i think this is one of the most underrated ways to farm perp dex points you farm @Lighter_xyz points while the trade itself stays in plus and @entropyIO points may count too in the future in the last couple of days you could have caught a couple of gap trades and they could have covered all your costs: fees, funding, everything so the points would have come almost for free, or even with profit you don't need to predict anything the market direction is cancelled out by the hedge all you need is to keep looking for opportunities check the gap between the two dexs on the pairs you already trade when it's too wide or too tight, you have a setup it takes a few minutes a day, and it's a lot cheaper than farming blindly not a guarantee: the gap can keep widening before it narrows, so size small and always count fees and funding first

from «just another points farm» to $340B in perp volume: @variational_io in 10 months dec 2025 - jan 2026 omni points launch traders come in to farm $VAR OI grows from ~$400M to ~$620M in the first weeks many saw another points farm, but behind it was an RFQ-based derivatives platform built to connect traders with liquidity providers february - may OI drops from ~$620M to ~$270M in a few days and then stays in the $300-450M range for months daily volume goes from $1-2B in january to $0.5-1B skeptics ask if the growth was real or just incentives meanwhile variational keeps improving liquidity, spreads and the revenue model sustainable demand is still the real challenge may - june $50M series A led by Dragonfly, Bain Capital Crypto and Coinbase Ventures participate the project expands into RWA markets gold, silver, copper and oil it moves beyond crypto perps toward onchain access to traditional markets OI starts growing again, back to ~$560M in june july - september variational pushes toward 100+ TradFi markets OI keeps climbing from ~$600M in july to ~$800M in august then launches swaps on sep 1 first with $US100 and $XAU swaps process $2.8B in lifetime volume in the first week the platform is turning from a single trading product into a broader derivatives ecosystem october OI hits an ATH of ~$1.14B daily volume spikes to $3.5-4.4B now OI is ~$925M > $339.5B cumulative perp volume (defillama) > 575 markets > $290.88M TVL, excluding OLP hedging accounts > $3.38M net profit over two weeks > $11.08M USDC in treasury the Q3 TGE is pushed to Q4 the team gets more time to build farmers keep waiting for $VAR but the bigger milestone is profitability variational reports more than volume and points what's next in less than a year variational went from a points farming opportunity to a derivatives platform across crypto and traditional markets with real volume, liquidity and reported profits now comes the real test will traders stay when points end can swaps and RWA sustain the growth the airdrop may reward users the numbers after it will show if variational becomes a lasting business

today a buy order for $VAR points appeared at $50 per point for comparison, otc was around $40 at the start of october one thing to keep in mind a bid is not a trade it only shows what someone is ready to pay, not where points actually sell but a few weeks before TGE the market clearly expects more my farming cost per point is around $10 so i'm watching this one closely

adding one more project to my rotation @QFEX 24/7 perps on stocks and commodities why it caught my attention: > no points, no crowd > it's in the top 10 exchanges by OI in RWA perps > only RWA trading here, zero crypto and the founder said they count all activity that's the reason i'm starting now, before there's any program or points there's also a loss refunds program running right now you register and trade at least $100k volume, and for each draw 20% of eligible losing traders get their realised loss for the reward period back, up to $2,000 draws happen every week how i'll trade it: calm and organic, delta-neutral against variational or lighter i haven't decided which one yet, i'll test where the result is better it's an addition to my main three, not a replacement, so i'm keeping the size small, no promises on points, they don't exist yet i'll share what i see after the first weeks ref: qfex.com/@r3ae2bf9

lighter finally put the robinhood chain points program into the docs, so i read it and here's what i took from it points come in two kinds: live points in real time and weekly points every friday both depend on volume, positions you hold and fees paid here's where i see the extra points: > the robinhood wallet mobile boost, up to 2x if you trade from the RH wallet app > the hedge boost, 2.5x on weekly points if you hedge your RH position on lighter core > so a long on RH and a short on core, or the other way around, depending on the market > some markets get their own boosts: earnings, pre-IPO and new listings this is the part that matters most to me, because delta-neutral is exactly what i'm doing anyway, and now it's also what the program pays extra for one more thing from the docs: wash trading and bots can get points removed, so don't try to cheat the system referral program: you get 10% of your referrals' points, and the person you invite gets +10% on weekly points ref: robinhoodchain.lighter.xyz/?…

new week, new numbers i traded less this time: > 202k volume > OI around 12-14k > avg hold time 18-20h > pairs i traded the most: $SNDK, $XAU, $XAG lighter rh gave less, as expected: > 11.19 points - $2.94 per point variational went the other way: > 2.83 points - $9.64 per point i didn't change anything this week, just kept doing my thing. i was a bit busy with other stuff, so the result dropped, but i'm going to keep doing it this week i want to get to 350-400k+ volume we keep grinding ref link: robinhoodchain.lighter.xyz/?…

there's a good setup right now on the $ANTH pair long on @entropyIO and short on @Lighter_xyz overnight the $ANTH price gap between the two perp dexs blew out you open a long on one and a short on the other, so the market direction cancels out what you're really trading is the gap between them if you wait for the gap to narrow back, for example to around 2 on the chart, you can close both legs for a small, nice + it works the other way too a couple of days ago the $ANTH gap got too tight, as you can see on the chart you could open a short on entropy and a long on lighter and today close the trade in profit as the gap widened again while you wait you also farm lighter points, so the trade can pay twice: on the gap and on the points look for moments like this and farm perp dexs with your head on remember: dyor, the gap can keep widening before it narrows fees, funding and liquidation risk are always on you, so size accordingly refs: entropy - entropy.io/?r=roky lighter - robinhoodchain.lighter.xyz/?…

what each point could return, if the farm goes as planned i'm counting from the max cost of a point, so this is the cautious version: @Lighter_xyz - x5-x6 @variational_io - x3-x4 @risextrade - x3-x5 @arcus_xyz - x2 @extendedapp - x0.7 @hibachi_xyz - x1-x1.5 @pacifica_fi - x0.5-x1 @nadoHQ - x1 @entropyIO - no points yet @QFEX - no points yet entropy and qfex have no points yet, so there's nothing to count this is my own estimate of what the points could pay, not a promise lighter, variational and risex are where the math looks best to me right now and one more thing: the early phase entropy and qfex have no points yet and almost no people. time shows that the ones who come in early get the most points, because the pool is split between a few wallets, not thousands that's why entropy is my main focus even with zero points today. being early costs a couple of trades a day and some margin, being late costs a diluted point early doesn't guarantee anything, there's no official word on points for either of them, so i size it like it can end at zero but i'd rather be early on a small size than late on a big one ref links: entropy - entropy.io/?r=roky ligther rh - robinhoodchain.lighter.xyz/?… risex - rise.trade/invite/roky

$LIT is at $3.62 and i'm more bullish on lighter than ever here's what stood out to me from the Q3 update: 100% of lighter's trading revenue goes into $LIT buybacks. 18.09M $LIT already bought back and burned, that's 7.24% of the initial 250M circulating supply OI (core + robinhood) is $1.64B, about 2x vs the previous quarter $137.67B in volume in Q3, and core passed 1M accounts exclusive perps partner inside Robinhood Wallet, with a 50/50 revenue split team and investor unlocks are linear over 36 months, no big one-time cliff, the first one is on january 29, 2027 binary options on asset price are already live, and regular european call and put options are planned before the end of 2026 and what's still ahead: lighterEVM mainnet by the end of 2026 and CFTC license applications in november buybacks every quarter, growing OI and a real distribution channel, and the market cap is still under $1B that's why i keep farming it with delta-neutral and holding my positions $LIT ath soon? 1 point = $20+? ref: robinhoodchain.lighter.xyz/?…

$PRL keeps pushing and is drawing a new ath on @entropyIO since my last post its oi doubled: from $4.15m to $9.13m price is around ~$2.50, +24% in 24 hours and it already holds the 3rd spot by OI on entropy, behind $ANTH ($43.14m) and $SNDK ($23.64m) funding on $PRL is +0.034% right now, so longs are paying for it it was listed just a week ago, and the pair already sits in the top three

the whale hunt on @entropyIO continues and this time the name is UnRektCapital wallet: 0x007d76eec0ba411ce873a8819df50dd443d967a0 an anonymous big trader on hyperliquid. the nickname shows up in onchain analytics and on entropy frontends, and earlier he was known as LilyNiko on Markets[dot]xyz his real name, twitter and any personal info are not public he's also top 13 among onchain traders on variational a known moment from march 2026: he became one of the biggest BTC shorts on hyperliquid reportedly ~616 BTC short at 40x, around $42M notional, entry near $72,144 one more serious wallet testing entropy, the whale list keeps growing ref: entropy.io/?r=roky

another ticker just showed up from @entropyIO $MOONSHOT they reportedly bought it for 574.98 $HYPE, about $46k starting price is 67.24, which by entropy's math is a ~$67B valuation for moonshot the last private round in october was ~$50B, and the company has reportedly filed confidentially for an IPO in hong kong, targeting Q1 2027 already visible in the hyperliquid metadata io:MOONSHOT: max leverage 6x, isolated margin only the market isn't open for trading yet, but we may soon be able to trade pre-ipo moonshot on entropy and it's one more sign that more projects are picking hyperliquid as the infrastructure for launching new markets ref: entropy.io/?r=roky

what could 1 @Lighter_xyz point be worth at the new year? lighter points started on august 21 with 65k points per week, and every week it grows by 5k last friday it was 105k. if the pattern holds, by the new year we get to ~155k per week that's ~2.09m points in total lighter officially allocated 11m $LIT for this campaign 11m / 2.09m = ~5.26 $LIT per point what 1 point is worth, depending on the $LIT price: > $4+ (bull case, back to the highs): $21+ > $3.1 (current price): $16.3 > $2.5: $13.2 > $2: $10.5 a point costs me $1-3 to farm. what that is in x: at $1 / $2 / $3 per point > $4+: 21x / 10.5x / 7x > $3.1: 16.3x / 8.2x / 5.4x > $2.5: 13.2x / 6.6x / 4.4x > $2: 10.5x / 5.3x / 3.5x what this tells me: the margin is thinner than it looks at first glance. at $2 $LIT and $3 per point it's only 3.5x, so the cost per point matters a lot here my last week was $1.44 per point, at the current price that's ~11x the price is the main risk. that's why my base cases are 3.1, 2.5 and 2, not a pump it's a rough model, not a promise: the numbers change if the weekly points or the price change, or if the campaign gets extended how i farm it: > organic volume, no wash trading, i hold trades 16-24h > delta-neutral together with variational and entropy, funding mostly covered the spread last week > premium to standard made no difference in weekly points, the gap is mostly in live points would be cool to get a gift for the new year like last year. it would be very symbolic, since it's exactly one year since the legendary lighter drop ref link that gives +10% weekly points boost: robinhoodchain.lighter.xyz/?…

OI @entropyIO keeps growing every week, and it's already $70m+ for reference: on september 1 it was $14.7m that's ~4.8x in about 7 weeks, +$55.3m of OI what's inside that number: $ANTH has the highest OI, $41.61m. that's ~59% of everything on entropy $PRL was listed just 5 days ago and already has $4.15m OI, ~6% of the total those two alone are about 65% of all OI what this tells me: new listings get picked up fast. $PRL went from zero to $4m in 5 days, so every new pair they list gets real attention right away but the OI is concentrated. the growth itself looks steady, not a one-day spike: after the jump in early september OI kept climbing with only small pullbacks OI is not volume, but it shows how much money people are willing to keep in positions, and that number keeps going up ref: entropy.io/?r=roky

what happens after the $VAR TGE @variational_io TGE is the most anticipated event of this year, and i think right after it there will be massive fomo across the whole market my guess is people will rush to farm everything that popular CT accounts push on them. whatever gets shilled the most is where the crowd will go and i think the biggest mistake will be jumping into everything at once. you spread the deposit thin and end up with a pile of tiny positions that earn close to nothing here are a couple of projects i'll be spending my time on: @entropyIO no points yet and almost no people, a very early stage. i trade pre-ipo markets 24/7, hold my trades, no wash trading, and they list a new pair every week @risextrade i'm going back to farming it after a month break. i keep seeing more bullish rumors about the project, but nothing official yet. i already have 500 points here and want to multiply them 3-4x be careful with new projects and don't spread your deposit all over the place

another interesting name showed up on the entropy leaderboard @Wanyewest69 wallet: 0x8607a7d180de23645db594d90621d837749408d5 a well-known whale in onchain and hyperliquid circles. back in january 2026 Arkham posted about him: «YOU'VE NEVER HEARD OF HIM BUT HE MADE $2 MILLION IN 24 HOURS» he's also ranked #27 among onchain traders on variational his wallet is $15.7M, with $13.7M of it on hyperliquid and on entropy: $13M equity, 30 open positions ref: entropy.io/?r=roky

a new project is showing up on my radar - @metricxyz it's a dex built on propAMM mechanics, already live on robinhood chain, bnb chain and ethereum you can swap, provide liquidity or deploy your own pool they claim ~20% of robinhood stock-token dex volume in their first ~24 hours since launch and a lot of RH KOLs are already pushing it there's also a screenshot going around on X about hidden points in their code. no official word on points, so take it as a maybe for now it's only in my notes, i'll keep an eye on it app.metric.xyz

my main focus right now is on these three perp dexs @entropyIO i farm it organically, holding my trades, no wash trading, and i trade only io markets. they list a new pair every week, right now i'm trading $SNDK and $ANTH @variational_io i'll keep farming it until the end of the campaign. i keep hearing the API should come out next week, and after that update point farming can change a lot, so i'll watch the situation @Lighter_xyz a perfect perp dex for a delta-neutral strategy, i run it together with variational and entropy it would be great to turn the points into tokens by new year, that would be a nice gift and a couple of x on my costs this is my main three. i'm afraid to spread my deposit across a bunch of different perp dexs, so for now i stay focused here the tier list can grow though, i'll add to it when something earns a spot refs: entropy.io/?r=roky robinhoodchain.lighter.xyz/?… (+10% weekly points boost)

my weekly lighter rh and variational points are out, here are my numbers stats for the week: > 254k volume > 16-24h average hold time > 22-25k OI > 3.5-4k margin on the account > pairs i traded the most: $SNDK, $GOOGL, $CRCL, $NVDA lighter rh result: 1.72 live points + 17.07 weekly points = 18.79 points total on 3.5-4k margin that's roughly 4.7-5.4 points per 1k margin cost: $1.44 per point variational result: same volume, same hold time, same OI = 2.5 points cost: $10.82 per point this week i moved lighter rh from premium to standard. i didn't notice any difference in the weekly points, as far as i can see the gap is mostly in live points funding was mostly in my favor this week and covered the spread between the perp dexs, so the point could have ended up free, but i made a few mistakes along the way, and i'm still happy with the result ref link: robinhoodchain.lighter.xyz/?…