12 emerging PerpDEXes, 8 months of OI/volume ratios (JanβAug)
Open positions Γ· same-day volume.
Why this ratio matters: volume can be rented, open interest can't. Points programs can manufacture churn on demand β and it leaves when the rewards do. Positions mean users trust the venue with margin overnight, and they generate recurring funding, liquidation and fee revenue. Volume is revenue; OI is deposits.
Last 30d, weekday average:
Where money parks
@variational_io 1.66Γ
@extendedapp 0.72Γ
@nadoHQ 0.70Γ
@grvt_io 0.54Γ
Middle
@risextrade 0.34Γ
@OndoPerps 0.32Γ
@arcus_xyz 0.28Γ
@StandX_Official 0.27Γ
@TxFlow_L1 0.25Γ
Where money rotates
@pacifica_fi 0.16Γ
@perpltrade 0.12Γ
@hibachi_xyz 0.10Γ
The playbook for low-ratio venues is clear:
1. Pay points on open interest and holding time, not volume β stop buying churn, start buying residence
2. Make size confident it can get in and out β depth and OI caps are trust for large positions
3. Give capital a reason to stay overnight β cross-margin, stable funding, an insurance fund, transparent books. Incentives create one-day deposits; structure creates one-month deposits
(Venues count OI/volume one-sided or double-counted inconsistently β everything here normalized to 1-side via trade-tape checks, contract source and docs. Dashed = basis undisclosed, Β±2Γ uncertainty)
TxFlow listened to the community again.
One of the main complaints about previous trading campaigns was pretty simple:
- Most incentives were focused on taker volume.
Great for generating activity, but not so great for farmers paying market-order fees over and over again.
Now @TxFlow_L1 is trying something different.
A new $8,000 USDC campaign where:
β Both MAKER + TAKER volume count
β The pool grows with total eligible trading volume
β Rewards are based on your share of eligible trading fees paid
β Maximum reward: 20% of the final pool per user
β Positions must remain open for at least 1 minute
β Manual trading only
The reward pool is smaller than in some previous campaigns, but now you can also use limit orders, where trading fees can be significantly cheaper.
For farmers, that's a pretty important change.
β οΈ Important: You need to click JOIN before trading.
And if you're currently enrolled in another TxFlow campaign, you'll need to switch campaigns and join this one. Your previous campaign progress is preserved, but new activity will only count toward the campaign you're currently enrolled in.
Once again:
Community raises an issue β TxFlow listens β TxFlow adapts.
I like that.
And for those of us farming TxFlow early, we now have another way to keep building activity without relying exclusively on market orders.
You didn't need another reason to trade on TxFlow. Here are 8,000 of them anyway.
ππ£πππ & ππππ ππ your portion of the pool in USDC, which grows with total participant volume.