The exchanges I farm.
My personal perpetuals shortlist. Explore each venue’s chain, strengths, backers and referral terms, with official sources you can check.
Ostium
Oracle-priced marketsAn Arbitrum venue for leveraged exposure to currencies, commodities, equities, indices and crypto. Trades use oracle-based pricing and USDC settlement, with institutional hedging behind the protocol’s liquidity model.
Paradex
Order booksAn Ethereum-settled exchange L2 with private account state, orderbook trading and a zero-fee retail orders. Its XP program rewards activity, while standard API trading follows a separate fee schedule.
2 active programs
Perpl
Order booksA perpetual exchange with matching, execution and settlement on Monad. Perpl uses AUSD collateral and an onchain limit order book, with optional relaying to make routine trading easier.
2 active programs
Phoenix
Order booksSolana perpetuals from Ellipsis Labs, combining a conventional limit order book with continuously updated spline liquidity. This profile covers Phoenix Perpetuals, distinct from the earlier Phoenix spot exchange.
1 active program
Reya
Order booksA dedicated trading network whose v2 orderbook entered private beta on 28 September 2026. Access currently opens in controlled waves.
1 active program
Trade.xyz
Order booksAn independent Hyperliquid market deployer for stock, index, commodity, currency and pre-IPO perpetuals, with USDC settlement and market-specific trading parameters.
Variational
RFQ marketsArbitrum-based derivatives protocol behind Omni, an RFQ trading venue with no separate trading commission and liquidity supplied through OLP.
1 active program