Perpetual DEXs use points programs as a cheap user acquisition tool: trade now, redeem for tokens later. For arbitrageurs running delta-neutral pairs, this is essentially free yield on top of the funding spread. Here's what's live right now and how to evaluate each.
Tier 1 — Active and Worth Farming
Hyperliquid (HYPE points → token live)
The original points campaign turned multi-billion airdrop. Points are accrued from volume, market making, and referrals. The token launched late 2024 but the second airdrop tranche is still TBD — current activity counts toward it. Best for users who want exposure to a mature, liquid venue.
Aster (ASTER token launched, stage 5+ ongoing)
Binance-affiliated perpetual DEX with multi-stage points campaign. Stage 5 added boosts for liquidity providers. Volume traded on the long leg counts; pair it with Binance funding-rate shorts for maximum efficiency.
Lighter (Standard Account, points active)
zkSync-based perp with 0 bps maker fees on Standard accounts. Volume + market-making both earn points. The 0 fees mean even tight funding spreads stay profitable after costs — pairs well as the long leg against any CEX short.
dreamcash / HyENA (Hyperliquid HIP-3 sub-DEXs)
New ecosystem deployments on Hyperliquid's HIP-3 framework. Smaller TVL but earlier-stage points distribution — higher reward-per-dollar for early users. Worth a small allocation to test.
Tier 2 — Confirmed but Pre-TGE
- Backpack (BP token, Q1 2026 TGE) — 25% airdrop with no insider allocation. Solana CLOB perps.
- edgeX (EDGE token, pre-TGE) — Starknet L2 with 4h funding intervals. Points → token end of Q1.
- GRVT (GRVT token, season 2 ends June 30) — ZK-rollup perps, EVM compatible.
- Paradex (DIME token, season 2 ends Feb 2026) — StarkNet L2 with maker rebates.
How to Evaluate a Points Program
Four questions before you allocate capital:
- What's the points-per-dollar rate? Look for official docs or community spreadsheets. Some programs cap daily earnings.
- Is there a token launched yet, or is it still speculative? Pre-TGE programs are higher risk/reward; post-TGE programs trade at known multiples.
- What's the lock-up after TGE? Hyperliquid distributed unlocked; many newer programs cliff/vest over 6–12 months.
- Does volume on the SHORT leg also count, or only the LONG leg? Some venues (Aster) credit both directions; most only credit one side.
The Combined Play
The highest-yielding setup right now: long a DEX with active points (Hyperliquid / Aster / Lighter) while shorting the matching perp on a CEX with high funding (Binance / Bybit / OKX). You earn the spread + points credit on the long leg. If both rates are favorable, the points are nearly pure alpha.
Use the screener (filter to "DEX" on the long side, CEX on the short, sort by spread) to find live setups. Cross-reference the long-leg DEX against this list to confirm points are still being distributed.