A curated list of 10 perp DEXs likely to launch tokens in 2026, based on traction, funding, and active points programs. Projects like Variational, Ethereal, Hibachi, Cascade, and Pacifica stand out with strong OI, volume growth, and top-tier backers. Many remain invite-only, giving early users potential airdrop upside as perp DEXs continue expanding across crypto and traditional markets.

A widely shared X thread is spotlighting a new cohort of 10 perpetual futures DEXs that have not yet launched tokens but are showing strong traction, funding, and points programs, suggesting they could be among the next wave of 2026 token issuances. The list, circulated by analyst account @fiyalkin and amplified by Leviathan News, highlights names such as Variational, Ethereal, Hibachi, Cascade, and Pacifica, which are reporting growing open interest and volumes, as well as backing from well-known venture firms and market makers. The thread fits into a broader 2026 narrative where perp DEXs are in an aggressive growth phase, with multiple research pieces arguing that a fresh token-launch cycle is likely as high-volume derivatives venues that remain un-tokenized move toward issuing native assets. Several market overviews now track dozens of perpetual DEXs running invite-only betas and points or XP programs as a proxy for future airdrops, echoing patterns seen in earlier cycles where early users of high-volume but un-tokenized venues were later rewarded at token generation events. Many of these platforms focus on both crypto and traditional markets (FX, indices, commodities), reflecting a push by decentralized derivatives venues to capture share from centralized exchanges and even traditional finance futures markets. For traders and on-chain analysts, the significance of the list is less the exact ranking of venues and more its role as a curated funnel of “yet-to-launch” perp DEXs that already show meaningful order flow and institutional backing, narrowing the field from a large universe of experimental derivatives projects. It also underscores how the competitive landscape has evolved beyond early leaders like Hyperliquid, dYdX, and Lighter—which already have tokens or clear token paths—to a second tier of specialized or still-invite-only exchanges that may define the next phase of decentralized derivatives growth in 2026.

✨ AI-generated background, compiled from web sources — not editorial content.

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