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Tokenless Perpetuals by Open Interest These are the perp DEXs still running without a token - meaning every one of them is a live airdrop bet. Ranked by open interest: • @tradexyz - $3.35B OI • @variational_io - $1.36B OI • @grvt_io - $364M OI • @Antarctic_Ex - $266M OI • @gmtrade_xyz - $247M OI • @extendedapp - $197M OI • @pacifica_fi - $102M OI • @VestExchange - $76.1M OI • @StandX_Official - $75M OI • @nadoHQ - $65.8M OI TradeXYZ holds more open interest than the other nine combined, though that's partly a Hyperliquid story - as a HIP-3 deployer it splits fees 50/50 back to the protocol underneath it. 🔗 @DefiLlama

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