The Next Big Airdrops? 3 Perp DEXs Traders Can’t Stop Farming

Core Insights - Perpetual DEXs have become a popular platform for traders seeking to earn token airdrops through liquidity provision and trading activities [1][2] - The strategy of airdrop farming has evolved significantly, with retail traders aiming to replicate the success of established exchanges like dYdX and Hyperliquid [2] - Not all perpetual DEXs are equal, with some having substantial venture capital backing and high trading volumes, while others are still in beta [2] Company Summaries Lighter - Lighter has rapidly gained traction, becoming the second-largest perpetual exchange by volume, reporting daily turnover exceeding $7 billion and open interest of nearly $1.4 billion [4] - Traders can earn Lighter Points, currently valued at around $50 each in the OTC market, through trading, competitions, and referrals, with token distribution expected by the end of December 2025 [6] - The platform features a zero-fee trading model and a unique point system that incentivizes liquidity provision in low open interest pairs, appealing to risk-tolerant traders [6][7] Paradex - Paradex has positioned itself as a significant player in the perpetual DEX airdrop space, nearing $100 billion in lifetime trading volume as of September 2025 [8] - The exchange is backed by prominent venture capital firms, including Paradigm, Jump, Dragonfly, and DCG, enhancing its credibility [8] - Paradex distributes 4 million XP tokens every Friday, with its airdrop program currently in Season 2 [8]