Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$19.85KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $19.85K | -- | -- | -- |
| Oct 2026 | $261.11K | -- | -- | -- |
| Sep 2026 | $9.13K | -- | -- | -- |
Comparison
Fundraising
Follow Updates
Follow Lists
People
About PopDEX
PopDEX is a Singapore-based team running a fully on-chain central limit order book perpetuals DEX on the high-performance trading L1 Morph Tachyon. It addresses perpetual DEXs' reliance on AMMs with weak depth and fairness through an on-chain order book matching engine and a "100% value return" model: no token-staking threshold and no extra liquidation fees, routing platform revenue and incentives to traders who provide order flow.
In October 2026 PopDEX opened its public beta with a weekly prize pool drawing verifiable randomness from Bitcoin block hashes, alongside an Android app. As a newcomer it faces Hyperliquid, dYdX and GMX, where order-book depth and user retention are the questions it must answer, and whether its revenue-return model builds a moat remains to be seen.
Founded in 2026 and based in Singapore, PopDEX runs a fully on-chain central limit order book perpetuals exchange on Morph Tachyon, a high-performance trading L1.
On May 22, 2026, PopDEX announced a $30 million strategic seed led by Foresight Ventures, earmarked for initial liquidity, product development, security audits and hiring, while still in invite-only testing.
PopDEX's design centers on "100% value return": no token-staking threshold, no extra liquidation fees, with platform revenue and incentives routed to traders who contribute order flow rather than passive holders.
On October 19, 2026, PopDEX opened its public beta with the MegaPop weekly USDT pool, drawing verifiable randomness from Bitcoin block hashes, alongside an Android app.
PopDEX has issued no token, with a roadmap pointing to multi-collateral, spot and more RWA markets; against Hyperliquid, dYdX and GMX, depth and retention are the questions it must answer.
PopDEX raised a $30 million strategic seed round in May 2026 led by Foresight Ventures, earmarked for deeper liquidity, global expansion and mobile experience; the mainnet closed beta opened on July 3 with 12 markets, and by September 14 had grown to 66 markets with $2 billion in cumulative volume and about $61 million in TVL, spanning crypto, RWA, global indices, equities and community tokens, with Bitget Wallet integrated to simplify onboarding.
PopDEX launched open beta on October 19 without invite codes, alongside MegaPop: each week 40% of net trading fees flow into an uncapped prize pool seeded with $150,000 USDT from the platform's own budget, trading generates Pop Tickets with a random six-digit number matched against a Pop Hash derived from Bitcoin block data, more matching digits pay more, and ticket progress is doubled for the first six weeks; another $100,000 is added once 300,000 cumulative tickets are reached. The platform reports $4.5 billion in closed-beta volume and about $70 million TVL, while DefiLlama tracks roughly $1.4 billion; technically it runs a fully onchain central limit order book on Morph Tachyon with 100-200ms blocks and over 100,000 TPS, routing deposits and withdrawals through Arbitrum and Morph.
PopDEX aims to take perpetual market share, largely held by top CEXs and a few DEXs, through total trading cost rather than subsidies: it drops the token-staking requirement for VIP tiers, pays referral rebates, routes 40% of net fees back into a prize pool, and uses a CLOB with intra-block ordering to hold execution at 100 to 150 milliseconds. Closed beta's $4.5 billion of cumulative volume and roughly $70 million of market-making capital showed real demand for RWA and equity perpetuals; whether open beta keeps those traders depends on distribution such as Bitget Wallet and deeper books rather than the pool itself. RWA and equity perpetuals are treated as a category alongside crypto perps, the clearest line between it and venues that only list coins.
Zach Prater, Head of Traders, grew up in Fort Worth, Texas, doing community evangelism for a local Bitcoin mining pilot and the Cartesi community, teaching himself to code and writing crypto primers for young investors. Joining in the first half of 2026, he owns trader experience and market-maker relations, reports to the founding team and fronts announcements on testing progress.
Vincent (Wen Sen Huang), who leads the Chinese-speaking region, entered crypto as an FX trader at the end of the 2021 cycle, traded through the algorithmic stablecoin collapse and FTX, then ran growth at a centralized exchange before joining on 1 June 2026 to build the Mandarin community plus broker and KOL networks.
Gabi Zhou, APAC lead, is based in Singapore, handles regional business development and media communications and serves as the team's press contact.
The team works in trading, risk and clearing, and growth lanes, shares engineering roots with the Morph team, and was incubated by Foresight Ventures, whose partner Zac Tsui supports staffing build-out.
PopDEX's recent team change:
Vincent joined in June 2026 as Head of the Chinese-speaking Region. He brings trading and community experience, and will lead efforts to grow the Chinese-speaking user base. No other changes were reported.