# ![@capy_onchain Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1318213059412975616.png) @capy_onchain CapyOnChain

CapyOnChain posts on X about perp, backpack, polymarket, perps the most. They currently have [---] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1318213059412975616/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1318213059412975616/c:line/m:interactions.svg)

- [--] Week [------] +126%
- [--] Month [------] +44%

### Mentions: [--] [#](/creator/twitter::1318213059412975616/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1318213059412975616/c:line/m:posts_active.svg)


### Followers: [---] [#](/creator/twitter::1318213059412975616/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1318213059412975616/c:line/m:followers.svg)

- [--] Week [---] +7.70%
- [--] Month [---] +28%

### CreatorRank: [-------] [#](/creator/twitter::1318213059412975616/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1318213059412975616/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  8% [exchanges](/list/exchanges)  5% [cryptocurrencies](/list/cryptocurrencies)  4% [countries](/list/countries)  1% [fashion brands](/list/fashion-brands)  1% [luxury brands](/list/luxury-brands)  1% [celebrities](/list/celebrities)  1% [social networks](/list/social-networks)  1% [technology brands](/list/technology-brands)  1%

**Social topic influence**
[perp](/topic/perp) #52, [backpack](/topic/backpack) #502, [polymarket](/topic/polymarket) #1803, [perps](/topic/perps) #91, [kalshi](/topic/kalshi) 11%, [list](/topic/list) #3845, [maker](/topic/maker) #834, [$500m](/topic/$500m) #56, [market](/topic/market) 5%, [hyperliquid](/topic/hyperliquid) 5%

**Top accounts mentioned or mentioned by**
[@variationalio](/creator/undefined) [@pacificafi](/creator/undefined) [@edgexexchange](/creator/undefined) [@extendedapp](/creator/undefined) [@grvtio](/creator/undefined) [@hibachixyz](/creator/undefined) [@paradex](/creator/undefined) [@backpack](/creator/undefined) [@etherealdex](/creator/undefined) [@hyenatrade](/creator/undefined) [@nadohq](/creator/undefined) [@reyaxyz](/creator/undefined) [@tradexyz](/creator/undefined) [@standxofficial](/creator/undefined) [@basedonex](/creator/undefined) [@kalshi](/creator/undefined) [@carbonterminal](/creator/undefined) [@risextrade](/creator/undefined) [@cascadexyz](/creator/undefined) [@ostiumlabs](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/bitcoin)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@successvalik @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade Many perps allocate around 2030% for the airdrop. If we assume a $500M FDV at launch (assuming the market actually recovers in autumn) that roughly gives you $0.5 per point. If instead we plug in a $300M FDV the implied point price comes out closer to $0.3"  
[X Link](https://x.com/capy_onchain/status/2022420780576051275)  2026-02-13T21:21Z [---] followers, [---] engagements


"@FrankoYodaa @variational_io Ive been looking into [--] but I havent decided to farm it yet. You need a lot of liquidity to properly cover all the perp DEXs so for now Im focusing on the perps from my list (especially S+ and S tier)"  
[X Link](https://x.com/capy_onchain/status/2022803817549435010)  2026-02-14T22:43Z [---] followers, [---] engagements


"I found a market maker on Polymarket. And it shouldnt exist. Polymarket has no official AMM. Yet one account has been acting like one for over a year. Meet cry.eth2. Nearly $185K in total profit tens of thousands of markets touched and an execution pattern that never stops. This isnt prediction trading. Its pure market structure exploitation. The bot enters markets the second they open locking in mathematically optimal prices before efficiency kicks in. It operates with strictly capped downside risking just a few cents while keeping upside that can run to [--]. It farms micro-spreads"  
[X Link](https://x.com/capy_onchain/status/2004573209488666955)  2025-12-26T15:21Z [---] followers, [----] engagements


"Hibachi is one of the most underrated perp DEXs for point farming right now. And low volume is exactly why. Heres the setup: Hibachi runs on relatively small daily volume ($1015M) yet distributes a fixed [------] points every week. That imbalance is where the opportunity is. Some key details: Active farming has been live for over [--] months Volumes dropped recently points are cheaper than earlier phases Built by the Hashflow team OTC estimates put points around $0.30.5 Invite-only access 0% maker / 0.03% taker fees Most traders ignore Hibachi because the volume looks small. But historically this"  
[X Link](https://x.com/capy_onchain/status/2013342488988123177)  2026-01-19T20:07Z [---] followers, [---] engagements


"Hibachi is a weird pick. Thats why point farming here is insanely efficient right now This is my bet on real early. @hibachi_xyz is perpdex built by the Hashflow team and is still extremely underfarmed: $50-60M daily volume (it was $8-10M just a week ago). The product itself is surprisingly good. Execution is fast API feels clean team is responsive. Much faster than many larger perps right now. MMs love this kind of infra liquidity usually follows with time. Why early farming here makes sense: Weekly distribution: [------] points Even if farming lasts [---] years total supply 70M points Current"  
[X Link](https://x.com/capy_onchain/status/2014801155310710987)  2026-01-23T20:43Z [---] followers, [---] engagements


"Perp DEX points: real OTC price ranges @variational_io : $2540 per point @edgeX_exchange : $2530 per point @grvt_io : $1520 per point @extendedapp : $23 per point @reya_xyz : $1.52 per point @pacifica_fi : $0.50.75 per point @hibachi_xyz : 0.3-0.5$ per point @paradex : $0.180.21 per point @Backpack : $0.20.25 per point @etherealdex : $0.010.015 per point These are the only perps that still make sense in [----] at least in my view after rotating out of Lighter. Im focusing on setups where: points are still cheap behavior matters more than raw volume and asymmetry is obvious. Right now my biggest"  
[X Link](https://x.com/capy_onchain/status/2017003100738113921)  2026-01-29T22:33Z [---] followers, [----] engagements


"@criptomaniac_ Variational + Polymarket"  
[X Link](https://x.com/capy_onchain/status/2020578544338833429)  2026-02-08T19:20Z [---] followers, [--] engagements


"@cyberxtremog @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade I hope so"  
[X Link](https://x.com/capy_onchain/status/2022348065630490654)  2026-02-13T16:32Z [---] followers, [---] engagements


"@bullposting @cyberxtremog @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade 👀"  
[X Link](https://x.com/capy_onchain/status/2022349254094905376)  2026-02-13T16:36Z [---] followers, [--] engagements


"@ferselugcu @TRKriptoCanavar @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade xD"  
[X Link](https://x.com/capy_onchain/status/2022349705297170713)  2026-02-13T16:38Z [---] followers, [--] engagements


"@aparicio8637 @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade @01Exchange I couldnt find any information about the point price for this perp. Maybe you have some info or at least a rough estimate"  
[X Link](https://x.com/capy_onchain/status/2022350359445024980)  2026-02-13T16:41Z [---] followers, [---] engagements


"@zaika_hl @HyperliquidX @edgeX_exchange @Aster_DEX @Lighter_xyz @tradexyz @OfficialApeXdex @grvt_io @extendedapp @pacifica_fi @variational_io Tradexyz is honestly surprising. If Im not mistaken isnt it just a HIP-3 layer built on top of Hyperliquid And yet the volumes are huge"  
[X Link](https://x.com/capy_onchain/status/2022351107884998929)  2026-02-13T16:44Z [---] followers, [--] engagements


"@god_demi99 @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade You can check how a particular project is being valued on OTC Polymarket or other platforms and simply calculate the implied point price from there. Unfortunately given the current market conditions its unlikely we should expect much higher prices per point"  
[X Link](https://x.com/capy_onchain/status/2022353158828105792)  2026-02-13T16:52Z [---] followers, [---] engagements


"@cryhustler @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade Okay okay fam"  
[X Link](https://x.com/capy_onchain/status/2022419809393349112)  2026-02-13T21:17Z [---] followers, [--] engagements


"@callmeAustinx @god_demi99 @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade Id probably agree with that statement"  
[X Link](https://x.com/capy_onchain/status/2022419978402865481)  2026-02-13T21:17Z [---] followers, [--] engagements


"@LayZ34 @variational_io @nadoHQ @etherealdex @hibachi_xyz @grvt_io @pacifica_fi @reya_xyz @Backpack @paradex @edgeX_exchange @hyenatrade If you dont have much liquidity Id suggest focusing on Hyena and trading low-OI tokens on Variational"  
[X Link](https://x.com/capy_onchain/status/2022421278590931143)  2026-02-13T21:23Z [---] followers, [--] engagements


"@crypt0b3ar @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex I agree about Variational Im expecting a valuation of $500M or higher"  
[X Link](https://x.com/capy_onchain/status/2022428840816181484)  2026-02-13T21:53Z [---] followers, [---] engagements


"@skypeonx @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex What Ive genuinely noticed is that StandX has a really strong and impressive community"  
[X Link](https://x.com/capy_onchain/status/2022429674815787099)  2026-02-13T21:56Z [---] followers, [---] engagements


"@brelgino @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex Unfortunately Nado and Hibachi havent been added to Polymarket yet and OpenSea doesnt really fall into the perps category. Thats why those projects arent included in this tier list"  
[X Link](https://x.com/capy_onchain/status/2022603607779217529)  2026-02-14T09:27Z [---] followers, [---] engagements


"@cyberxtremog @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex Extended is definitely a strong platform but so far the market doesnt seem to value it that highly. I think this perp could easily launch above $500600M but I do have doubts about it reaching $1B"  
[X Link](https://x.com/capy_onchain/status/2022606526003978554)  2026-02-14T09:39Z [---] followers, [---] engagements


"@kepochnik @nadoHQ @variational_io Solid results bro Hopefully Variational points will keep climbing in price and actually get valued at $3040 like many people are predicting"  
[X Link](https://x.com/capy_onchain/status/2022781817661558998)  2026-02-14T21:15Z [---] followers, [--] engagements


"@0xVegeeta @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex In my opinion Id expect Pacifica around $500M and Variational and Backpack somewhere around $750M each"  
[X Link](https://x.com/capy_onchain/status/2022606222193573901)  2026-02-14T09:37Z [---] followers, [---] engagements


"@ROCKIITT777 @edgeX_exchange @Backpack @StandX_Official @variational_io @extendedapp @pacifica_fi @OstiumLabs @paradex @grvt_io I havent seen a FDV market on Polymarket for that project either all I could find was a market around their launch date"  
[X Link](https://x.com/capy_onchain/status/2022604061204206020)  2026-02-14T09:29Z [---] followers, [---] engagements


"There is an Ink market on Polymarket but InkChain is not the same as Nado. InkChain will only allocate a certain percentage of its supply for the Nado distribution With the information available so far its still hard to estimate the final point price or any other detailed metrics https://twitter.com/i/web/status/2022805989238677812 https://twitter.com/i/web/status/2022805989238677812"  
[X Link](https://x.com/capy_onchain/status/2022805989238677812)  2026-02-14T22:51Z [---] followers, [---] engagements


"My current tier list of perp DEXs with real upside. These are the [--] perps Im actively focusing on right now. Not because theyre early hype but because the risk/reward still makes sense even if youre starting from zero. [--]. @variational_io Behavior-based points not raw volume. 0% maker / 0% taker. Points are pricing $3040 OTC. Low OI long holds and consistency matter more than size. Access: Code: OMNICAPY (15% points boost + Bronze tier) [--]. @hyenatrade Perp layer built on Hyperliquid by the Ethena team. Recently cut fees to 0.017% maker / 0.05% taker. Lets you farm multiple ecosystems at once"  
[X Link](https://x.com/capy_onchain/status/2018425328281264487)  2026-02-02T20:44Z [---] followers, [----] engagements


"Variational + Ethereal is one of the cleanest delta-neutral setups right now. Heres why this combo works so well. Both perps reward position duration and behavior not mindless volume. That makes them perfect to run opposite positions and just hold. How the setup looks: Open a position on Variational Hedge the same exposure on Ethereal Stay delta-neutral Hold positions for hours not minutes Why this works: @variational_io 0% maker / 0% taker Points are heavily influenced by duration OI and consistency @etherealdex 0% maker / 0.03% taker Still underfarmed due to invite-only access Cheap point"  
[X Link](https://x.com/capy_onchain/status/2020579016256704703)  2026-02-08T19:22Z [---] followers, [---] engagements


"Most people farm perps the hard way. Theres a cleaner setup that lets you farm [--] projects while rotating just [--] low-volume perp DEXs. @hyenatrade + @hibachi_xyz Why this combo works: Both are still underfarmed. Lower volume = less competition = cheaper points. HyENA Built on Hyperliquid by the Ethena team. Fees recently cut. One flow farms multiple ecosystems. Hibachi Built by the Hashflow team. $2030M daily volume fixed 500k points weekly OTC points around $0.30.5. The play is simple: Open a position on Hibachi Hedge the same exposure on HyENA Stay delta-neutral Hold for hours not minutes"  
[X Link](https://x.com/capy_onchain/status/2021349501148008883)  2026-02-10T22:24Z [---] followers, [---] engagements


"Perp DEXes points prices in [----] @variational_io : 25-35$ @nadoHQ : 1-3$ @etherealdex : 0.01-0.012$ @hibachi_xyz : 0.25-0.5$ @grvt_io : 15-20$ @pacifica_fi : 0.5-0.75$ @reya_xyz : 1.5-2$ @Backpack : 0.27-0.35$ @paradex : 0.18-0.25$ @edgeX_exchange : 20-30$ @hyenatrade : 0.007-0.01$ @extendedapp : 2-3$ What do you think about these prices"  
[X Link](https://x.com/capy_onchain/status/2022066521590153221)  2026-02-12T21:53Z [---] followers, [----] engagements


"Perp DEX FDV Predictions Based on Polymarket data @edgeX_exchange : $1B FDV (50%) @Backpack : $500M FDV (54%) @StandX_Official : $400M FDV (36%) @variational_io : $300M FDV (60%) @extendedapp : $300M FDV (43%) @pacifica_fi : $300M FDV (32%) @OstiumLabs : $300M FDV (43%) @paradex : $300M FDV (27%) @reya_xyz : $150M FDV (27%) @BasedOneX : $100M FDV (37%) Which one looks mispriced to you"  
[X Link](https://x.com/capy_onchain/status/2022427790126260252)  2026-02-13T21:48Z [---] followers, [----] engagements


"Best Perp DEXs in Q1 [----] (my current tier list) Heres how I rank perps right now from the strongest farming opportunities to still profitable asymmetric plays. Tier S+ @variational_io $1B vol / $1.1B OI Code: OMNICAPY (+13% boost + Bronze) @etherealdex $46M vol / $130M OI @extendedapp $650M vol / $300M OI @nadoHQ $315M vol / $80M OI Tier S @hyenatrade $30M vol / $40M OI @pacifica_fi $335M vol / $55M OI @hibachi_xyz $25M vol / $2M OI @edgeX_exchange $2.8B vol / $1B OI Tier A @tradexyz $1.1B / $600M @grvt_io $680M / $420M @paradex $515M / $565M @StandX_Official $530M / $35M Where I negotiated"  
[X Link](https://x.com/capy_onchain/status/2022780428269097373)  2026-02-14T21:10Z [---] followers, [----] engagements


"Cheapest vs Most Expensive Perp to Farm I ranked perps from lowest to highest trading fees. @variational_io 0% maker / 0% taker @extendedapp 0% maker / 0.025% taker @paradex 0% maker / 0.03% taker @etherealdex 0% maker / 0.03% taker @tradexyz 0.03% maker / 0.03% taker @nadoHQ 0.01% maker / 0.035% taker @Aster_DEX 0.01% maker / 0.035% taker @edgeX_exchange 0.015% maker / 0.038% taker @StandX_Official 0.01% maker / 0.04% taker @pacifica_fi 0.015% maker / 0.04% taker @hyenatrade 0.017% maker / 0.05% taker @grvt_io 0.027% maker / 0.055% taker @hibachi_xyz 0% maker / 0.045% taker @BullpenFi 0.035%"  
[X Link](https://x.com/capy_onchain/status/2023163225513378164)  2026-02-15T22:31Z [---] followers, [----] engagements


"@WatcherGuru Too high has been the worst macro call of the decade"  
[X Link](https://x.com/capy_onchain/status/2010830750765977973)  2026-01-12T21:46Z [---] followers, [--] engagements


"@Polymarket Full shutdowns often mark the start of pressure not the peak. Things tend to get messier after this stage"  
[X Link](https://x.com/capy_onchain/status/2010832766837956917)  2026-01-12T21:54Z [---] followers, [--] engagements


"@zkRegen Variational is also a very good option. I will soon analyze all the main perpDEXs that are currently interesting to work with"  
[X Link](https://x.com/capy_onchain/status/2011032524265570330)  2026-01-13T11:08Z [---] followers, [--] engagements


"@Kalshi BTC only goes up. Especially after founders say it out loud yeah"  
[X Link](https://x.com/capy_onchain/status/2011528286913118654)  2026-01-14T19:58Z [---] followers, [--] engagements


"@Polymarket If this was real action you wouldnt see it this loudly on public trackers. Quiet moves come first"  
[X Link](https://x.com/capy_onchain/status/2011538312381489231)  2026-01-14T20:38Z [---] followers, [--] engagements


"@Kalshi Parabolic moves in metals usually punish late momentum chasers"  
[X Link](https://x.com/capy_onchain/status/2011539828056510791)  2026-01-14T20:44Z [---] followers, [---] engagements


"This is ALL you need to get rich in [----]. Ethereal Extended Pacifica Hibachi Variational HyENA / TradeXYZ Save this and lock in"  
[X Link](https://x.com/capy_onchain/status/2011907768374919283)  2026-01-15T21:06Z [---] followers, [---] engagements


"@WatcherGuru These drops usually mark uncertainty peaks not trend reversals. Regulation delays regulation denial"  
[X Link](https://x.com/capy_onchain/status/2011915570770256366)  2026-01-15T21:37Z [---] followers, [--] engagements


"@AshCrypto One word - FOMO"  
[X Link](https://x.com/capy_onchain/status/2012279472049856657)  2026-01-16T21:43Z [---] followers, [--] engagements


"Variational points are quietly pricing at $3040. Heres why this perp DEX is worth your attention. Variational is an early-stage perp DEX that recently opened point farming. Heres what makes it interesting: Farming started just a few weeks ago essentially early beta Daily volume already sits around $11.5B which keeps conditions fair for everyone Backed by tier-1 funds $11.8M raised (Coinbase Ventures Dragonfly) OTC estimates put points at $3040 Invite-only access 0% maker / 0% taker fees Points here arent easy to farm you actually need to test different setups and strategies. But with zero"  
[X Link](https://x.com/capy_onchain/status/2012943619628359846)  2026-01-18T17:42Z [---] followers, [---] engagements


"@arndxt_xo @paradex @variational_io @liquidtrading Clean breakdown fam"  
[X Link](https://x.com/capy_onchain/status/2012945715807256621)  2026-01-18T17:50Z [---] followers, [--] engagements


"@muarmemuar @paradex @Backpack @extendedapp @variational_io @edgeX_exchange @grvt_io @pacifica_fi @reya_xyz @etherealdex India.bruh"  
[X Link](https://x.com/capy_onchain/status/2013343077725794453)  2026-01-19T20:09Z [---] followers, [---] engagements


"@Kalshi Congrats to dad Vance"  
[X Link](https://x.com/capy_onchain/status/2013727204450918426)  2026-01-20T21:35Z [---] followers, [---] engagements


"@PointsGoblin @extendedapp This also confirms what many miss on Extended: trade count matters less than position quality and time-in-market"  
[X Link](https://x.com/capy_onchain/status/2013729762972250549)  2026-01-20T21:46Z [---] followers, [--] engagements


"@Ryuzaki_SEI @pacifica_fi Ez rolex"  
[X Link](https://x.com/capy_onchain/status/2013729890856558705)  2026-01-20T21:46Z [---] followers, [--] engagements


"@Polymarket When insurance companies the most boring data-obsessed players change behavior it usually means something real broke through"  
[X Link](https://x.com/capy_onchain/status/2014043168375812549)  2026-01-21T18:31Z [---] followers, [---] engagements


"@Kalshi Concentration risk is building. If policy or geopolitics shift this $10T can become a source of volatility not safety"  
[X Link](https://x.com/capy_onchain/status/2014058445100523956)  2026-01-21T19:32Z [---] followers, [---] engagements


"@Kalshi This feels less like a deal announcement and more like Trump saying: Dont forget this idea is still on the table"  
[X Link](https://x.com/capy_onchain/status/2014060129038070162)  2026-01-21T19:38Z [---] followers, [---] engagements


"@deTEfabulaNar_ @pacifica_fi Solid work broski"  
[X Link](https://x.com/capy_onchain/status/2014442026641637822)  2026-01-22T20:56Z [---] followers, [--] engagements


"@zaika_hl @HyperliquidX @Aster_DEX @Lighter_xyz @edgeX_exchange @grvt_io @extendedapp @variational_io @OfficialApeXdex @pacifica_fi @tradexyz @nadoHQ Variational is slowly but surely climbing to the top"  
[X Link](https://x.com/capy_onchain/status/2014444659758502140)  2026-01-22T21:06Z [---] followers, [--] engagements


"@Kalshi Makes sense. Apple doesnt rush exits. Quiet control beats surprise moves"  
[X Link](https://x.com/capy_onchain/status/2014445855671988257)  2026-01-22T21:11Z [---] followers, [--] engagements


"@tenitoka_eth @SeiNetwork Agree growth looks organic"  
[X Link](https://x.com/capy_onchain/status/2015156868025377136)  2026-01-24T20:16Z [---] followers, [--] engagements


"@GreekGamblerPM @PolymarketTrade @Polymarket This wasnt a belief trade it was a reflex trade. People saw Elon + meme ticker and clicked before thinking about exchange rules"  
[X Link](https://x.com/capy_onchain/status/2001029746415837360)  2025-12-16T20:40Z [---] followers, [--] engagements


"Ethereal is one of the best perps to farm right now. The key advantage is that its not overcrowded by farmers simply because not everyone has access. @etherealdex is invite-only. Lower competition = cheaper point farming. Current OTC valuation for points is around $0.010.015 which is roughly 510x higher than the actual cost of farming. Fees are also very competitive: 0% maker fee 0.03% taker fee From my own experience: with around $1M in trading volume you can earn roughly 100K points. If you trade delta-neutral those points can be farmed almost for free with costs mostly limited to fees. I"  
[X Link](https://x.com/capy_onchain/status/2011536874876387453)  2026-01-14T20:32Z [---] followers, [---] engagements


"How to farm [--] projects while trading just ONE perp DEX Meet @hyenatrade a perp layer built on top of Hyperliquid developed by the Ethena team. Right now HyENA lets you farm points very cheaply while simultaneously qualifying for multiple tier-1 drops. Whats the play Invite-only access Open the HyENA website Enter code CAPY or use the invite link in the comments Deposit funds (USDC works fine the platform auto-converts to USDe) Generate volume and hold positions for a few hours Trade delta-neutral to minimize risk Use multiple accounts if possible for better efficiency Example setup: Long BTC"  
[X Link](https://x.com/capy_onchain/status/2012278965126254771)  2026-01-16T21:41Z [---] followers, [---] engagements


"How to farm Variational points as efficiently as possible and why this might be the best opportunity right now First why Variational is worth focusing on: Point program launched just [--] weeks ago 0% maker / 0% taker fees no trading friction at all Enough liquidity to open positions comfortably even with market orders Point estimates start around $20 with many pricing them at $3040 A huge variety of trading pairs not limited to just BTC/ETH/SOL Now how to maximize point efficiency on Variational: Avoid wash trading. Hold positions for at least a few hours (26h minimum) If possible keep one"  
[X Link](https://x.com/capy_onchain/status/2013727585365070074)  2026-01-20T21:37Z [---] followers, [---] engagements


"@CallumOnCrypto Quite conservative and honestly the right approach"  
[X Link](https://x.com/capy_onchain/status/2016246574863507608)  2026-01-27T20:26Z [---] followers, [--] engagements


"@Kalshi Can gold please calm down already"  
[X Link](https://x.com/capy_onchain/status/2016248177016349115)  2026-01-27T20:33Z [---] followers, [---] engagements


"@WatcherGuru Hopefully Bitcoin can finally hold above six figs in the near term"  
[X Link](https://x.com/capy_onchain/status/2016248428687229079)  2026-01-27T20:34Z [---] followers, [---] engagements


"@Kalshi Is he serious right now"  
[X Link](https://x.com/capy_onchain/status/2016261944458514834)  2026-01-27T21:28Z [---] followers, [--] engagements


"@kassinvest @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX Good choice of perps bro"  
[X Link](https://x.com/capy_onchain/status/2016497431316238660)  2026-01-28T13:03Z [---] followers, [---] engagements


"@dedushkaho @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX Thx for the info fam its useful"  
[X Link](https://x.com/capy_onchain/status/2016497590494204254)  2026-01-28T13:04Z [---] followers, [--] engagements


"@tenitoka_eth @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX I like Extended too but Im not farming 01Exchange. My main focus is on Variational Hyena Ethereal Extended Pacifica and Hibachi"  
[X Link](https://x.com/capy_onchain/status/2016497873274249460)  2026-01-28T13:05Z [---] followers, [--] engagements


"@Kalshi AI is slowly pushing people out of their jobs"  
[X Link](https://x.com/capy_onchain/status/2016498166590226671)  2026-01-28T13:06Z [---] followers, [---] engagements


"@chonkyy69 @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX I think Hibachi volumes will increase significantly in the near future"  
[X Link](https://x.com/capy_onchain/status/2016500362090340407)  2026-01-28T13:15Z [---] followers, [--] engagements


"@hibachi_xyz @0xFiseo @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @paradex @cascade_xyz @BasedOneX Glad to see you in the comments 👀 Hibachi is also one of my main focuses"  
[X Link](https://x.com/capy_onchain/status/2016541355061731360)  2026-01-28T15:58Z [---] followers, [--] engagements


"@TheBatTerminal @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX True broski"  
[X Link](https://x.com/capy_onchain/status/2016611338408083581)  2026-01-28T20:36Z [---] followers, [--] engagements


"@zkRegen @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX This is a tier list where I rank perps based on my own priorities which is why Nado ended up in the B tier. Overall its a solid project but the perps ranked higher are personally more interesting to me"  
[X Link](https://x.com/capy_onchain/status/2016611757502898682)  2026-01-28T20:38Z [---] followers, [--] engagements


"@brelgino @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX By the way I know Hibachi is one of your favorite perps. What price per point are you expecting"  
[X Link](https://x.com/capy_onchain/status/2016611981172630014)  2026-01-28T20:38Z [---] followers, [---] engagements


"@youngplanee @variational_io @edgeX_exchange @grvt_io @extendedapp @reya_xyz @pacifica_fi @hibachi_xyz Always staying locked in"  
[X Link](https://x.com/capy_onchain/status/2017003937912488371)  2026-01-29T22:36Z [---] followers, [--] engagements


"@TheEddyEth @variational_io @edgeX_exchange @grvt_io @extendedapp @reya_xyz @pacifica_fi @hibachi_xyz Thanks for the feedback glad this material turned out to be useful for you"  
[X Link](https://x.com/capy_onchain/status/2017300606751224067)  2026-01-30T18:15Z [---] followers, [--] engagements


"@RianaSyafir @variational_io @edgeX_exchange @grvt_io @extendedapp @reya_xyz @pacifica_fi @hibachi_xyz @arc You might be right but Im still expecting a launch price around $0.5 per point"  
[X Link](https://x.com/capy_onchain/status/2017300794530238756)  2026-01-30T18:16Z [---] followers, [---] engagements


"@tenitoka_eth @variational_io @edgeX_exchange @grvt_io @extendedapp @reya_xyz @pacifica_fi @hibachi_xyz I think many of these projects will survive at least half of them are actually building really solid products"  
[X Link](https://x.com/capy_onchain/status/2017301006204235964)  2026-01-30T18:16Z [---] followers, [--] engagements


"@octofii @variational_io @edgeX_exchange @grvt_io @extendedapp @reya_xyz @pacifica_fi @hibachi_xyz I havent really gotten around to farming this perp yet but I like it I think it has a lot of potential"  
[X Link](https://x.com/capy_onchain/status/2017301249654157487)  2026-01-30T18:17Z [---] followers, [--] engagements


"@Kalshi A very painful red Friday"  
[X Link](https://x.com/capy_onchain/status/2017301381485416720)  2026-01-30T18:18Z [---] followers, [--] engagements


"@Obesepotato_hl @variational_io I think its reasonable to believe in a $3040 price per point assuming good market conditions at launch"  
[X Link](https://x.com/capy_onchain/status/2017313477006709192)  2026-01-30T19:06Z [---] followers, [--] engagements


"@Polymarket Better a deal than no deal fr 💀"  
[X Link](https://x.com/capy_onchain/status/2017314597905093102)  2026-01-30T19:10Z [---] followers, [---] engagements


"@AlexPaz0X @extendedapp Even if Extended launches at a $500M valuation that would still be very good"  
[X Link](https://x.com/capy_onchain/status/2017314909109833749)  2026-01-30T19:12Z [---] followers, [---] engagements


"@imnotmiller_eth @variational_io Thx broski"  
[X Link](https://x.com/capy_onchain/status/2018445941708353705)  2026-02-02T22:06Z [---] followers, [---] engagements


"@MarikJudo @variational_io @pacifica_fi Fair point. If were talking not only about volume but overall development and product features Pacifica really stands out"  
[X Link](https://x.com/capy_onchain/status/2018594523287290149)  2026-02-03T07:56Z [---] followers, [--] engagements


"@skypeonx @variational_io @StandX_Official In this tweet I listed a tier list of perps that I personally farm and use. Unfortunately StandX isnt part of my current setup but I know its also a very solid project"  
[X Link](https://x.com/capy_onchain/status/2018594851244458231)  2026-02-03T07:58Z [---] followers, [---] engagements


"@lazyNik0_sol @variational_io Basically nothing here is ranked low every project deserves attention. Personally I put the strongest focus on Variational and Hyena"  
[X Link](https://x.com/capy_onchain/status/2018595145541955795)  2026-02-03T07:59Z [---] followers, [--] engagements


"@LagesDiogo @variational_io @etherealdex @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX An early-stage perp with a strong team and upside in point pricing. Theres a good chance to farm it now before the crowd comes in later"  
[X Link](https://x.com/capy_onchain/status/2018595394897543180)  2026-02-03T08:00Z [---] followers, [--] engagements


"@CallumOnCrypto @extendedapp TGE Q2 I thought the project would do the TGE later"  
[X Link](https://x.com/capy_onchain/status/2018795988367048956)  2026-02-03T21:17Z [---] followers, [--] engagements


"@uid127 @variational_io Regarding Extended I agree. Right now the main focus should be on Variational and Hyena. As for Hibachi its surprising you havent heard of it. Its a solid perp with a strong team and farming points there is still quite easy at the moment. Id recommend taking a look"  
[X Link](https://x.com/capy_onchain/status/2018985005305774242)  2026-02-04T09:48Z [---] followers, [--] engagements


"@zaika_hl @HyperliquidX @Aster_DEX @edgeX_exchange @Lighter_xyz @grvt_io @tradexyz @extendedapp @OfficialApeXdex @variational_io @pacifica_fi Vari should be number one"  
[X Link](https://x.com/capy_onchain/status/2019526757913895279)  2026-02-05T21:41Z [---] followers, [--] engagements


"@Kalshi Someone save ETH we need a new superhero"  
[X Link](https://x.com/capy_onchain/status/2019528317284794698)  2026-02-05T21:47Z [---] followers, [--] engagements


"@Param_eth DAO did the right thing. If revenue flows out of the DAO governance becomes theater"  
[X Link](https://x.com/capy_onchain/status/2004575177603223771)  2025-12-26T15:29Z [---] followers, [--] engagements


"Most people still farm perps one project at a time. Thats already outdated. Theres a setup on @hyenatrade that lets you farm multiple tier-1 ecosystems at once using just one perp flow. Heres the idea. HyENA is a perp layer built on top of Hyperliquid by the Ethena team. Instead of farming incentives in isolation your trading activity here overlaps across several protocols. The strategy itself is simple: Generate steady volume Hold positions for hours not minutes Trade delta-neutral to control risk Optimize behavior not direction A recent update made this setup even more attractive. HyENA"  
[X Link](https://x.com/capy_onchain/status/2014040837970125105)  2026-01-21T18:22Z [---] followers, [---] engagements


"Extended is one of those perps people will wish they paid attention to earlier. Built by ex-Revolut engineers @extendedapp didnt chase zero-fee hype or try to clone Hyperliquid. They picked a harder path: tokenized vaults real volume and an actual business model. And its already showing. Why this matters: $1B+ daily volume without zero-fee wash games Clean infra strong UX execution that actually works Volume looks organic not painted for incentives Now the numbers that change the picture: [-------] points distributed weekly (around 4x more than Lighter) [--] point per $5000 in volume distribution"  
[X Link](https://x.com/capy_onchain/status/2014443748776628342)  2026-01-22T21:03Z [---] followers, [---] engagements


"Most people are farming Variational wrong. And they dont even understand where exactly theyre losing money @variational_io is one of the rare perps where behavior matters more than volume. No fees. 0% maker / 0% taker. If you trade delta-neutral against another perp your real cost is close to zero. And yet points here are pricing at $3040. Quick math (if you follow a clear strategy instead of spamming volume): $5k volume = [--] point $100k volume = [--] points Thats $600800 with discipline not luck. This works because most people farm like pure volume farmers. What actually boosts efficiency: Low"  
[X Link](https://x.com/capy_onchain/status/2015148435486179563)  2026-01-24T19:43Z [---] followers, [---] engagements


"List of Perp DEXs that are still worth farming (not too late yet) If youre still rotating perps for points this is the short list that actually makes sense right now: @variational_io One of the cleanest setups right now. 0% maker / 0% taker. Points are behavior-based (duration OI consistency) not raw volume. Early-stage program points currently priced $3040. Points drop every Friday. Access code: OMNICAPY @hyenatrade Low fees after the recent cut. 0.017% maker / 0.05% taker. Built on Hyperliquid by the Ethena team. Lets you farm multiple ecosystems at once (HyENA Ethena HL S3 TradeXYZ Based"  
[X Link](https://x.com/capy_onchain/status/2015536619525181766)  2026-01-25T21:25Z [---] followers, [---] engagements


"Variational invite: +12% points farming boost Bronze tier Hyena invite: Grants access to the platform Ethereal invite: +15% points farming boost Extended invite: 10% trading fee discount + points farming boost + 30% fee cashback Hibachi invite: +15% points farming boost + trading fee discount Pacifica invite: +15% points farming boost https://app.pacifica.fi/referral=Capy http://hibachi.xyz/r/capy https://app.extended.exchange/join/CAPY https://app.ethereal.trade/ref=UM68P2M9JZ6D https://app.hyena.trade/ref/CAPY https://omni.variational.io/ref=OMNICAPY https://app.pacifica.fi/referral=Capy"  
[X Link](https://x.com/capy_onchain/status/2015538256016711809)  2026-01-25T21:32Z [---] followers, [---] engagements


"My perp DEX tier list with no token yet - S tier @variational_io @etherealdex - A tier @hyenatrade @extendedapp @tradexyz @edgeX_exchange @CarbonTerminal - B tier @nadoHQ @Backpack @pacifica_fi @risextrade @grvt_io @hibachi_xyz @paradex @cascade_xyz @BasedOneX - C tier @reya_xyz @tradehotstuff @StandX_Official @liquidtrading @BullpenFi - D tier @SatoriFinance @DefxOfficial @OstiumLabs @01Exchange @VestExchange"  
[X Link](https://x.com/capy_onchain/status/2016243893625393573)  2026-01-27T20:16Z [---] followers, [----] engagements


"Pacifica looks late. The math says otherwise. @pacifica_fi is already a tier-1 perp on Solana. But point farming here is still surprisingly efficient if you actually run the numbers. Heres what most people ignore: Right now $100k in volume [---] points. OTC pricing puts Pacifica points around $0.5 (Fixed 10M points distributed weekly). Thats $375 in point value. Yes fees + spread will cost you $50+ depending on how you trade. But even after costs the R/R stays very asymmetric. What actually matters: Trade organically not wash trading Fewer pairs spraying volume everywhere Focus on lower OI"  
[X Link](https://x.com/capy_onchain/status/2016628980565295177)  2026-01-28T21:46Z [---] followers, [----] engagements


"This week I managed to get @variational_io points way cheaper than average. Heres what actually boosted my efficiency. Result: $70k total volume [--] points Thats $3k volume per point vs $710k I usually see from other people At current OTC estimates ($3040 per point) thats roughly $690920 in value from $70k of clean volume. So what made the difference Holding positions matters way more than people think. I reopened trades only [--] times during the entire week. That alone gave a much better result than constantly closing every few hours. Low OI pairs outperform majors. BTC and ETH feel safe but"  
[X Link](https://x.com/capy_onchain/status/2017312936444797334)  2026-01-30T19:04Z [---] followers, [---] engagements


"Is that all youve got bears"  
[X Link](https://x.com/capy_onchain/status/2017650406566879579)  2026-01-31T17:25Z [---] followers, [---] engagements


"Open interest on @variational_io just dropped hard. OI is down 50% vs last week. Lower OI = less competition for points. Im not claiming to be a genius but if points are distributed based on behavior those who stay consistent now should see much higher point efficiency this week. This is usually the phase where most people slow down. Historically thats when points get cheaper. Access: Code: OMNICAPY (15% points boost + Bronze tier) Worth paying attention. http://omni.variational.io http://omni.variational.io"  
[X Link](https://x.com/capy_onchain/status/2019097003175866580)  2026-02-04T17:13Z [---] followers, [---] engagements


"We are so cooked"  
[X Link](https://x.com/capy_onchain/status/2019524947752915324)  2026-02-05T21:34Z [---] followers, [---] engagements

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