Perpl Points: Farming the First Native Perp DEX on Monad

Backfill entry Dating honesty: Perpl's Season 1 points program has been live since June 10, 2026, and the Dragonfly-led round was announced well before that. We are adding this entry in August 2026 for tracker completeness, because a funded, points-live venue on one of the year's most watched chains was a hole in our airdrops board, not because anything new happened this week.

Monad spent 2025 as the most anticipated chain launch of its cycle, and we tracked its own airdrop through claim day. The obvious next question for farmers was which applications on the chain would run the playbook themselves. Perpl is the cleanest answer so far: a perpetual futures exchange built natively on Monad, venture money behind it, a live points program, and the familiar silence where a token announcement would be. Season 1 points have accrued to traders and liquidity providers since June 10, 2026, and per Orbit Perp Screener's review, there is no token, no confirmed conversion rate and no fixed airdrop date. That combination, real program, absent commitment, is the definition of our speculative shelf.

A fully on-chain book, which is the hard way

Most perp DEXs compromise somewhere: off-chain matching for speed, on-chain settlement for custody. Perpl's pitch is that it does not, and that choice explains everything else about the project. Every order, fill and cancellation settles inside Monad's EVM, a fully on-chain central limit order book that would be unusable on most chains and is only plausible because Monad's parallel execution was built for exactly this kind of load. The project explicitly chose to inherit the chain's throughput and composability rather than launch its own appchain, which puts it in the opposite camp from the sovereign-chain perp venues and makes it a bet on Monad's infrastructure as much as on its own product. Trading costs are mid-pack for the category, about 8.8 basis points taker and 5 maker per Orbit Perp Screener, with funding settled hourly rather than the eight-hour cycle common on centralized venues.

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, but it does make the no-token-ever outcome less likely: venture funds in perp DEXs get paid through tokens far more often than through equity in fee revenue, and every comparable venue in the 2026 cohort is assumed to be heading the same way.

How to size a farm with no promised harvest

The honest framing is the same one we applied to Brownian a day ago: a points program with unpublished conversion can resolve anywhere from meaningful to worthless, and the venue collects fees either way. Perpl's case is somewhat stronger than the average unconfirmed farm. The program is structured, the investors are named, and perp DEX roundups from Whales Market to Alpha Drops consistently rank it among the more credible 2026 candidates, partly because the Monad ecosystem needs a flagship native app and has incentives to make its first one succeed. It is also earlier than the capped, late-inning programs on our board, which cuts both ways: more room for early points to matter, more time for the terms to change underneath you.

The sizing rule follows. If you already trade perps and are curious about Monad, routing genuine volume through Perpl is a reasonable option on a young program, priced in 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 is the negative-expected-value classic, and our farming guide exists to say so at length. We will move this entry up the moment Perpl's own channels commit to a token, and we will say so plainly if the program ends without one.