How to Get an Edge w/ Perp Explorer
PerpDEX Explorer & Portal: All for PerpDEX, one for PerpDEX
TL;DR
Diving into PerpDEX Explorer & Portal (BETA) - all-in-one for the underrated PerpDEX.
How I’ve leveraged it to deal with content creation and earning profits.
How Copin.io can drive growth for the PerpDEX ecosystem and bridge the gap with CEX Futures.
1. All for PerpDEX, one for PerpDEX
1.1 The missing puzzle piece
DeFi is not only reshaping global finance but also embodies the core values of blockchain technology: transparency, borderlessness, and decentralization.
Here are 2 key factors that make DeFi stand out and position it as a revolutionary solution to TradFi's existing problems:
Permissionless: Anyone with an internet connection can use DeFi, regardless of nationality, gender, age, wealth, or political views.
Transparency: DeFi protocols operate on open-source code, allowing users to review and assess them. All transactions are recorded on the blockchain, making them easy to verify and analyze.
These factors have paved the way for blockchain data-driven business services, such as investment or investigative tools:
Arkham: Empowers anyone to showcase their investigative skills by tracking on-chain activities of ETFs, governments, or criminal operations.
Dune Analytics: An open-source platform that enables the creation and sharing of dashboards for blockchain data analysis.
DefiLlama: Tracks TVL, revenue, and on-chain movements of various protocols.
However, a promising sector—PerpDEX—remains underappreciated.
Despite the appeal of long/short trading with leverage, which consistently attracts users and generates substantial data, there is still no dedicated platform for PerpDEX to aggregate and analyze detailed metrics from multiple PerpDEX protocols across various blockchains.
1.2 PerpDEX Explorer & Portal (BETA) by Copin.io
Copin.io, an Onchain Copy-trading Platform, has introduced PerpDEX Explorer & Portal (BETA).
PerpDEX Explorer & Portal aggregates data from 24 PerpDEXs across 13 blockchains, offering key metrics such as:
Orderbook-based or Index-based
Whether funding fees are applied
Daily and cumulative volume
Active Users
Revenue generated
Liquidation data
Trader performance
No more juggling multiple tools or referencing various sources to gather data. This is the first platform to consolidate such detailed and intriguing metrics about PerpDEXs in one place.
The launch of PerpDEX Explorer & Portal marks a strategic move by Copin.io to expand its contributions to the PerpDEX ecosystem. This follows the platform's success with Trader Explorer (offering comprehensive on-chain trader tracking with detailed profiles) and multi-platform Copy Trading (supporting both CEX and DEX).
This undoubtedly holds significant value for Copin.io and the PerpDEX ecosystem, but what does it mean for retail crypto users? Let’s take a look at a few of my case studies to find out!
2. My case study
Of course, aside from the basics like quickly scanning to identify platforms with high volume and assessing whether they're trustworthy and suitable for trading, I'll dive deeper into the specific applications I personally use.
2.1 Visualizing insights for Analysts
Each detailed page of every PerpDEX provides a comprehensive view of the platform's "health." When it comes to data for analysis, reporting, or research, this can be an excellent tool for analyzing and recording metrics specific to each PerpDEX.
Currently, in addition to quick-check general information (such as token availability, fees, and collateral), there are 6 Statistic Charts available:
Trading Volume
Active Users
Revenue (Trading Fee)
Trader Liquidations
Traders' Net PnL
Traders' Profit & Loss
These data are sourced directly from the blockchain, ensuring accurate and reliable information. You can definitely use this for content creation, providing insights to those interested in platform metrics, or even for reporting related content.
Additionally, I think it would be really cool to add Inflow/Outflow Charts for each platform in the future! For example, the case of Hyperliquid facing FUD about a potential North Korean hacker attack, which caused the platform to experience a record decrease in outflow on December 23rd.
2.2 Funding Arbitrage
Now, moving on to the next case. With PerpDEX Explorer & Portal, I quickly scanned platforms with funding fees using these filters, prioritizing the following:
Pairs: I preferer diverse the pairs
Volume + OI (ALL): Choose platforms with stable top-tier volume.
Next, click on each platform through the "Trade" button to compare the funding rates between different platforms or asset pairs within the same platform.
Here’s an example with Hyperliquid:
I enter Perp as shown in the image to find trading pairs with high funding rates, such as HYPE, which is currently at 0.1846%, meaning long position holders pay short position holders. At this point, there are two options:
Go to the spot market, buy HYPE, and then open a short position on Futures with x2 or x3 leverage, ensuring the volume after multiplying equals the spot purchase volume.
Search for traders on this pair in Trader Explorer to explore and find suitable copy trading strategies directly on Copin.io.
3. How Copin.io Will Advance the Industry
3.1 Leveraging Transparency in PerpDEX
“Numbers don’t lie, data don’t lie.”
One of the greatest features of blockchain and DeFi is its transparency. This is also why PerpDEX has the opportunity for strong growth, even though there’s still a gap compared to CEXs in terms of UX/fees in its efforts to attract users.
When the tide rises, the boat rises with it. It’s only when the barriers to Web3 products are removed that users will shift towards using Perp DEXs. PerpDEX products will only achieve mass adoption when users no longer need to focus on the technology behind it or deal with complex processes (using it without even realizing the technology involved).
Copin.io, with its user experience-enhancing products, is making this a reality by leveraging its most important asset: full transparency. Being able to see detailed and comprehensive data about a trading platform with billions in volume, and knowing the performance of users (traders) within it, is something rare in TradFi.
Copin.io and solutions like PerpDEX Explorer & Portal not only support users but also drive momentum for PerpDEX platforms, helping them gain visibility among a large pool of interested users if their products are truly strong. This encourages PerpDEX projects to be more serious and continuously improve.
3.2 Expanding use cases
As new blockchains continue to emerge, the number of new Perp DEX products will also increase accordingly.
Copin.io still has significant room for expansion and development, such as expanding to index major platforms from the Solana blockchain (like Jupiter and Drift).
With the massive volume of data, Copin.io will be able to further expand its trader database and PerpDEX database → enabling the introduction of new features:
Trading competitions for PerpDEX users.
AI agents to analyze data and enhance copy trading efficiency
4. Closing thoughts
Expanding support for more PerpDEX platforms across additional blockchains promises to broaden the trader and PerpDEX databases, helping to reduce fragmentation of information within the Perp DEX space. This, in turn, can lead to the development of more features, narrowing the gap significantly with CEX platforms.
Staying ahead of the curve and experiencing how PerpDEX platforms operate is a great way to seize profit opportunities. Following real "edges" in the PerpDEX space allows you to make more informed investment decisions!