Top Pre-TGE Perp DEXs to Watch in 2026

2026 might be the year of Perp DEX tokens.

With Lighter just successfully launching its TGE at the end of last year (and LIT already finding its feet in the market), a lot of eyes are turning to what’s next in the perp DEX space.

Another wave of strong launches looks likely in 2026. Several perp DEXs are still pre-TGE, running active points programs and generating meaningful on-chain volume.

If you’re looking to position early, here’s a list of the top pre-TGE perp DEXs, ranked by 30D volume on DefiLlama.

Top Pre-TGE Perp DEXs by 30D Volume (DefiLlama)

EdgeX (@edgeX_exchange)

• 30D Perpetual Volume Ranking: #4

• 30D Volume: $91.005B

• Funding: Incubated by Amber Group

EdgeX is a high-performance perpetual and spot DEX built on StarkEx (Ethereum L2 ZK-rollup technology), offering ultra-low latency execution, deep liquidity, and self-custodial trading with mobile/web apps.

Specializes in professional-grade orderbook trading with up to 200,000 TPS and forced withdrawal safety nets.

GRVT (@grvt_io)

• 30D Perpetual Volume Ranking: #6

• 30D Volume: $35.683B

• Funding: $35M raised (QCP Singapore, ABCDE Capital, Further Ventures, etc.)

GRVT is a hybrid cryptocurrency derivatives exchange built on ZKsync Validium L2, combining CEX-level user experience with full self-custody and zero-knowledge privacy for perpetuals and options trading.

Pioneering "hybrid exchange" model to bridge TradFi and DeFi; strong emphasis on regulatory compliance and scalability for institutional/retail users.

Paradex (@paradex)

• 30D Perpetual Volume Ranking: #7

• 30D Volume: $30.249B

• Funding: Incubated by Paradigm (institutional liquidity platform for crypto derivatives)

Paradex is a zero-fee perpetuals DEX with privacy features, built on Starknet's high-performance appchain, supporting deep liquidity across hundreds of markets including crypto and pre-markets.

Focuses on unified DeFi ecosystem with atomic settlements, institutional-grade privacy, and mobile-optimized trading.

Extended (@extendedapp)

• 30D Perpetual Volume Ranking: #8

• 30D Volume: $29.309B

• Funding: $6.5M raised (StarkWare, Semantic Ventures, Cherry Crypto)

Extended is a high-performance decentralized perpetual futures exchange on Starknet, offering over 50 markets (crypto and TradFi assets like gold, oil, S&P 500, NASDAQ), up to 100x leverage, deep liquidity, low fees, and seamless EVM wallet connectivity without bridging.

Founded by ex-Revolut executives and led by CEO Ruslan Fakhrutdinov (former Head of Crypto at Revolut). Migrated from StarkEx to Starknet in 2025 for full composability.

Pacifica (@pacifica_fi)

• 30D Perpetual Volume Ranking: #9

• 30D Volume: $17.783B

• Funding: Self-funded

Pacifica is a Solana-native hybrid perpetual futures DEX with AI-powered tools, off-chain order matching for speed, and on-chain settlement for security/transparency.

Expertise from Binance, FTX (incl. ex-COO Constance Wang), Jane Street, Fidelity, OpenAI; prioritizes trader-first design without native token incentives.

Reya (@reya_xyz)

• 30D Perpetual Volume Ranking: #10

• 30D Volume: $14.615B

• Funding: $19M raised (Coinbase Ventures, Stani Kulechow, Framework Ventures, etc.)

Reya is a high-performance perpetual futures DEX built on Reya Chain (a trading-optimized L2 with based rollup architecture on Ethereum), featuring millisecond execution, gasless trades, deep shared liquidity via passive pools, and MEV-resistant FIFO matching.

Founded by DeFi veterans behind Voltz Protocol; specializes in capital-efficient margining (up to 3.5x better for traders), cross-collateralization with yield-bearing assets, and institutional-grade performance secured by Ethereum validators.

Trade.xyz (@tradexyz)

• 30D Perpetual Volume Ranking: #11

• 30D Volume: $11.684B

• Funding: Self-funded

Trade.xyz is a specialized perpetuals DEX deployed on Hyperliquid L1 (via HIP-3), offering direct access to Hypercore's high-speed on-chain orderbook while focusing on non-crypto assets like US equities and indices for 24/7 trading.

Built by the Hyperunit team; standout feature is enabling around-the-clock liquidity for traditional stock perpetuals, with ultra-low fees and permissionless market deployment on Hyperliquid's ecosystem.

Nado (@nadoHQ)

• 30D Perpetual Volume Ranking: #12

• 30D Volume: $10.341B

• Funding: Undisclosed

Nado is a high-performance central limit orderbook (CLOB) DEX built on Ink (Kraken's Ethereum L2), offering unified cross-margin trading for spot, margin, and perpetual futures with CEX-like 5-15ms latency and full self-custody.

Developed by core contributors from the Kraken team; specializes in superior capital efficiency through dynamic collateral netting, integrated money markets, and a liquidity provider vault that captures yields from trading flows.

Variational (@variational_io)

• 30D Perpetual Volume Ranking: #17

• 30D Volume: $9.65B

• Funding: $13M (Coinbase Ventures, Dragonfly, Sequoia Capital, etc.)

Variational is a peer-to-peer derivatives trading protocol on Arbitrum, powering apps like Omni (retail perpetuals platform) with support for hundreds of markets, zero trading fees, and aggregated liquidity via a Request-for-Quote (RFQ) model.

Founded by ex-Genesis Trading executives with deep market-making expertise; standout innovation is bilateral settlement for customizable derivatives (including exotics and options), rapid asset listing, and direct revenue redistribution to users and liquidity providers.

Based (@BasedOneX)

• 30D Perpetual Volume Ranking: #29

• 30D Volume: $3.491B

• Funding: Undisclosed (Delphi Ventures, Ethena)

Based is a professional-grade trading frontend (super-app) built on Hyperliquid L1, offering seamless access to Hyperliquid's high-performance on-chain orderbook for perpetual futures with advanced tools, points farming, and rewards integration.

Rapidly became the dominant app on Hyperliquid, capturing significant market share through superior user experience and revenue generation for traders and liquidity providers.

Ostium (@OstiumLabs)

• 30D Perpetual Volume Ranking: #34

• 30D Volume: $2.377B

• Funding: $24M (General Catalyst, Jump Crypto, Coinbase Ventures, etc.)

Ostium is a decentralized perpetuals exchange on Arbitrum specializing in synthetic exposure to real-world assets (commodities like gold/oil, forex, stocks, indices) alongside crypto, using an RFQ model for tight spreads and deep liquidity without tokenization.

Founded by Harvard alumni with Bridgewater experience; focuses on disrupting traditional CFD brokers by providing transparent, self-custodial, on-chain alternatives with verifiable execution and no broker counterparty risk.

Ethereal (@etherealdex)

• 30D Perpetual Volume Ranking: #37

• 30D Volume: $1.563B

• Funding: Undisclosed

Ethereal is a non-custodial spot and perpetuals DEX built on the Ethena Network (as a high-performance L3 appchain), using USDe as primary collateral for CEX-level execution with sub-20ms latency and full self-custody.

Ethena-native project approved by ENA governance for deep integration; designed as the flagship on-chain venue for hedging and trading around USDe, with rewards in yield-bearing stablecoins and potential token allocation to ENA holders.

Vest (@VestExchange)

• 30D Perpetual Volume Ranking: #39

• 30D Volume: $1.286B

• Funding: $5M raised (Jane Street, Amber Group, Big Brain Holdings, etc)

Vest is a decentralized perpetual futures exchange on Arbitrum featuring a zkRisk engine for real-time risk pricing, unlimited open interest, rapid asset listings (including long-tail and real-world assets), and highly capital-efficient liquidity without insolvency risk.

Specializes in democratizing access to thousands of markets (crypto, equities, forex) with fair, manipulation-resistant pricing and no OI caps.

Astros (@astros_ag)

• 30D Perpetual Volume Ranking: #58

• 30D Volume: $170.35M

• Funding: Incubated by NAVI Protocol (Sui's leading liquidity protocol)

Astros is a native perpetual futures DEX on Sui, offering high-leverage trading with deep liquidity through direct integration with NAVI Protocol's lending pools for enhanced capital efficiency and real yield generation.

Founded by Jerry Liu; positions Sui as a top derivatives hub by leveraging the chain's high performance and creating a self-sustaining trading-lending ecosystem without reliance on token incentives.

Hibachi (@hibachi_xyz)

• 30D Perpetual Volume Ranking: #64

• 30D Volume: $204.34M

• Funding: $5M raised (Dragonfly, Electric Capital, echo)

Hibachi is a privacy-first decentralized perpetuals exchange on Arbitrum and Base, featuring an off-chain CLOB for sub-10ms latency, zk-encrypted positions/balances via Celestia DA, and full on-chain settlement with proof of solvency.

Founded by elite team from Citadel, Tower Research, IMC, Meta, Google, and Hashflow; pioneers "provable" trading with institutional-grade privacy, speed rivaling CEXs, and no compromises on self-custody.

Bullpen (@BullpenFi)

• 30D Perpetual Volume Ranking: #71

• 30D Volume: $162.09M

• Funding: Undisclosed (Delphi Ventures, 6th Man Ventures)

Bullpen is an on-chain trading terminal providing seamless access to perpetual futures and spot trading on Hyperliquid L1, Solana spot markets (including memecoins), and prediction markets via Polymarket, all in a unified, mobile-friendly interface.

Co-founded by influential trader Ansem; focuses on professional-grade tools, one-click execution, and cross-protocol aggregation for retail and pro traders.

Liquid (@liquidtrading)

• 30D Perpetual Volume Ranking: #72

• 30D Volume: $156.55M

• Funding: $7.6M raised (Paradigm, General Catalyst, Alpen Capital, etc.)

Liquid is a non-custodial perpetual DEX aggregator that unifies top venues like Hyperliquid, Lighter, and Ostium into a single mobile-first app, offering cross-platform position management, yield vaults, real-time analytics, and automated risk tools.

Founded by Franklyn Wang (ex-Two Sigma AI head); specializes in simplifying fragmented perp trading with best execution, reduced fees, and institutional-grade features while maintaining full self-custody across multiple chains.

StandX (@StandX_Official)

• Funding: Self-funded

StandX is a decentralized perpetual futures DEX operating on Solana and BNB Chain, featuring high-performance trading with DUSD (a native yield-bearing stablecoin) as the exclusive margin collateral for automatic passive yields without staking or lockups.

Founded by experienced team including ex-Binance Futures leads and Goldman Sachs engineers; innovates by making idle margin capital productive while maintaining delta-neutral platform design and points campaigns for traders/LPs.

Backpack (@Backpack)

• 30D Volume: $32B (perpetual futures)

• Funding: $37M raised (Placeholder, FTX Ventures, Wintermute, etc.)

Backpack Exchange is a regulated centralized cryptocurrency exchange (CEX) offering spot, margin, and perpetual futures trading with cross-collateral, borrow-lending, and low fees, integrated seamlessly with the multi-chain Backpack self-custodial wallet.

Founded by Armani Ferrante (Coral team behind Mad Lads xNFTs); stands out as a hybrid wallet-exchange platform with strong Solana roots, EU regulation via FTX EU acquisition, and high-volume perps rivaling major CEXs.

Public Testnet

Decibel (@DecibelTrade)

• Funding: Undisclosed

Decibel is a fully on-chain trading engine built natively on Aptos, unifying spot trading, perpetual futures, and yield strategies in a single cross-margin, multi-collateral interface with CEX-like speed and sub-second finality. Developed in collaboration with Aptos Labs and the Decibel Foundation; backed directly by Aptos Labs, designed as a neutral, composable execution layer for global on-chain markets; currently in public testnet.

How to Farm:

• Visit app.decibel.trade, connect Aptos wallet, mint test USDC, and trade (perps, spot, vaults) for volume-based XP and rankings.

• Join Trading Arena competitions.

• Join pre-deposit waitlist at decibel.trade.

RiseX (@risextrade)

• Funding: Undisclosed

RiseX (RISEx) is the flagship integrated perpetuals DEX on Rise Chain (a high-performance Ethereum L2), featuring fully on-chain orderbooks, shared liquidity via MarketCore, CEX-grade execution, and programmable market deployment for spot/perps with future support for options and predictions.

Powered by Rise Chain's ultra-low latency infrastructure (incorporating acquired BSX Labs technology); positions itself as the home for global on-chain markets; currently in public testnet ahead of early 2026 mainnet launch.

How to Farm:

• Go to testnet.rise.trade, connect EVM wallet, claim test USDC.

• Trade perps daily with volume/leverage for points.

Others - Need Access Code

01.xyz (@01Exchange)

• Current Status: Private Testnet (invite-only access)

• Funding: Undisclosed

01.xyz is a decentralized perpetual futures exchange powered by the N1 blockchain (utilizing the high-performance NordVM Engine), delivering CEX-level speed, low latency, and feature-rich orderbooks while maintaining full on-chain transparency and self-custody. Built by experienced traders focused on precision and edge; currently in private testnet phase, positioning itself as a next-generation venue for unrestricted-scale perpetual trading on a purpose-built Layer 1 infrastructure.

How to Farm:

• Access is invite-only; no public codes yet.

• To get a code, monitor/reply to @01Exchange posts, engage with community members sharing codes, or DM active users.

• Once in, trade heavily, invite friends, participate in events/leaderboards.

Cascade (@cascade_xyz)

• Current Status: Early access deposits live (invite-only access); trading not yet live

• Funding: $15M raised (Coinbase Ventures, Polychain Capital, Variant Fund, etc)

Cascade is a high-performance perpetuals DEX on Arbitrum, emphasizing deep liquidity, tight spreads, and institutional-grade execution for crypto and potentially broader asset classes.

Gaining momentum with liquidity strategies and reward points ahead of full trading launch.

How to Farm:

• Strictly invite-only; need a code to deposit/pre-allocate.

• Codes drop limited/randomly to waitlist users or via community.

• Once coded: Deposit/pre-allocate into CLS (recent caps ~$1-3M total, $10K per account) to earn points.

Source: DefiLlama (as per Jan 5), SoSoValue, CryptoRank. Information compiled and structured with help from Grok.

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