⚡ The List of Tokenless Perp DEXs

Numerous perpetual DEXs currently operating without a token, with over $148M in disclosed funding across the sector.

Variational leads at $61.8M raised, followed by GRVT ($33M) and Ostium ($23.5M). Most are expanding beyond crypto into FX, stocks and RWAs

Hyperliquid ecosystem is well represented with Dreamcash, trade[xyz] and HyENA all building on top of it.

Several projects like Nado, Ethereal, and Cascade are backed by major ecosystem partners.

A wave of potential TGEs ahead.