Correction, October 7 An earlier version of this page said Perpl settles funding hourly. Orbit Perp Screener's current review lists funding every 8571 Monad blocks, about 43 minutes.
Perpl, a perpetuals exchange built natively on Monad, has run a Season 1 points program since June 10, 2026. Blockworks reported a $9.25 million round led by Dragonfly. Perpl has announced no token, conversion rate or airdrop date, so we keep it at speculative.
Where it stands
Season 1 rewards trading volume and liquidity provision, according to Orbit Perp Screener. Its review, with live data updated on October 7, still lists Perpl as pre-TGE and says no conversion rate has been confirmed. Perpl's own site describes a Monad-based order book and mentions no points program, token or airdrop. Season 1 has now run for almost four months with no change in its status.
Monad launched its mainnet and MON token in November 2025, and we tracked its own airdrop through claim day. Perpl is the clearest early test of whether an application on that chain follows the same playbook, with venture money, a live points program and a quiet token channel.
Seven more funds join the round.
Volume and liquidity provision earn.
No ticker, rate or date.
Any Perpl claim page is a scam.
How the exchange works
Most perp DEXs compromise somewhere, with off-chain matching for speed and on-chain settlement for custody. Perpl's pitch is that it does not. Every order, fill and cancellation settles inside Monad's EVM. Perpl's site cites 10,000 transactions per second and 400 millisecond block times, and the design only works because Monad's parallel execution was built for this load.
The project chose to inherit Monad's throughput rather than launch its own appchain, so it is a bet on the chain as much as on the product. Orbit lists fees of 8.8 basis points for takers and 5 for makers, above the average for a perp DEX. Funding settles about every 43 minutes. Orbit notes that annualizing the funding rate on an hourly basis would understate the APR by around 40 percent, which matters to anyone modeling carry costs.
The backing is the other pillar. Blockworks reported the $9.25 million round led by Dragonfly, with Ergonia, Mirana, BHD, HashKey, L1D, CMS and Breed participating. A cap table like that does not guarantee a token. Our inference is that venture funds in perp DEXs are paid through tokens more often than through fee-revenue equity, which makes a no-token outcome less likely.
Risks and open questions
A points program with unpublished conversion can resolve anywhere from meaningful to worthless, and the venue collects fees either way. We applied the same framing to Brownian. Perpl's case is somewhat stronger than the average unconfirmed farm: the program is structured and the investors are named.
It is also early, which cuts both ways, with more room for early points to matter and more time for the terms to change. Venue youth is a risk of its own: a fully on-chain book has to hold up through violent markets and infrastructure hiccups on a chain under a year old.
If you already trade perps and are curious about Monad, routing genuine volume through Perpl costs fees you would pay somewhere anyway, plus the venue risk of a fully on-chain book on a chain still proving itself under load. If you do not trade perps, manufacturing leveraged volume to chase an unannounced token has negative expected value. Our farming guide explains why. We will move this entry up when Perpl's own channels commit to a token, and say so if the program ends without one.
What to watch:
- A token, ticker or conversion statement from Perpl's own channels. None exists today.
- Terms or an end date for Season 1. None has been published.
- Fee and funding changes, which Orbit's live data tracks.
How to position yourself
- Trade on Perpl only with size you would deploy on any perp venue; Season 1 points follow trading volume and liquidity provision, and leveraged losses can dwarf any future allocation.
- If you provide liquidity, note that Season 1 credits it alongside volume. It still carries inventory and execution risk.
- Keep your activity on the wallet you farm with, and bridge only what you can afford to have stuck while Monad is a young chain.
- Treat any Perpl token claim page as a scam: the project has announced no token, ticker or TGE, so no legitimate claim can exist today.
Reality check None of these steps guarantee an allocation. Teams change criteria late, add anti-sybil filters, and sometimes never ship a token. Only spend time and gas you are fine writing off.
