Perpetual Dex Airdrops List with volume per day : My Personal one will be Hyperliquid and Variational > $5B d/vol: @Lighter_xyz @Aster_DEX @HyperliquidX @edgeX_exchange > $1B d/vol: @pacifica_fi @Backpack @OfficialApeXdex @reya_xyz @variational_io > $500M d/vol: @paradex @extendedapp @grvt_io @MYX_Finance @JupiterExchange @OrderlyNetwork > $200M d/vol: @DriftProtocol @HelixMarkets @dYdX > $50M d/vol: @avantisfi @BasedOneX @SatoriFinance @phantom @GMX_IO @OstiumLabs @GainsNetwork_io @tradeperps > $10M d/vol: @hibachi_xyz @KiloEx_perp @VestExchange @Merkle_Trade @MetaMask @AxiomExchange @DefxOfficial @BullpenFi @etherealdex > unreleased: @bulktrade @perpltrade @byreal_io
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The current ranking of perp DEXs by OI and market cap: #1 Hyperliquid - $9.77B OI, $66.6B FDV #2 Aster - $2.05B OI, $5.82B FDV #3 @variational_io - $1.08B OI #4 EdgeX - $850M OI, $1.36B FDV #5 Lighter - $807M OI, $1.34B FDV Based on the 4 perp DEXs that already have a token, the average FDV/OI ratio is 3.23x. However, Hyperliquid is a huge outlier with an FDV/OI ratio of 6.82x. Without Hyperliquid, the average FDV/OI ratio is 2.03x. So let's calculate a few potential FDV scenarios for Variational at TGE: 1⃣ At the current OI ($1.08B): 2.03x OI = $2.16B FDV (1 point ~ $60) 3.23x OI = $3.5B FDV (1 point ~ $100) I assume OI will keep growing with new RWA listings and everything the team is building. We should hit at least $2B-$3B in OI. 2⃣ For $2B OI: 2.03x OI = $4.06B FDV (1 point ~ $110) 3.23x OI = $6.46B FDV (1 point ~ $177) 3⃣ For $3B OI: 2.03x OI = $6.09B FDV (1 point ~ $164) 3.23x OI = $9.7B FDV (1 point ~ $265) Lighter launched at a $3B FDV with $1.4B OI, so this math makes total sense
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Everyone is talking about HYPE. At ~$68, it's sitting at roughly a $64B FDV. One of the craziest stats from the airdrop: 1 HYPE point ≈ $364 Which means someone with just 100 points ended up with a ~$36k airdrop. Now let's apply the same framework to Variational 👇 Assumptions: • 25% of supply goes to the community • Total points end around 9.2M • Final value per point depends entirely on FDV Here's what the math says: 🐻 Bear Case — $750M FDV → 1 point = $20.38 🟡 Base Case — $1.3B FDV → 1 point = $35.33 🐂 Bull Case — $2B FDV → 1 point = $54.35 For context... If Variational launched at the same FDV as HYPE did at TGE (~$4.2B): → 1 point = $114 And if it somehow reached HYPE's current FDV (~$64B): → 1 point = $1,739 Let that sink in. 100 points would be worth: • $2k in the bear case • $3.5k in the base case • $5.4k in the bull case • $11.4k at HYPE launch valuation • $174k at HYPE's current valuation
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