Perpetual DEXs generated over $70M in protocol revenue over the past 30 days. Yet most assessments stop at trading volume and fees, neglecting token emissions, float %, and FDV. We examined five key protocols to evaluate efficiency (Revenue-to-Emission ratio) and dilution risk.

1/ Breakdown of Perp Protocols | Revenue (30d) vs Emissions : $HYPE: $65.8M revenue | 0% emissions $GMX: $2.07M revenue | 0.1% emissions ($185K) $DYDX: $1.13M revenue | 1.27% emissions ($5M) $DRIFT: $1.1M revenue | 3.51% emissions ($6.5M) $SNX: $74K revenue | 0% emissions

2/ $HYPE •Revenue: $65.8M •Emissions: 0% •FDV: $40B | Float: 33% Despite the absence of emissions, $HYPE’s valuation is driven by secondary market assumptions. A $40B FDV with a third in float raises concerns over eventual unlock impact and valuation sustainability.

3/ $GMX •Revenue: $2.07M •Emissions: $185K (0.1%) •FDV: $152M | Float: 77% •Rev/Emission Ratio: 11.2x A standout on efficiency. $GMX combines high float with disciplined emissions. Revenues significantly outpace token inflation, supporting a stronger value accrual narrative.

4/ $DYDX •Revenue: $1.13M •Emissions: $5M (1.27%) •FDV: $509M | Float: Moderate •Rev/Emission Ratio: 0.23x $DYDX emits 4x more in tokens than it earns in revenue. This negative carry dilutes holders and undermines the protocol’s economic sustainability, despite strong brand presence.

5/ $DRIFT •Revenue: $1.1M •Emissions: $6.5M (3.51%) •FDV: $453M | Float: 30% •Rev/Emission Ratio: 0.17x The weakest performer. With just 30% float and emissions far exceeding revenue, $DRIFT’s token model is heavily inflationary — a typical profile for early-stage protocols, but one that limits capital efficiency in the short term.

6/ $SNX •Revenue: $74K •Emissions: 0% •FDV: $203M | Fully Diluted Though emission-free and fully diluted, $SNX is currently generating negligible revenue. Without a material top-line, value capture remains theoretical.

7/ Key Takeaways •Emission Discipline Matters: $GMX is the most emission-efficient, maintaining revenue at 11x its token inflation. •High Revenue ≠ Sustainable Value: $HYPE leads in revenue, but with zero token distribution, questions remain around future dilution. •DYDX & DRIFT Highlight Risk: Both emit several multiples more than they earn, compounding float pressure and weakening fundamentals.

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