Top Perp Dex Coins That Performed Well This Bear Market

Since the onset of 2022, the crypto market cap has witnessed a correction of more than 60%. Despite these challenges, certain coins have defied the odds and delivered commendable performance amid this bearish phase.

Which are they? Is there a strong trend? Let’s delve into perpetual decentralized exchange (perp dex) coins that are consistently outperforming the market.

1) $GMX – The DEX Leader

First on the list is $GMX, the native token of GMX, one of the largest decentralized perpetual futures exchanges on the market. This platform operates with a no-KYC policy, enabling users to connect seamlessly using a MetaMask Wallet on the Arbitrum and Avalanche networks.

GMX is a decentralized trading powerhouse, offering spot and perpetual exchanges at minimal fees while minimizing price fluctuations. The platform boasts a versatile multi-asset pool that generates income for liquidity providers through market making, swapping, and leveraged trading.

Moreover, it leverages Chainlink Oracles to provide dynamic pricing by aggregating data from prominent exchanges, ensuring reliable performance. GMX participants reap the benefits of its robust tokenomics, rewarding holders with $GLP for liquidity provision and optimizing the trading experience for all users. Furthermore, GMX has undergone rigorous auditing by ABDK Consulting, with the comprehensive audit report accessible on the GMX Github repository.

As the utility and governance token of the platform, $GMX enjoys a 30% share of the fees generated on the platform. Despite the challenging bear market conditions, $GMX has demonstrated noteworthy resilience. Currently ranked at 106th in market capitalization, the token reached an ATH of $91.07 and presently stands at $11.5, representing a 62% decrease. Moreover, DefiLlamma reports approximately $482.27 million locked in TVL for GMX.

GMX emerges as one of the most cutting-edge and thrilling offerings in DeFi. It provides a rapid, seamless, highly liquid trading experience fully integrated into Ethereum’s leading Layer 2 solutions, Arbitrum and Avalanche. So, owning $GMX tokens is an excellent way to participate in the growth and success of this dynamic decentralized exchange!

2) $GNS – Synthetics Leader

Gains Network, an innovative decentralized derivatives trading platform built on the Polygon network, empowers users to engage in leveraged perpetual contracts. Gains Network distinguishes itself through its unwavering commitment to decentralization, unparalleled leverage options, and affordability in the realm of crypto derivatives.

At the heart of the project lies ‘gTrade,’ a robust toolkit that redefines DeFi trading by offering unprecedented power and speed. It sets a new standard in leverage, allowing users to access up to 50x leverage for stocks, 150x for cryptocurrencies, and a staggering 1000x for forex trades.

What makes gTrade exceptional is its unique structure, facilitating substantial leverage across a wide spectrum of assets. The platform achieves this through a synthetic asset system that operates exclusively with DAI and Gains Network’s native token, GNS. As a result, users can seamlessly trade a diverse range of assets compatible with gTrade oracles.

Furthermore, Gains Network rewards liquidity providers with an attractive yield, ranging from 15% to 50% APY. These earnings are derived from liquidations and trading fees rather than relying on liquidity mining or the inflation of the GNS utility token. This distinct approach sets Gains Network apart. Notably, Gains Network’s transaction fees are lower than other exchanges, making it the preferred choice for traders seeking to minimize their trading costs.

Moreover, to ensure a thriving ecosystem, Gains Network employs an efficient DAI vault management strategy, safeguarding user capital against volatility while optimizing returns on investment. The platform’s commitment to security is underscored by multiple audits conducted by CertiK, ensuring the protection of platform and user funds.

During the previous bull market peak, $GNS reached a value of $1 and has an ATH of $12.48. Presently, the token stands at $3.3, reflecting a 70% decrease in value. According to DefiLlama, $GNS boasts approximately $34.82 million locked in TVL.

3) $LVL – Tranches

Level Finance stands out with its Omnichain Perpetual DEX, boasting custom risk management and groundbreaking LP solutions meticulously crafted from scratch. At its core, Level Finance’s architecture empowers users with direct market access to programmatic liquidity pools. It delivers capital-efficient hedging while causing near-zero market impact for traders looking to safeguard their profits. Simultaneously, it provides a yield-generating avenue for asset owners seeking passive income from their crypto holdings.

One of Level Finance’s defining features is its dual blockchain foundation, supported by the BNB Chain and the Arbitrum network. Level Finance introduces an innovative concept of risk management centered around “Tranches.” Drawing inspiration from TradFi, particularly Mortgage-Backed Securities and bonds, Tranches represent segments of a larger pool of securities, categorized by risk or other defining characteristics to cater to specific investor groups.

On Level Finance, LPs can select the Tranche to which they wish to supply liquidity. This strategic separation of risk exposure addresses a persistent challenge faced by all perpetual DEXs—long-tail risk—by isolating this risk to LPs with a higher risk tolerance. Furthermore, to uphold security standards, the project has undergone rigorous auditing by Quantstamp, reaffirming its commitment to user safety.

The LVL token plays a pivotal role in governance and utility functions within the Level Finance ecosystem. As a utility token, $LVL grants users access to many features and services within the platform, including liquidity provision and participation in liquidity pools. Additionally, $LVL holders enjoy a 10% reward for staking and holding the token, a share of the revenue generated by Level Finance.

Furthermore, the LVL token implements a burning mechanism to manage its supply. Regular token burns permanently remove some tokens from circulation, designed to decrease the overall supply of $LVL and potentially enhance its long-term value. Finally, $LVL reached an ATH of $11 and presently stands at $0.82, reflecting a 92% decrease. According to DefiLlama, $LVL boasts approximately $15.74 million locked in TVL.

4) $HMX – Leveraged Market-Making

HMX is the next-generation decentralized perpetual protocol, offering cross-margin trading and multi-asset collateral support on the Arbitrum network. It initially emerged as Perp88 on the Polygon network before undergoing a rebrand to HMX in tandem with the launch of the V2 trading platform on Arbitrum. HMX distinguishes itself by offering a range of unique features:

  • Leveraged Trading (Cross-Margin & Multi-Collateral Management Support): Users can open leveraged long or short positions with magnitudes of up to 1,000x across various asset classes, including cryptocurrencies, forex, and commodities. HMX accommodates diverse crypto assets as collateral, allowing for flexible position and risk management strategies.
  • Leveraged Market Making (HLP Vault): Users can deposit assets into the HLP vault, becoming market makers on HMX. This vault uniquely operates on GMX’s GLP token, meaning the liquidity deposited serves the trading community on both GMX and HMX. Depositors continue to earn 100% of the yields from GMX while receiving additional yields from fees generated on HMX.
  • Rewarding Incentive Programs: HMX offers rewarding incentive programs, including Traders’ Loyalty Credit, Incentive Rewards for Open Positions, Rewards for Liquidity Providers, and a Referral Program.

As the first pool-based decentralized perpetual protocol to provide multi-asset collateral and cross-margin support, HMX’s mission addresses key pain points while delivering an exceptional user experience.

Moreover, HMX introduces a convenient one-click trading feature through account abstraction. Furthermore, it relies on the Pyth Network for price feeds, ensuring fair and reliable price sourcing. Another notable feature is On-chart Trading, allowing users to adjust take-profit and stop-loss orders directly on the trading chart.


HMX boasts a total of 5 platform-issued tokens, each with its unique utilities. Nevertheless, $HMX holds the most importance and serves as the Governance token of the HMX Protocol. Its current and planned utilities include:

  • Earning a 25% share of protocol revenue in stablecoins when staked (shared with staked esHMX & DP)
  • Earning a share of esHMX token emission when staked
  • Earning DP at a 100% APR when staked
  • Receiving governance voting rights to influence critical decisions regarding HMX exchange development (exclusive to HMX token holders)
  • Receiving tiered trading fee discounts when staked.

$HMX achieved an ATH of $19.87 and trades at $9.62, marking a 43% decrease. According to DefiLlama, HMX boasts approximately $24.41 million locked in TVL.

5) $MCB – Aggregated Liquidity

MUX Network is a trailblazing decentralized derivatives trading platform that deploys its services across various blockchain networks, including BSC, Avalanche, Arbitrum, Optimism, and Fantom. This innovative platform supports leverages of up to 100x, drawing parallels with the mechanics of GMX. However, MUX Network’s distinctive edge lies in its shared multi-chain liquidity and the inclusion of a built-in contract trading aggregator.

With the backing of industry leaders such as Binance Labs and Multicoin Labs, MUX Network provides a secure and dependable trading arena for crypto enthusiasts. A standout feature of MUX Network is its aggregated liquidity. By harnessing liquidity from multiple sources, the platform ensures traders have access to a vast and diversified liquidity pool. It translates to competitive trading fees and an enriched trading experience for users.

Moreover, liquidity multiplexing, an innovative approach on Mux Network, dynamically allocate liquidity between margin trading and DEX mining, ensuring a seamless and efficient trading environment. With an 80% overlap, the platform maximizes liquidity availability for both activities. Universal Liquidity, a hallmark of the MUX Protocol, accomplishes this by harmonizing liquidity across different networks through its innovative broker module. This decentralized protocol empowers traders to tap into liquidity from multiple pools without needing asset movement.

Furthermore, MUX Protocol’s aggregator module is pivotal in optimizing trading costs. It selects the most favorable liquidity route from available pools, guaranteeing that traders can access liquidity at the lowest feasible cost. It minimizes trading fees and elevates the overall trading experience. Besides, MUX protocol contracts have undergone thorough auditing by Certik.


The MUX protocol leverages four different tokens.

  • $MCB: This serves as the primary token of the Mux Protocol. When users lock their $MCB, they receive $veMUX, which grants them the ability to earn protocol income and $MUX rewards.
  • $MUX: A non-transferable reward token that users can earn by holding $veMUX or staking $MUXLP
  • $veMUX: The governance token of the Mux Protocol, providing voting power and entitling holders to protocol income and MUX rewards. The platform generates the $veMUX tokens when users lock their $MCB or $MUX.
  • $MUXLP: The liquidity provider token for the Mux Protocol. Staking $MUXLP allows users to earn protocol income and $MUX rewards.

$MCB reached an ATH of $68.36 and presently stands at $9.20, reflecting an 85% decrease. Additionally, DefiLlama reports approximately $48.25 million locked in TVL for $MCB. Although the current price of $MCB falls significantly below its ATH from the last bull run, the token holds immense upside potential.

6) $VELA – Clean UI/UX

Vela Exchange is a decentralized trading platform operating on the robust Arbitrum network, renowned as one of the leading Layer 2 chains. This platform boasts support for a wide array of digital assets, encompassing popular cryptocurrencies and synthetic assets, providing users with diverse trading pairs.

The primary objective of Vela Exchange is to deliver an efficient and streamlined trading experience replete with advanced perpetual trading capabilities and spot trading functionality. Its user-friendly interface and intuitive trading charts make navigating the platform a breeze, allowing traders to execute transactions effortlessly. Furthermore, Vela Exchange extends competitive trading fees and offers incentives to market makers, ensuring abundant liquidity within its pools.

Besides, the dedicated team behind Vela Exchange, along with a notable advisory board featuring luminaries such as Balancer and BlackRock, is steadfastly committed to enhancing the platform continually, fostering a seamless trading environment for users. On a side note, WatchPlug audited Vela Exchange to affirm the platform’s security and reliability.


Vela Exchange employs a robust tokenomics model, with the central figure being the VELA token. This token serves multiple functions, including governance participation, staking, liquidity provision, trading fee benefits, and access to premium features. Vela Exchange supports four distinct tokens:

  • $VELA: A utility token obtainable through liquidity provision at associated AMMs, receipt and unlocking of $eVELA (Fee Sharing), or direct acquisition at DEXs.
  • $eVELA (escrow VELA): Represents staked $VELA, serving as a reward token that distributes income to users. It is non-transferable and can only be used to unlock $VELA at a 1:1 ratio, with vesting continuing for a year.
  • $VLP: Users deposit and stake stablecoins ($USDC, $USDT, and $DAI) to acquire $VLP, the project’s stablecoin. $VLP holders share transaction costs.
  • $vUSD: A stablecoin generated when users deposit $USDC, $USDT, or $DAI into Vela Exchange for trading. Upon withdrawal, the platform computes $vUSD at the same rate as the original stablecoins.

$VELA reached an ATH of $7.67 and currently stands at $0.68, representing an 88.6% decrease. Additionally, DefiLlama reports approximately $11.18 million locked in TVL for $VELA.

7) $TIG – Lightning Fast Trading

Tigris emerges as a decentralized synthetic leverage trading platform, operating seamlessly on both the Arbitrum and Polygon networks. It allows users to engage in crypto, forex, and commodities trading with leverage levels scaling up to an impressive 500x. Moreover, this platform empowers traders to access this feature directly from their wallets, making it convenient and user-centric.

A groundbreaking feature pioneered by Tigris is using NFT-based open positions, introducing a smarter and more dependable trading experience accessible to all. Tigris brings instant trade settlement based on spot market prices, minimal fees, and the unique ability to interact with your open positions as NFTs. The platform further champions limited order executions with guaranteed prices, ensuring zero slippage, and advanced trading functionalities such as margin management and partial closing without needing KYC procedures.


Imagine a scenario where every second counts in your trade execution; this is where Tigris truly shines. Its remarkable trading speed ensures swift order executions, granting traders peace of mind. What sets Tigris apart is the price locking mechanism – as soon as you initiate a trade by clicking ‘Open Trade,’ the asset’s price is locked in, eliminating concerns about price slippage. Moreover, Tigris streamlines the entire process into a single transaction, eliminating the inconvenience of waiting for separate settlement processes. It’s a trading experience defined by speed and efficiency.

Additionally, Tigris offers gasless trading and boasts zero settlement time, enhancing user convenience and efficiency. On a side note, Code4rena audited the platform to validate its security and reliability. So, Tigris facilitates liquidity for traders through $tigUSD, the platform’s native stablecoin, which users can stake to earn 30% of trading fees. The platform allocates the remaining 70% of trading fees and governance power to staked $TIG.

$TIG reached an ATH of $12.48 and currently stands at $3.8, marking a 70% decrease. Additionally, DefiLlama reports approximately $429K locked in TVL for $TIG. It’s worth noting that the Code4rena audit did uncover 11 High-Risk Findings, 24 Medium-Risk Findings, and 28 Low-Risk and Non-Critical Issues. So proceed with caution!


As we navigate the turbulent waters of the current bear market, one can’t help but notice the emergence of resilient and innovative DEX specializing in perpetual trading.

From the lightning-fast executions offered by Tigris to the multi-chain liquidity and contract trading aggregation provided by Mux Network, these platforms are pushing the boundaries of what’s possible in decentralized trading. Gains Network ensures reliability with an impressive range of features, while Level Finance introduces the innovative concept of Tranches to elevate the liquidity provision experience. HMX captures our attention with its cross-margin and multi-asset collateral support, while Vela Exchange thrives as a user-friendly platform emphasizing speed and accuracy. GMX, at the forefront of this competitive landscape, emerges as a leader in the DEX market.

As we move forward, these platforms are well-positioned to play a pivotal role in the DeFi landscape. As always, DYOR!

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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