
Can I farm points without taking price risk?
Yes — that is the entire point of the delta-neutral approach. Hold an equal long and short across two venues so price moves cancel, and farm points on the DEX leg while collecting the funding spread.