Pache

Over time, airdrop farming gets simple: if you don’t scale capital, your expected returns shrink. As time goes on, airdrop farming has a simple problem: if you don’t keep putting more capital in, your expected return keeps going down. From mid-2025 to now (early 2026), most of the real “lifechanging” airdrops have come from perp DEXes. So yes, I’m still focused on perpdex today. But my strategy is pretty simple and strict. I don’t think blind, mindless farming has a good risk/reward anymore. I only farm when one of these two conditions is met: There is a fixed, time based points program (weekly or for a defined period), and I can get in early. It’s not just wash trading for an airdrop. There has to be a structural or system-level difference versus other perpdexes or CEXes that creates real trading opportunities so I can make money while farming. These two rules are basically my filter for whether I touch a farming opportunity or not. I’ll also talk about a few perpdexes I’m actively using right now. 1) @01Exchange 01xyz is built on @N1Chain , and it’s currently one of only two apps live on the chain. They’re running a 30-week points program. The first 10 weeks are private, invite-only, with a fixed points system. During this phase, the number of participants is capped, which means a small group gets to split a fixed amount of points. No idea how the public phase will look, but for the private phase, there’s basically no reason not to do it. I’ve been in since the beta. I recently got a few invite codes as well — if you’re doing $5M+ volume on other perps, DM me. I can share an invite. 2) @variational_io & @extendedapp Both are running points programs right now. For Variational, points distribution already started, so I’m no longer doing wash trading there. Like I said earlier, for both Variational and Extended, I’m only trading when there’s a real system / structural edge: CEX <-> perpdex or perpdex <-> perpdex price differences, funding rate gaps, etc. This way, you’re not farming points aggressively but your actual trading cost converges to ~0. Which, in this environment, is honestly one of the best ways to farm.