Best Perps DEX to Farm in 2025: Delta Neutral Strategies, Volume, Funding and the Platforms That Really Matter
Perpetual DEXes have become one of the strongest narratives in crypto.
This is no longer a passing trend: Perps DEX are a real, sustainable and growing sector, powered by volume and fees, not by VC rounds.
The Hyperliquid and Aster airdrops triggered a massive wave of new users.
Many are now arriving late, but if you know what to farm and how, you’re still early.
In this guide you’ll learn:
- The strategies that actually work
- How to farm points even if you're not a pro trader
- Which perps are paying the best rewards
- Real risks and how to minimize them
- My top 6 DEX picks (based on real farming, not hype)
- A full update after the “October 10 crash”
Let’s get into it.
Hype or reality?
Why Perps DEX Are Exploding Right Now
Perps DEX are growing fast for three main reasons:
1. A sustainable business model
They don't depend on VCs. They survive on fees.
If there is volume, the DEX thrives.
2. Fierce competition between platforms
Hyperliquid opened the door.
Aster, Lighter, Based, Pacifica, Extended… all compete to attract traders with incentives.
3. Large and continuous airdrops
Points trade at high value, so teams reward active users aggressively.
This alone makes farming worth it even with moderate fees.
Strategy for Non-Professionals: Delta Neutral (DN)
If you're not a professional trader, this is the top strategy.
The idea is simple:
- Open opposite positions on two DEX
- Minimize directional risk
- Keep a neutral market exposure
- Earn through funding or points
Basic example:
Long on one DEX and Short on another, with identical size.
Essential tools:
- Limit orders
- TWAP (but be careful: some DEX do not count TWAP toward points)
- Enough liquidity on both sides
- SmartArbitrage for analyzing funding between DEX
Two Ways to Farm Perps DEX
1) Volume Farming
The goal: generate points.
How to optimize:
- Large capital + low leverage → cheaper fees
- Small capital + higher leverage → more volume with less capital
- Always use limit orders
- Confirm liquidity on both sides
- Avoid market orders unless absolutely necessary
Volume is still the most straightforward way to climb point rankings.
2) Funding Fee Farming
This is the method for those who want to farm with less rotation.
Key points:
- Check funding between different DEX, not just inside one
- Analyze historical data to avoid isolated spikes
- Positions typically stay open longer
- You generate less volume, but you can cover fees or even profit
- Funding is hourly → opening/closing right after funding rarely works
Tip:
Simulate your break-even before opening a position, especially on high-fee DEX.
My Top Perps DEX Picks: The Ones Worth Farming
These are my personal selections based on real farming, not theory.
🟣 Aster DEX
https://www.asterdex.com/en/referral/7E918E
Aster remains one of the most efficient perps for farming points.
- Stage 3 is far less saturated
- Less competition = more points per user
- Potential to recover fees like in Stage 2
- Strong team and a token with room to grow
- Hot narrative thanks to similarities to Hyperliquid + its own mechanics
For me, Aster is mandatory.
🌊 Pacifica
https://app.pacifica.fi/?referral=conco
My favorite early-stage DEX.
- Very low competition
- No VCs
- A Hyperliquid-inspired model
- Private phase (referral or access code)
- Points still cheap and accessible
I believe point valuation will surprise many when the token launches.
🧠 Based (Hyperliquid Frontend)
Farming here is basically a 2×1:
- You're farming Based points
- And the future second Hyperliquid airdrop
Also:
- Reward boxes
- Polymarket integration
- Campaigns distributing additional tokens
- Season 2 brings major improvements
A must-have for any DN strategy.
🧩 Extended
https://app.extended.exchange/join/CONCO
The “hidden gem”.
- Very few wallets farming
- No hype → higher point return per user
- Steady pace
- Points accumulating quietly
Silent projects often surprise the most.
💼 Backpack Exchange
https://backpack.exchange/join/conco
If you’re okay with KYC, this is one of the best opportunities.
- Season 4 just started
- Increasing point probability
- Launchpad projects redistribute tokens depending on your level
- Built-in autolending (extra APY when not trading)
- They will be the first crypto exchange to list real stocks
- If they launch a token (highly likely), it could perform like BNB-style CEX tokens
Backpack is getting serious.
🕯️ Lighter
Now fully live on public mainnet.
- Zero fees for retail
- Optionally paying fees gives more points
- Perfect for DN paired with a DEX that does charge fees
- Spot in beta, full launch coming soon
- OTC point prices above $50
The only serious UI/UX rival to Hyperliquid.
Update After the October 10 Crash
After the mini-crash, I’ve noticed:
- Less competition in point rankings
- Better point allocation
- Fewer opportunistic farmers
- More room for stable DN strategies
That’s why: slow and steady.
This is a strong moment to continue accumulating.
My Current Strategy (Simple but Effective)
I combine two approaches:
1) Classic Delta Neutral when funding is positive
Keep positions longer and cover fees.
2) Smart volume generation when funding isn’t attractive
Taking advantage of price gaps between exchanges,
(mainly on BTC, with controlled leverage).
The ultimate goal:
➡️ What I spend in fees today gets paid back through airdrops tomorrow.
Sometimes perfect, sometimes not —
but with proper risk management, it works.
Important Considerations
- Always use stop loss, even in DN
- Calculate fees before doing anything
- SmartArbitrage prevents costly mistakes
- Don’t overexpose capital
- Always DYOR
- Don’t copy strategies you don’t understand
- Airdrops are probable, not guaranteed
Conclusion
Perps DEX are at their strongest moment ever.
Opportunities are everywhere — but not for those who trade without strategy.
If you want to farm intelligently:
- Choose the right platforms
- Execute carefully
- Prioritize DN
- Optimize funding or volume
- And always think long-term about airdrop returns
If you found this guide useful, save it, share it, and tell me:
Which DEX are you farming? Which one is working best for you?
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