You may have noticed that some Perps exchange tokens have seen dramatic increases in recent days. I'm talking about $ASTER, $AVNT, $ORDER, etc. This narrative is connected to that of $HYPE (Hyperliquid). In reality, aside from $HYPE, the other tokens are experiencing unmotivated FOMO (speculation). However, $ASTER could be the leading Perps exchange for BNB Chain, while $AVNT is for Base. I don't recommend buying them because there's unmotivated FOMO, and many other tokens have seen monstrous increases in the last week. Consider that even $ZEX has risen (it's a Perps token from an exchange that ceased operations six months ago). Unfortunately, the crypto market is very immature and everything works through "trends." Consider that three years ago, when Layer 2 Base was announced, a random token called $BASE rose 1000% in a few hours, only to then fade back into oblivion (last week it rose 70%, another random pump, due to Base's announcement that it would launch its own Governance token).

I don't recommend buying these tokens, but I'll share some protocols where you could receive tokens for free (airdrop) by trading.

HOW DOES PERPS EXCHANGE WORK?
Exchange link below. Here I report the steps for deposits and operating methods.

1) Deposit using the appropriate exchange button (using your Metamask or Rabby). The supported token is usually USDC on the Arbitrum, Base, or Solana chains. They are all no-KYC exchanges, requiring no registration. You just need to connect your Metamask wallet.2) Choose a token ($BTC, $ETH, etc usually top left, e.g. ETH/USD. Click on it and search for the token you want) and use a "long (buy)" position (if you think the market will rise) or a "short (sell)" position (if you think it will fall).
3) Set a "stop loss" and "take profit" if you like. Or open and close the position live (you're not interested in earning, you're interested in making volumes to get points).
4) Use leverage if you want to increase your trading volume. If you open a $30 position with 10x leverage, you have a $300 open position (obviously, you can't lose more than the $30 you deposited). If you open a $50 position with 5x leverage, you have a $250 open position (you can't lose more than the $50 you deposited, which is your margin). Be careful not to get liquidated (at 10x leverage, the token you're trading would have to lose almost 90% to be liquidated. Try BTC/USD or ETH/USD with $10 at 10x leverage: open and close after a few minutes, you will find that it is impossible to get liquidated).

🪂How can you farm these exchanges (points) to get their token for free?
1) Increase trading volume with more trades.
2) If you want, you can use the vault (simple deposit with APR. The vault income depends on fees for open/close positions, liquidation fees and positions closed at a loss by traders. You act as a "counter" with the vault).

TIP (Delta Neutral Strategy): If you want to use larger amounts of capital but don't know how to trade, there are delta-neutral strategies. For example, open a "Long" position on ETH/USD with 10x leverage on Hyperliquid and simultaneously open a "Short" position on ETH/USD with 10x leverage on Extended Exchange. You are not exposed to market volatility (it doesn't matter whether ETH goes up or down because you have both a bullish and a bearish position). What's the point? Generate volume/points with zero risk (aside from the opening/closing fees).

PERPS EXCHANGE WHICH I AM USING (NO KYC).
🪂Hyperliquid (possible airdrop Season2): Hyperliquid

🪂Ostium (perps crypto/stocks/commodities exchange): Ostium

🪂Extended: Extended Exchange

🪂Hibachi: Hibachi

🪂Pacifica (Solana): Pacifica FI (ref codes: 5RA5SQJ9EKN2VY9T 2WJT0FRWV66HHRFH DM2PJJZP4DTF8ATT DM2PJJZP4DTF8ATT BDXZP46NHN2P35RE )

🪂Based (aggregator exchange, use Hyperliquid liquidity): Based

🪂Polynomial: Polynomial FI

🪂Avantis (Season3): Avantis FI

🪂Helix (Injective, Cosmos Hub): Helix

🪂Paradex (already advanced stage for the TGE): Paradex

I spent about $300 in fees on Hyperliquid, getting this airdrop (I used multiple addresses), although unfortunately I sold too early.

Please note, this isn't financial advice; these are exchanges I use that will be giving away their tokens. The tokens (airdrops) you receive will depend on your volumes and activity (I do 3-4 trades a week). Airdrops are guaranteed, but the future profit will depend on the exchange and its "hype" (funding, VC, listing on top centralized exchange, etc). The risk/reward ratio is excellent because you can use little capital: low fees for huge gains. DYOR, anyway.

Are you interested in ways to earn Crypto for free? Check it out here: Some Sites To Earn Crypto Bonus & Airdrop (2025-2026)