QFEX is next. 37% OFF trading fees with my referral https://teapawt.org/t.co/z70L3ImJUc
Joined July 2022
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A lot of people I trust keep asking me why I'm SO bullish on @QFEX when, for them, it's a massive RED FLAG.
Fair question, frendos. Let's talk about it.
First, the elephant in the room: the Bermuda situation.
Back in November 2025, Bermuda's financial regulator issued a warning after QFEX's website incorrectly claimed the company held a licence it didn't have.
QFEX took the website offline after being contacted.
Was it a mistake? Absolutely. Should it be ignored? No.
But does that automatically mean the team is building a scam? I don't think so.
For me, there's a big difference between a regulatory screw-up and evidence that an exchange is fundamentally fraudulent.
And I think this story has become much bigger on CT than its actual relevance to evaluating the product today.
Now, why am I so bullish?
1. The numbers.
In September, @QFEX averaged:
- $217.6M in open interest
- $182.4M in daily volume
- Just 0.84x daily volume/OI turnover
Now compare that with October 20:
- $280.5M in open interest (+28.9%)
- $372.8M in daily volume (+104.4%)
October's figures are a snapshot rather than monthly averages, but the difference is still impressive.
And here's what I find particularly interesting.
QFEX is currently the #2 tokenless perp DEX by OI in the ranking I'm looking at, behind only Variational.
Ahead of @arcus_xyz , @extendedapp , @risextrade and many others.
Everyone loves posting massive trading volumes, but volume alone tells you very little in an industry full of points farming and wash trading.
Open interest matters because it shows how much exposure traders are actually keeping open.
It doesn't prove that all activity is organic, but combined with volume and liquidity, it gives you a much better picture.
And QFEX is putting up these numbers without the kind of public points farming campaign driving activity on many competing DEXs.
That's what caught my attention.
⬇️⬇️⬇️
Market nuking, but DN helps you preserve capital while farming points.
Choosing the right protocols to farm is just as important.
Full conviction in @QFEX . The founder has made it clear: reward early users with a big airdrop and turn them into long-term stock traders.
Points are coming soon, and many will probably be late.
Already 230+ stocks listed (more than anyone else)
🤖 Made with AI
Well frendos, @QFEX is taking away the Loss Refund, but we've got a new campaign instead: Daily Auction, starting Monday, November 9.
- $2,000+ daily prize pool, growing with trading activity.
- Only odd-numbered positions in the top 20 win (1, 3, 5... 19).
- The higher your winning rank, the bigger your share.
- You need to register daily through the Rewards Hub and connect your X account.
The funny part? Nobody knows exactly how the score is calculated. I asked FLB and apparently figuring out how to stack more score is part of the game
So I guess we'll have to experiment a bit and figure out what works best.
Another incentive to keep trading on QFEX while farming invisible points. Start here with 37% fee discount: qfex.com/@MrButler
The discount will last throughout the entire Hidden Season.
Maybe @arcus_xyz is trying to tell us something: buy spot stocks at the bottom and use them as collateral.
Not a bad time to remind everyone that they have 190+ tokenized stocks, and I'm convinced they'll play a major role in the @RobinhoodCrypto Chain, whether as collateral or for future LPs...
Lmao, what a day. Can we call 11/05 the new 10/10, but for the entire market this time?
Embrace DN and precious metals... fuck the market.
Another week of @arcus_xyz points, another week where it’s still relatively easy to farm them.
78 points this week, bringing my total to 414.
- Week volume: $461K
- Avg OI: $60K
Still in the top 500, and I’ll try to keep it that way.
Rotation coming soon.
More details on the numbers in the replies.
Well frendos, another thing that makes @QFEX stand out. I think this will also show a lot of KOLs' true colors.
@QFEX just added a new feature for affiliates: sharing a percentage of referral fees with their referrals.
I've already set mine to the maximum allowed: 37% fee discount for all my referrals.
As I've said several times, I'm not really interested in earning referral fees. What I'm actually after is the potential points they might reward affiliates with in the future, as I believe those could end up being worth a lot more.
So, if you're already using my referral, enjoy the discount.
And if you're not, well, you know what to do. Switch to mine and save yourself some decent money on fees.
Almost 40% off trading fees is huge, imo: qfex.com/@MrButler
Attention @QFEX arbitrage farmers, this might interest you. Who am I kidding, it definitely will.
QFEX has changed its funding formula from Premium / 100 to Premium / 16, making funding 6.25x stronger at the same premium.
What does this mean?
- Higher funding payments: Great if you're on the receiving side, much worse if you're paying.
- More arbitrage opportunities: Higher funding could make certain DN setups much more profitable.
- More pressure on premiums: Stronger funding incentives could help close price gaps faster.
- More volatile funding: Holding positions for several days could become significantly more expensive.
Until now, finding arbitrage opportunities on QFEX was pretty straightforward. Funding was so neutral that you mostly just had to find another DEX paying decent funding on the opposite leg.
Exchange Update:
Starting 12:01 PM UTC on 3 November 2026, the denominator in F_final = P/100 will change from 100 to 16.
Please find the exact funding mechanism here:
docs.qfex.com/qfex/funding
The docs will be updated accordingly.
Been waiting for this post from @muarmemuar because, as he rightly points out, the team already made it clear that all activity during Season 0 will be taken into account and rewarded retroactively.
Not bad being #23 considering my first post about them was on August 8.
This just reinforces my theory that, despite being the largest tokenless perp DEX by the numbers (excluding Variational), @QFEX is still massively under the radar on CT.
Huge green flag imo. Don't be late on @QFEX
Focus on tangible metrics like open interest and trading volume, and stop making up imaginary scenarios about nonsense investors won't even care about: qfex.com/@MrButler
Back in early October, the @QFEX founder announced that QFEX Season 0 was underway, with early trading activity, product feedback, and community engagement being tracked retroactively ahead of the points program launch
That's why I built a second checker called Proof of QFEX, where you can see your contribution to the growth of this perp DEX through X activity - the community engagement part
I'm strongly against perp DEX meta turning into InfoFi, but I do believe there's a positive side to it when traders, airdrop farmers, and other users share the products they actually use publicly (in our case, on X). It benefits the perp DEX itself, its FDV, and the size of its airdrop. No perp DEX has ever succeeded without a community, and none ever will
Disclaimer: This checker does not guarantee you any airdrop or points from QFEX for your activity on X. It's created purely for fun. So please don't start spamming X with QFEX mentions in hopes of getting an airdrop or earning points for it
So feel free to check your stats and share them on X: proofofqfex.fun/
I'm bullish on the RWA meta for 2027-2028. Right now, QFEX is among the top 10 exchanges by RWA perps OI, and there are only three perp DEXs in that ranking: TradeXYZ, Variational, and QFEX. There's not much attention from CT yet since they haven't launched their points program. But once they do, I expect things to play out just like they did with Variational. It had been available for trading throughout 2025, but the real influx of users only came after the points program launched in December 2025
So if you're not trading on QFEX yet, here's a 10% fee discount: qfex.com/@muar
Btw, what other X activity checker would you like to see?
As expected, it's getting harder and harder to find good funding rate opportunities between @arcus_xyz and @QFEX .
It always happens. As protocols grow, these opportunities gradually disappear.
Hopefully we still have a few more weeks of free points ahead of us, but it's definitely getting tougher.
Closed some weekend positions that no longer had an edge and opened new ones.
- $BOT is paying a juicy +1,100% annualized APR on a low OI pair.
Current setup:
- Arcus OI: $60k
- QFEX OI: $75k (some directional trades included)
Eagerly waiting for QFEX pre-season points.
Reminder: Arcus and QFEX are currently the #1 and #2 tokenless perp DEXs by OI.
I still believe that if there's a big winner in 2027, it'll come from these two or Risex.
The race is getting interesting, frendos.
People keep asking those of us telling him to do some research before posting nonsense: "Is he wrong? "
Yes, he is. Completely
@HyperliquidX itself doesn't need to introduce KYC.
US-facing builders operating regulated markets on @HyperliquidX can implement KYC and restrict access to those specific markets without affecting the rest of the protocol.
There's a huge difference between KYC at the application level and KYC at the protocol level.
That's literally the beauty of permissionless infrastructure.
Maybe spend five minutes understanding how Hyperliquid works before calling decentralization a facade.
Both @arcus_xyz and @QFEX are following a similar path to @variational_io last year:
- No paid KOLs.
- You need to generate volume to unlock referral codes.
- Very low referral rewards (QFEX has changed this with its affiliate program, but there are still very few affiliates).
Yet, they're the two tokenless DEXs with the strongest organic growth in volume and OI, excluding Variational. Interesting.
I expect their volume and OI to keep growing after the Extended and Variational airdrops, and I wouldn't be surprised if they copied another thing Variational did right: boosting referral points for early believers.
Don't wait until OI hits $500M. Farming points will only get harder.
Just a month ago, they were sitting at $150–200M OI. Now they're already at $300–400M 🫡🫡
qfex.com/@MrButler
app.arcus.xyz/ref/MRBUTLER
Democratizing access to U.S. markets.
@arcus_xyz Head of Operations Roselynn Chang explains the mission to expand global access through 24/7 trading, tokenized stocks, and lower platform fees.
To all @HyperliquidX chads, please don’t fall for this ASTER lover’s engagement farming.
Don’t engage with the post. Just report and block this retard. Don’t waste your time on accounts like this, they bring absolutely zero value.
You wanted to farm engagement? Well, you’re about to get 2,000 blocks and reports for LARPing instead.
Yesterday, ICE (NYSE's parent company) confirmed its partnership with TradeXYZ to bring Hyperliquid-based perpetual markets to the US.
Today, these chads list it.
236 live RWA markets. More than anyone else.
TradFi tokenization is the next winning horse. What are you waiting for?
And the rumors about @QFEX points coming soon are knocking louder and louder at my door.
qfex.com/@MrButler
After yesterday’s two headlines about HL making its way to the NYSE and CZ getting Binance hacked, I hope people finally realize that:
- The only thing you should HODL is $HYPE.
- And points from DEXs focused on RWA assets while farming DN
Every week I push harder, yet I keep dropping in the @arcus_xyz rankings. I like it.
83 points with $260k in volume.
Volume and OI keep growing exponentially on the platform, despite there still being no referral program.
It's coming soon though, and I hope the point boosts will be tier-based hehe.
Points breakdown by @PointsGoblin in the next post.
You didn't think I'd sneak my referral link in there? lmao
app.arcus.xyz/ref/MRBUTLER
While people are busy arguing about trivial stuff that shouldn't even be up for debate because of how obvious it is, the boss has spoken.
He just dedicated an entire article to something most people probably don't even know exists (I literally just learned about it myself, ngl): the internal state of an order.
This is what I like about @QFEX . An engineering-first mindset focused on reliability and getting the fundamentals right, rather than flashy features or aggressive marketing campaigns.
Sometimes you don't need to reinvent the wheel. You just need to solve the real problems that production exchanges face.
And do it properly.
Desired Orders Are Not Live Orders
In the next part of my series on building an HFT system, I talk about order tracking and some of the hidden race conditions that can bring an automated system to its knees. A must read!
open.substack.com/pub/crosst…
They hit $400M in OI today. Are you waiting for 500M or what?
qfex.com/@MrButler