TxFlow points Season 1: scenario math for an onchain CLOB perp DEX
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TxFlow is an L1 with a fully onchain order book doing ~$1.2B weekly volume before points. With ~36M Season 1 points he models $2.75 to $34 per point across FDV scenarios; a consistent account at 0.1% share would hold ~30,000 points against ~$13k of taker costs.
Key claims
~$1.2B 7d volume, ~$3.5B 30d, ~$33M OI, 160+ markets
~1.51M points minted weekly, 24-week season ~36M points
Base-tier taker 4.5bps, ~$13k over the season on $1.2M weekly flow
Will there be a next Hyperliquid? No.
But @TxFlow_L1 is shaping up to be one of the highest potential perp DEX plays and Season 1 of its points program started this Monday.
Here is why I care:
Quick context first, because most of CT still has this filed under "just another perp DEX."
TxFlow is its own L1 with a fully onchain CLOB. Orders, cancels, matches, liquidations are all settled on the chain itself, no offchain matching engine pretending to be decentralized.
It was invite-only until a few weeks ago, and it still printed these numbers before a point program was announced:
- ~$1.2B perp volume last 7 days
- ~$3.5B last 30 days
- ~$33M open interest
- 160+ perp markets, up to 50x
Those are not Hyperliquid numbers. They are also not the numbers of a venue that needs points to exist tho, and that's bullish.
So, how do the points actually work?
Every week, roughly 1.51M points get minted and distributed through three pools:
- 1,250,000 to traders (82%)
- 152,000 to referrals (10%)
- 488,000 per month to a Growth Reserve (8%)
Epochs run Monday to Monday UTC, while points land on Tuesdays and first drop is happening on the 20th of October.
Weekly distribution runs until Q1 2027 at the latest, so a full season is 24 weeks and about 36M points (important for the maths below).
How do you get points?
You earn by trading perps. Maker & taker both count and the score blends volume, open interest, consistency, fees paid, capital kept on the platform and referrals.
However, the exact weights are not published.
Why?
Because a published formula is a farming spec (likely why HL didnt publish them either back in the day).
Important to know is also that the scoring explicitly caps how much the largest accounts can take and is built to reward smaller traders too. On most perp DEX programs a $10k account is rounding error. Here (after listening to community feedback) it looks like it's the account they designed the program for.
But I know what you want to know:
What could those points be worth?
First of all: there is obvs no token yet, no known FDV, and no specific allocation announced. The Terms literally say points "may be one of the factors" in a future distribution, so this is only scenario math.
The comps with a live token rn are:
- Lighter: 25% of supply to the points cohort, $675M at a ~$2.5B launch FDV.
- Hyperliquid did 31% at genesis.
So, assuming 36M Season 1 points:
- At $1B FDV and 10% to Season 1, one point is $2.75.
- At $2.5B and 15%, it is $10. At $5B and 25%, it is $34.
A shorter 12-week season halves the points and doubles every number. Check the attached image for the full matrix ($100M to $5B against 5% to 30% of supply).
What that means in dollar terms?
Your payout is your share of Season 1 points times whatever the allocation ends up being worth. Season length cancels out.
At current volume, ~$1.2M of weekly flow is about 0.1% of the venue, and the whale cap means a consistent mid-size account can hold that share. 0.1% for 24 weeks is 30,000 points.
At $2.75 that is ~$82k. At $10 it is ~$300k. Second image has the full table from 0.01% to 1%.
Cost side, so nobody pretends this is free: 4.5 bps taker at base tier is ~$540 a week on $1.2M, call it $13k over the season before funding and slippage. Maker is a third of that and counts the same.
What also matters tho is referrals. In total, there is 152,000 referral points every week. Separate from trader points, never deducted from anyone, and burned at the end of each week if unused.
It also cuts your fees. Binding a code gives you 5% off spot and perp fees on your first $25M of volume, and the referrer gets 15% of your perp fees on top.
One last thing: Season 0. Everything before October 12 gets a retroactive distribution. If you touched the app during the invite-only phase, check the dashboard.
And if you didn't: time to start farming is now guys.
If you want to be early and get the above-mentioned fee discount, use my code TXZERO.
Season 1 is only three days in.
NFA. DYOR.
Start trading now with my code TXZERO for 5% off perp & spot fees on your first $25m volume.
LFG.
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